Nebraska Bankruptcy Exemptions

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The Essential Nebraska Bankruptcy Information Guide

Montana Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to Montana Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Nebraska Bankruptcy Exemptions

All law references are to Nebraska Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	For head of household or married debtor, $12,500, but cannot exceed 2 lots in a city or 160 acres elsewhere.	40-101
HOMESTEAD	Sale proceeds are exempt for 6 months	40-113
INSURANCE	Fraternal benefit society benefits up to loan value of $100,000 unless the beneficiary was convicted of a crime related to the benefits.	44-1089
INSURANCE	Life insurance or annuity contract proceeds to $10,000 loan value	44-371
PENSIONS	County employees	23-2322
	ERISA-qualified benefits needed for support including IRAs and Roth IRAs.	25-1563.01
	Military disability benefits.	25-1559
	School employees	79-948
	State employees	84-1324
	Tax exempt retirement funds; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	Public employees' deffered compensation.	48-1401
PERSONAL PROPERTY	Burial plot	12-517
	Crypts, lots, tombs, niches, vaults	12-605
	Health aids, personal possessions; clothing, furniture, household electronics, personal computers, musical instruments, appliances, and books up to $1,500	25-1556
	Perpetual care funds	12-511
	Personal injury recoveries	25-1563.02
	Health and medical savings accounts up to $25,000.	8-1
	$2,500 of any property except wages, in lieu of homestead.	25-1552
PUBLIC BENEFITS	Aid to disabled, blind, aged, AFDC	68-1013
	Unemployment compensation	48-647
	Workers’ compensation	48-149
	General assistance to the poor.	68-148
TOOLS OF TRADE	Tools or equipment up to $2,400. (Can include motor vehicle used for work or to commute to and from workplace.) Husband and wife may double	25-1556
WAGES	For head of family, minimum 85% of earned but unpaid weekly earnings or pension payments. For all others, the greater of the following: 30 times the federal minimum hourly wage or 75% of earned but unpaid earnings. Judge may approve more for low income debtor.	25-1558

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