Legal Question in Credit and Debt Law in North Carolina

Before the writ of execution, you should have gotten a notice of rights where you are allowed certain exemptions. That is where you would have exempted the equity you have in your house which can be up to $35,000 if you are unmarried (and in some cases up to $60,000). This actually became effective recently - before that it was $18,500 so not sure which applies to you. In any event, you would have received the notice of rights and had 20 days to fill it out or you WAIVED all your exemptions.

If you have a lot of equity in your house (more than the allowable exemption), then you may need to pay the $5,000 or they can sell the house. If you don't have equity but you failed to fill out the notice designating your exemptions, you should consult an attorney immediately and see if you can file some type of motion to set aside the waiver - but you will need to have a good reason as to why you didn't fill it out.

- Jeff