Legal Question in Bankruptcy in North Carolina

They are exempt to the extent that you can use one of the exemptions. They are not automatically exempt but need to fall into one of the categories. I recommend you contact Legal Aid of NC or a private attorney to assist you. Remember, you only have 20 days from when you received it to complete the form.

Exempt from what. If you mean exempt from the estate in a bankruptcy, such that the trustee will not administer it (seize and sell) in a Chapter 7, yes, up to the $5,000 limit of the unused real estate exemption. It must be listed as an asset and claimed. If the account is an IRA or ROTH then all that has been contributed under ERISA can be claimed exempt. If you mean from levy by the sheriff, then it must be claimed exempt in a Motion for Exemptions filed with the Clerk and served on the lawyer who sent it to you within 30 days of receipt.