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North Carolina Bankruptcy Exemptions

Updated to December 1, 2010.

Only The State Exemptions are Allowed

Homestead (If your spouse also files chapter 7 the amount is double or $70,000 ) In certain circumstances an unmarried debtor who is 65 years of age or older is entitled to retain an aggregate interest in the property not to exceed $65,000.

$35,000

Motor vehicle

$3,500

Household furnishings - household goods, wearing apparel, appliances, books, animals, crops, or musical instruments, that are held primarily for the personal, family, or household use up to $5,000 for the debtor plus $1,000 for each dependent, but not to exceed $4,000 in total, for the dependents.

$5,000

  • Life insurance proceeds.

  • Professionally prescribed health aids.

  • Compensation for personal injury or for death , but such exemption is not exempt from claims for funeral, legal, medical, dental, hospital, and health care charges related to the accident or injury giving rise to the compensation.

  • Individual retirement accounts qualified under Section 408(a) of the Internal Revenue Code.

  • Individual retirement annuities qualified under Section 408(b) of the Internal Revenue Code, and

  • Accounts established as part of a trust described in Section 408(c) of the Internal Revenue Code.

 

 

 

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


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