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.

ASSET EXEMPTION LAW
North Carolina Homestead Real or personal property used as residence to $35,000; $60,000 if debtor is 65 years old or older 1C-1601(a)(1),(2)
Wages Earned but unpaid wages received 60 days before filing for bankruptcy (needed for support) 1-362
Automobile Up to $3,500 1C-1601(a)(3)
Other property Employee group life policy or proceeds 58-58-165
Alimony, support, separate maintenance, and child support necessary for support of debtor and dependents 1C-1601(a)(12)
Animals, crops, musical instruments, books, clothing, appliances, household goods and furnishings to $5,000 total 1C-1601(a)(4),(d)
Health aids 1C-1601(a)(7)
Burial plot 1C-1601(a)(1)
Implements, books, and tools of trade to $2,000 1C-1601(a)(5)
Wildcard $5,000 of unused homestead or burial exemption 1C-1601(a)(2)
$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 :

Ready to Start? Call us at 1(888)214-7773


SUPPORT

Contact Us
Live Chat
FAQs