Many people fear or try not to consider bankruptcy because they think it means they will lose their home, car, and other daily necessities. Those that believe these misconceptions are not aware of Nevada Bankruptcy Exemptions. Bankruptcy exemptions are laws that protect certain property during bankruptcy. It essentially means that qualifying property cannot be repossessed, liquidated, or taken to collections by creditors or the bankruptcy court despite the individual filing for bankruptcy. These exemptions exist primarily for Chapter 7 bankruptcy, but apply in part to Chapter 13 bankruptcy filings as well. Chapter 13 Bankruptcy Exemptions Since you’re not giving up.