North Carolina

From Bankruptcy Forum

North Carolina Bankruptcy Exemptions

Homestead

1C-1601 - 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. Tenancies by the entirety exempt without limit as to debts of one spouse [In re Crouch, 33 B.R. 271 (E.D. N.C. 1983)].

Personal Property

1C-1601 - Motor vehicle up to $3,500; health aids; 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); personal injury and wrongful death recoveries for a person you depended upon; 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 - $5,000 of any property, less any amount claimed for homestead or burial plot.

Wages

1-362 - Earned but unpaid wages received 6O days before filing for bankruptcy.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

1C-1601 - Retirement benefits from another state to the extent that they are exempt in that state; Roth IRAs and IRAs.

58-86-90 - Firefighters and rescue squad workers.

120-4.29 - Legislators.

128-31 - Municipal, city, and county employees.

135-9 & 135-95 - Teachers and state employees.

143-166.30 - Law enforcement officers.

Public Benefits

15B-17 - Crime victims' compensation.

96-17 – Unemployment compensation.

97-21 - Workers' compensation.

108A-36 – Public assistance under work first program.

111-18 - Aid to blind.

Tools of Trade

1C-1601 - Tools, books, and implements of trade up to $2,000.

Insurance

1C-1601 - Life insurance for children or a spouse.

58-58-165 - Employee group life policy or proceeds.

58-24-85 - Fraternal benefit society benefits.

Miscellaneous

1C-1601 - Alimony and child support needed for support.

30-15 - Support that a surviving spouse has received for 1 year up to $10,000.

59-55 - Business partnership property.