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.

ASSETEXEMPTIONLAW
North Carolina HomesteadReal or personal property used as residence to $35,000; $60,000 if debtor is 65 years old or older1C-1601(a)(1),(2)
WagesEarned but unpaid wages received 60 days before filing for bankruptcy (needed for support)1-362
AutomobileUp to $3,5001C-1601(a)(3)
Other propertyEmployee group life policy or proceeds58-58-165
Alimony, support, separate maintenance, and child support necessary for support of debtor and dependents1C-1601(a)(12)
Animals, crops, musical instruments, books, clothing, appliances, household goods and furnishings to $5,000 total1C-1601(a)(4),(d)
Health aids1C-1601(a)(7)
Burial plot1C-1601(a)(1)
Implements, books, and tools of trade to $2,0001C-1601(a)(5)
Wildcard$5,000 of unused homestead or burial exemption1C-1601(a)(2)
$500 of any personal propertyConstitution 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.

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