Nevada law provides that upon a homeowner's filing of a Homestead Declaration form with the County Recorder, the equity in a person's principal residence (including a mobile home) is protected from general creditor claims such as unpaid medical bills, charge card debts, business/personal loans, and accidents up to a maximum of $550,000.00. The Homestead is thereby exempt from final process of any court or any forced sale or seizure by general creditors up to such maximum statutory amount.
An individual may only claim one residence as his or her Homestead, and the Homestead Declaration may be filed at any time before a sheriff's sale. The Homestead exemption does not exceed $550,000.00, even if both spouses are owners of the residence and both file a Homestead Declaration. The Homestead exemption remains in effect if the property is conveyed into a revocable trust for the benefit of the person or persons who filed the Homestead Declaration. The Homestead exemption does not protect home equity from child support or alimony obligations, taxes, IRS liens, repayment of benefits, and mechanic's liens and debts secured by a mortgage or deed of trust on the home.
At the Las Vegas, NV Law Firm of Jeffrey Burr, we represent clients throughout Southern Nevada, including Overton, Logandale, Mountain's Edge, Henderson, Aliante, Boulder City, North Las Vegas, Mesquite, Pahrump, Summerlin, Southern Highlands, Green Valley, Laughlin, Clark County, Nye County and Lincoln County.