Nevada Laws on Wage Garnishment, Statute of Limitations on Debt and Bankruptcy Property Exemptions
WAGE GARNISHMENT EXEMPTION: 25% of disposable earnings or 30 times the federal minimum hourly wage, whichever is less
MAXIMUM INTEREST RATE: Legal: 2% over prime rate Judgment: 2% over prime rate
STATUTE OF LIMITATIONS FOR ENFORCEMENT:
Open Account (credit cards): 4 years
Written Contract: 6 yearsDomestic Judgment: 6 years Foreign Judgment: 6 yearsBAD CHECK LAW DAMAGES: Amount of check, plus protest fees three times amount of check (but not to exceed $500)
NEVADA BANKRUPTCY PROPERTY EXEMPTIONS (Nevada Revised Statutes Annotated)
Cannot use federal exemptions, but can claim the federal non-bankruptcy exemptions
The State of Nevada has exempted the property and income below from seizure by the bankruptcy court to pay creditors:
Real Property: Real property or mobile home used as residence to $125,000 (exemption may NOT be doubled for married couples and homestead exemption must be recorded before filing bankruptcy) [21.090(1)(m), 115.010 and 115.020]
Personal Property: Appliances, household goods, furniture, home and yard equipment to $3,000 total [21.090(1)(b)]; books to $1,500 [21.090(1)(a)]; automobile up to $4,500, but unlimited amount if equipped for disabled person [21.090(1)(f) and (o)]; pictures and keepsakes, unlimited amount [21.090(1)(a)]; one firearm [21.090(1)(i)]; health aids, unlimited amount [21.090(1)(p)]; farm trucks, tools and equipment, seed and stock up to $4,500 [21.090(1)(c)]; uniforms and equipment needed for military use, unlimited amount [21.090(1)(j)]; cabin or dwelling of miner or prospector and cars and equipment for mining up to $4,500 [121.090(1)(e)]; geological specimens, art curiosities or paleontological remains (must be catalogued and numbered), unlimited amount [21.100]; funeral service money held in trust, unlimited amount [689.700]; library, equipment, supplies, tools and materials for business up to $4,500 [21.090(1)(d)]
How to Deal with Debt Collectors
Federal and State Laws Regarding Debt Collection
State Laws Regulating Wage Garnishments
Insurance / Annuities: Fraternal society benefits, unlimited amount [695A.220]; annuity contract proceeds up to $350 per month [6878.290]; life insurance policy or proceeds, unlimited amount [21.090(1)(k)]; life insurance proceeds if debtor is not the insured, unlimited amount [6878.260]; group life or health policy or proceeds, unlimited amount [6878.280]; health proceeds, unlimited amount [6878.270]
Pensions / Retirement Plans: Public employees, unlimited amount [286.670]; retirement benefits up to $500,000 [21.090(1)(q)]
Public Benefits / Entitlements: Aid to aged, blind, disabled and families with dependent children, unlimited amount [422.291]; workers compensation, unlimited amount [616.205]; unemployment compensation, unlimited amount [612.710]; vocational rehabilitation benefits, unlimited amount [615.270]
Wages: 75% of earned but unpaid wages [21.090(1)(g)]
Miscellaneous: Business partnership property, unlimited amount [87.250]; alimony or child support, unlimited amount [21.090(1)(r)(s)]
