ASSET EXEMPTION DESCRIPTION LAW IMPORTANT CASES & NOTES
Homestead $60,000 of home equity. No more than 2 lots in City or Village, 160 acres farmland. Sales proceeds protected for 6 months. §40-101, 40-111, 40-113 Must reside in the home on the date the bankruptcy is filed to claim exemption.
Life Insurance & Annuity Contracts Life insurance or annuity contract proceeds to $100,000 §44-371 Exemption only applies to cash values accrued more than 3 years prior to filing bankruptcy.
Fraternal benefit society benefits of up to $100,000 44-1089
Retirement/Pension Stock, Pension, or Similar Plan or Contract. §25-1563.01 Limited to an amount “reasonably necessary” for the support of the debtor.
Tax Exempt Retirement Accounts 11 U.S.C. §522 In re Euse (2011) Nebraska debtors qualify for the federal exemption of tax deferred retirement accounts in addition to §25-1563.01.
County Employees §23-2322
Military Disability Benefits to $2,000 §25-1559
School Employees §79-1060, 79-1552
State Employees §84-1324
State Patrolmen §60-459, §81-2031
Legislators §24-710.02
Judges §50-916
Burial Plot §12-517
Crypts, lots, tombs, niches & vaults §12-605
Perpetual Care Funds §12-511
Clothing §25-1556
Food & Fuel to last 6 months §25-1556
Household Goods & Furniture $1,500 per debtor §1556
Public Benefits Aid to Disabled, Blind, Aged and Aid to Dependent Children §68-1013
Workers Compensation Benefits §48-149
Unemployment Compensation §48-647
Social Security Benefits 11 U.S.C. §407
Tools of the Trade $2,400 per debtor for tools used in trade and vehicle used in business or used to drive to and from place of employment. §25-1556 This exemption is commonly combined with the “Wildcard” exemption of §25-1552 to protect up to $4,900 of equity in vehicle.Must be employed to utilize the exemption.Temporarily unemployed debtor seeking work eligible for exemption. In re Quintero.
Wages 85% of wages or pension payment for Head of Household or 75% for all others. §25-1558
Personal Property Wildcard Exemption. Protects up to $2,500 per debtor of any personal property, including vehicles, bank accounts, etc. §25-1552 This exemption is commonly combined with the “Tool of the Trade” exemption of §25-1556 to protect up to $4,900 of equity in vehicle.Protects cash, bank account deposits, tax refunds and any other personal property.

 

Exemption may be used to take back garnishments incurred within 90 days of bankruptcy that exceed $600.

Tax Refunds The Earned Income Credit (“EIC”) on Federal and State income tax returns. §25-1556
College Savings Accounts Education IRA Accounts§529 College Savings Plans 11.U.S.C. §541(b)(5) & (6) Protects funds deposited into a qualified college savings account more than one year prior to bankruptcy.