North Carolina Bankruptcy Exemptions

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The Essential North Carolina Bankruptcy Information Guide

North Carolina Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to North Carolina Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

North Carolina Bankruptcy Exemptions

All law references are to North Carolina Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real or personal property used as a residence, including co-op, up to $18,500; up to $5,000 of unused portion of homestead may be applied to any property.	1C-1601
HOMESTEAD	Property held as tenancy by the entirety may be exempt against debts owed by only one spouse	In re Crouch, 33 B. R. 271 (E. D. N. C. 1983)
INSURANCE	Employee group life policy or proceeds	58-58-165
	Fraternal benefit society benefits	58-24-85
	Life insurance for children or a spouse.	1C-1601
MISCELLANEOUS	Property of business partnership	59-55
	Support that a surviving spouse has received for 1 year up to $10,000.	30-15
	Alimony and child support needed for support.	1C-1601
PENSIONS	Firefighters & rescue squad workers	58-86-90
	Law enforcement officers	143-166.30(g)
	Legislators	120-4.29
	Municipal, city & county employees	128-31
	Teachers & state employees	135-9, 135-95
	Retirement benefits from another state to the extent that they are exempt in that state; Roth IRAs and IRAs.	1C-1601
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Clothing, household goods, furnishings, appliances, books, animals, musical instruments and crops up to $5,000 total, plus additional $1,000 per dependent up to $4,000 total (all property must have been purchased at least 90 days before filing); college savings accounts that were established under 26 U.S.C. § 529 up to $25,000. There are some contributions within the prior year that are excluded.	1C-1601
	Burial plot up to $18,500, in lieu of homestead.	1C-1601
	Health aids	1C-1601(a)(7)
	Motor vehicle up to $3,500	1C-1601
	Personal injury recoveries for person upon whom the you were dependent for support	1C-1601(a)(8)
	Wrongful death recoveries for person upon whom the you were dependent for support	1C-1601(a)(8)
	$5,000 of any property, less any amount claimed for homestead or burial plot.	1C-1601
PUBLIC BENEFITS	Public assistance under work first program.	108A-36
	Aid to blind	111-18
	Crime victims’ compensation	15B-17
	Unemployment compensation	96-17
	Workers’ compensation	97-21
TOOLS OF TRADE	Tools, books, and implements of trade up to $2,000.	1C-1601
WAGES	Earned but unpaid wages received 60 days before filing for bankruptcy, needed for support	1-362

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