The Nevada Affidavit Claiming Exempt Property is a document filed with the court to declare certain property exempt from creditor claims in Nevada. This is typically done when a debtor declares bankruptcy, and is designed to protect certain assets from being seized by creditors. There are three main types of Nevada Affidavit Claiming Exempt Property: homestead exemption, head of household exemption, and motor vehicle exemption. The homestead exemption protects a certain amount of equity in a residence owned by the debtor. The head of household exemption protects a certain amount of equity in a residence owned by the debtor and occupied by dependents. The motor vehicle exemption protects a certain amount of equity in a vehicle owned by the debtor. All of these exemptions are subject to certain conditions and the debtor must provide evidence to the court to prove their eligibility.
Nevada Affidavit Claiming Exempt Property
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How to fill out Nevada Affidavit Claiming Exempt Property?
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FAQ
If the process is correctly followed, the renewed judgment will be valid for six years. Additionally, the judgment can essentially be continually renewed forever, following the same procedure of renewal prior to expiration of the renewed judgment.
Under Nevada Revised Statute (NRS), a judgment creditor can seize goods, chattels, money, and other personal and real property. This means that a judgment may allow a creditor to garnish personal property, levy bank accounts, put liens on real property, and even initiate wage garnishment.
What types of income and property are exempt from execution? Under Nevada law, some of the types of income and property that a creditor cannot take to pay a judgment include: Money or payments received pursuant to the federal Social Security Act, including retirement, disability, survivors' benefits, and SSI.
Nevada law allows you to keep 50 times the federal minimum wage in effect at the time of the garnishment. As of July 24, 2009, the federal minimum wage is $7.25 per hour. 50 times $7.25 is $362.50. If your disposable income is $362.50 or below, all of it is exempt from garnishment.
Types of Exemptions Under Nevada Laws Necessary household goods, furnishings, electronics, clothes, yard equipment, and other personal effects up to $12,000 in value. 5% of your disposable earnings or 50 times the minimum wage (currently $362.50 per week), whichever is higher.
(NRS 21.090(1)(m).) If the judgment being collected arises from a medical bill, the judgment debtor's primary dwelling and the land upon which it is situated (if owned by the judgment debtor), including a mobile or manufactured home, are exempt from execution regardless of the amount of equity.
The maximum legal amount of a wage garnishment is 25 percent of the net (take home) pay. However, it is up to the employer to determine the amount of net pay to be garnished. If the defendant has a prior garnishment, does not make enough money or has a child support or IRS levy, you may not receive any funds.
Nevada law exempts the greater of following from garnishment for any workweek: 82% of the disposable earnings of a judgment debtor during that week if the gross weekly salary or wage of the judgment debtor on the date the most recent writ of garnishment was issued was $770 or less.