What Are the North Carolina Bankruptcy Exemptions?
Filing for bankruptcy can be a daunting process. Knowing what assets are exempt from bankruptcy proceedings is an important step in the process. In North Carolina, state law sets certain asset exemptions for individuals and couples who file for bankruptcy. All bankruptcies filed in the state must abide by these exemptions, so understanding what you can keep before filing is key to making the process easier on you and your family.
Under North Carolina’s exemption laws, filers may be able to exempt up to $125,000 of their homestead value from creditors’ claims under Chapter 7 bankruptcy or up to $36,900 of their homestead value in Chapter 13 proceedings.
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