North Carolina State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. North Carolina law provides a number of exemptions that protect your property, and your North Carolina TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
$10,000 in real property or personal property used as a residence.
Wages
60 days earnings if needed to support family.
Automobiles
$1,500 in value of one motor vehicle.
Other Property
The debtor's aggregate interest in any property, not to exceed $3,500 less any amount claimed under the homestead exemption; $3,500 in value for the debtor plus $750 for each dependent of the debtor, not to exceed $3,000 total for dependents, in household furnishings, household goods, clothing, appliances, books, animals, crops, or musical instruments; the debtor's aggregate interest, not to exceed $750 in value, in any implements, professional books, or tools of the trade.
» Read the complete North Carolina bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.