North Carolina Bankruptcy Exemptions - NC Bankruptcy Exemptions

State Exemptions Only

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

Tools of trade

$2,000

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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