Questions About Nebraska Homestead Exemption Law

Before filing bankruptcy, consider Nebraska homestead exemption law as a primary refuge for saving assets from liquidation. The state legislature specifically allows debtors in Chapter 7 to claim the Nebraska Homestead Exemption Act provisions, which provide, in part, that $12,500, inclusive of up to rural 160 acres or two contiguous urban lots, may be excluded from the enforcement of general creditor claims.

The exceptions to coverage relate to purchase liens, mechanics liens and assessed taxes. To claim a specific parcel of land out of a larger rural tract, the County Clerk provides a conforming Nebraska homestead exemption form that must be filed of record within the real property records in the county in which property is located.