North Carolina Bankruptcy Exemptions
The chart below contains a summary of North Carolina state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of North Carolina bankruptcy exemptions laws.
Note:Federal bankruptcy exemptions are not available.
Personal exemptions allowed by North Carolina Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|North Carolina Homestead
||Real or personal property used as residence to $35,000; $60,000 if debtor is 65 years old or older
||Earned but unpaid wages received 60 days before filing for bankruptcy (needed for support)
||Up to $3,500
||Employee group life policy or proceeds
||Alimony, support, separate maintenance, and child support necessary for support of debtor and dependents
||Animals, crops, musical instruments, books, clothing, appliances, household goods and furnishings to $5,000 total
||Implements, books, and tools of trade to $2,000
||$5,000 of unused homestead or burial exemption
||$500 of any personal property
||Constitution Art. X sec. 1
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of North Carolina bankruptcy court statutes.
Back to all State Bankruptcy Exemptions
Go to Complete State of North Carolina bankruptcy exemptions laws.
North Carolina Bankruptcy Court links :