Legal Question in Bankruptcy in North Carolina

Hi, What are the new/current North Carolina bankruptcy exemptions (I believe they changed late 2009)?


Asked on 6/01/10, 1:04 pm

1 Answer from Attorneys

Thomas Zimmerman Zimmerman Law Office

It is too much to place all the exemptions in this answer. North Carolina has "opted out" of the Federal scheme of exemptions and adopted its own which are found in Chapter 1C Article 1601 of the General Statutes of North Carolina. The primary exemption is real estate used as a residence which was increased to $35,000 per person in 2009. That exemption goes up if the debtor is 65 years of age and meets other requirements. If one does not use the entire real estate exemption, then up to $5,000 is added to the wild card exemption. Household goods remain at $5,000 and the exemption for a motor vehicle stays at $3,500. All in all there are 12 listed exemption types along with exceptions and exclusions.

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Answered on 6/02/10, 5:20 am


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