Know Your North Carolina Bankruptcy Exemptions

North Carolina bankruptcy exemptions are laws that allow debtors to keep some of their property and assets when they file for bankruptcy. Some of the common exemptions in North Carolina include:

• Home (up to $35,000 or $70,000 for married couples)
• Car (up to $3,500 or $7,000 for married couples)
• Personal property (up to $5,000 for household items, clothing, etc.)
• Tools of the trade (up to $2,000 for professional books, implements, and tools)
• Wages (up to 60 days wages or 75% of disposable earnings)
• Retirement and pensions
• Public benefits
• Insurance
• Alimony, child support, and separate maintenance

The North Carolina bankruptcy exemptions are a set of laws that protect certain types of property from being seized by creditors in the event of a bankruptcy filing. North Carolina has its own set of bankruptcy exemptions, which are different from the federal bankruptcy exemptions. The North Carolina bankruptcy exemptions include the following:

Homestead exemption: This exemption protects up to $35,000, $60,000, or $70,000 of equity in your home, depending on your age and disability status.

Personal property exemptions: These exemptions protect various types of personal property, including household goods, clothing, jewelry, and other items up to a certain value.

Motor vehicle exemption: This exemption protects up to $3,500 of equity in one motor vehicle.

Retirement account exemption: This exemption protects certain types of retirement accounts from creditors.

Wages exemption: This exemption protects up to 75% of disposable earnings.

It is important to note that the North Carolina bankruptcy exemptions only apply to residents of North Carolina who file for bankruptcy in North Carolina. If you are considering filing for bankruptcy, it is advisable to consult with a bankruptcy attorney to determine how your specific situation may be affected by the bankruptcy laws in North Carolina.