North Carolina Bankruptcy Exemption List
Only State Exemption List Allowed
North Carolina has developed their own list of bankruptcy exemptions and you must use the state exemption list. There may be certain federal supplemental exemptions allowed, and there may be residency requirements to use the North Carolina State Exemption list. Not all of your assets may have a corresponding exemption on the North Carolina Exemption List.
The main reason the state of North Carolina allows exemptions is to allow you to maintain enough assets, wages, pensions, insurance and personal property to start over after filing personal bankruptcy.
The information outlined below is general and should not be considered legal advice, it is important to discuss all of your exempt property with a North Carolina Bankruptcy Attorney prior to filing personal bankruptcy.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
Real or personal property, including co-op, used as residence to $10,000; up to $3500 of unused homestead may be applied to any property
Property held as tenancy by the entirety may be exempt against debts owed by only one spouse |
1C-1601(a)(1), (2)
In re Crouch, 33 B. R. 271
(E. D. N. C. 1983) |
| Pensions |
Employee group life policy or proceeds |
58-58-165 |
| |
Fraternal benefit society benefits |
58-24-85 |
| Personal Property |
Animals, crops, musical instrument, books, clothing, appliances, household goods & furnishings to $3500 total; may add $750 per dependent, up to $3000 total additional
Burial plot to $10,000, in lieu of homestead
Health aids
Motor vehicle to $1500
Personal injury recoveries for person upon whom the you were dependent for support
Wrongful death recoveries for person upon whom the you were dependent for support |
1C-1601(a)(4)
1C-1601(a)(1)
1C-1601(a)(7)
1C-1601(a)(3)
1C-1601(a)(8)
1C-1601(a)(8) |
| Tools of Trade |
Implements, books & tools of trade to $750 |
1C-1601(a)(5) |
| Public Benefits |
AFDC, special adult assistance
Aid to blind
Crime victims’ compensation
Unemployment compensation
Workers’ compensation |
108A-36
111-18
15B-17
96-17
97-21 |
| Miscellaneous |
Property of business partnership |
59-55 |
| Wages |
Earned but unpaid wages received 60 days before filing for bankruptcy, needed for support |
1-362 |