Debtor FAQ's
What are the North Carolina exemptions?
Exemptions are laws passed by every state that allow you to
protect certain types of your property from your creditors when you
file bankruptcy, such as your home, car, pensions and IRAs, motor
vehicles, clothing, tools, and other important property. North
Carolina law provides a number of exemptions that protect your
property. If you have lived in North Carolina for less than 2.5
years, you might not be eligible to claim the North Carolina
exemptions and may be required to claim the federal bankruptcy
exemptions or the exemptions of some other state. North Carolina
state exemptions include:
- Homestead. 10,000 in real property or personal property used
as a residence
- Wages. 60 days of earnings if needed to support family.
- Automobiles. $1,500 in value of one motor vehicle.
- Other property. The debtor's aggregate interest in any
property, not to exceed $3,500 less any amount claimed under the
homestead exemption; $3,500 in value for the debtor plus $750 for
each dependent of the debtor, not to exceed $3,000 total for
dependents, in household furnishings, household goods, clothing,
appliances, books, animals, crops, or musical instruments; the
debtor's aggregate interest, not to exceed $750 in value, in any
implements, professional books, or tools of the trade.
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