Legal Question in Bankruptcy in Nevada
Auto Exemption
What is the exemption amount on a automobile in Nevada.
Asked on 6/07/05, 2:46 pm
2 Answers from Attorneys
James Smith
James E. Smith Ltd.
Re: Auto Exemption
$4,500 in equity NRS 21.090
Answered on 6/07/05, 3:03 pm
Re: Auto Exemption
Jim is not up to date on this one - NRS 21.090(1)(f)says you may keep an exemption of $15,000 in equity in one vehicle. (Equity is the value minus any loan on the vehicle title)
To look at a copy of the law, past the address cited below into your browser - it is the site for the Nevada State Legislature with a copy of the pertinent law at (1)(f).
http://www.leg.state.nv.us/NRS/NRS-021.html#NRS021Sec090
Hope this helps!
Answered on 6/07/05, 3:25 pm
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