Nebraska Laws on Wage Garnishments, Statute of Limitations on Debt and Bankruptcy Property Exemptions
WAGE GARNISHMENT EXEMPTION: 75% of disposable earnings (85% if head of household) OR 30 times the federal minimum hourly wage, whichever is greater
MAXIMUM INTEREST RATE:
Legal: 12% or contract rate Judgment: 1% above bond equivalent yield as published by U.S. Treasury STATUTE OF LIMITATIONS ON ENFORCEMENT:
Open Contract (credit card): 4 yearsWritten Contract: 5 yearsDomestic Judgment: 5 years (renewable)Foreign Judgment: 5 yearsBAD CHECK LAW DAMAGES: Amount of check, collection costs and protest fees
NEBRASKA BANKRUPTCY PROPERTY EXEMPTIONS (Revised Statutes of Nebraska):
Cannot use federal exemptions, but can claim the federal non-bankruptcy exemptions
The State of Nebraska has exempted the property and income below from seizure by the bankruptcy court to pay creditors:
Real Property: Real property used as residence up to $12,500, but cannot exceed two lots in city or town, and 160 acres elsewhere (sale proceeds exempt for six months after sale) [40-101, 40-111 and 40-113]
Personal Property: Any personal property up to $2,500 in lieu of real estate exemption (except wages) [25-1552]; furniture, computers, utensils, books and musical instruments up to $1,500 [25-1556]; clothing, amount needed [25-1556]; personal possessions, unlimited amount [25-1556]; enough food and fuel to last six months [25-1556]; health aids, unlimited amount [25-1556]; burial plot, crypt, lot, tomb, vault, unlimited amount [12-517 and 12-605]; equipment and tools needed for work up to $2,400 [25-1556]; perpetual care funds, unlimited amount [12-511]; personal injury recoveries, unlimited amount [25-1563.02]
How to Deal with Debt Collectors
Federal and State Laws Regarding Debt Collection
State Laws Regulating Wage Garnishments
Insurance / Annuities: Life insurance or annuity contract proceeds up to $10,000 [44-371]; fraternal society benefits up to $10,000 [44-1089]
Pensions / Retirement Plans: County employees, unlimited amount [23-2322]; state employees, unlimited amount [84-1324]; school employees, unlimited amount [79-948]; retirement benefits, amount needed for support [25-1563.01]; military disability benefits up to $2,000 [25-1559]
Public Benefits / Entitlements: Aid to aged, blind, disabled and families with dependent children, unlimited amount [68-1013]; workers compensation, unlimited amount [48-149]; unemployment compensation, unlimited amount [48-647]
Wages: Earned but unpaid wages or pension payments as follows: 85% if head of family, 75% all others [25-1558]
Miscellaneous: Business partnership property [67-325]
