Legal Question in Credit and Debt Law in North Carolina

How can exempted property be seized?

The house is safe if it is jointly owned with a spouse. You can exempt up to a maximum of $30,000 equity (you want to save $5000 for a wildcard, but really the exemption is $35,000). You are right at the limit so the home is safe.

Exemptions only apply to people, not businesses so if the business has a bank account and there is a judgment against the business then it can be seized. So the company does have assets - a bank account at least.

Either dissolve the company and file business and personal bankruptcy and start fresh or maybe form a new company and just file the personal bankruptcy Or maybe you do not need to do anything personally if you have no assets and just dissolve the old company and either have a sole proprietorship or form a new company.

I do not really handle business issues. It might be a good idea to talk with a lawyer who does commercial bankruptcy or handles business matters. Commercial bankruptcies can get expensive.

The other possibility may be to settle at some point for something less than 100% of the judgment. Creditors often have an incentive to settle because they know they may end up with nothing if you file bankruptcy. The judgment is so large here that maybe a creditor would be willing to settle at some point for $20,000 - $30,000, which is a more manageable sum.