Wildcard exemption

[ironpirate]

Have searched and cant find the answer. Can you use it on sports memorabilia? Live in NC. Thanks

[lrprn]

Have searched and cant find the answer. Can you use it on sports memorabilia? Live in NC. Thanks

If you are asking if NC has a "wild card", the technical answer is no. However, if you have up to $5000 left over after protecting your house, you can use that to protect anything else you want - http://www.thebankruptcysite.org/exe...hcarolina.html

"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)]."

Also NC Personal Property allows you to protect up to $1000 for each dependent up to $4000 total for everything purchased at least 90 days before filing, but this amount must cover all your household belongings - clothes, furniture, appliances, kitchen stuff, etc. - and then if some was left over, that could go towards protecting sports memorabilia.

So the answer to your question is, first, (1) Do you have up to $5000 left over after protecting your homestead, and second, (2) How much do you have left over from your Personal Property exemption of $1K for each dependent up to $4000? ?

If after protecting your homestead and covering all your household belonging, then yes, whatever is left over can be used to protect any belongings (including sports memorabilia) you wish.

You need to get a reliable estimate of the true value of the sports memorabilia you want to protect. Sports memorabilia is considered a luxury, not a necessity, and it's easily sellable. That's going to make your trustee interested in it if you can't protect it all with your exemptions.

Of course, it's best to get expert legal advice from an experienced NC bk attorney to ensure this is true in your case before taking anything we 99% non-lawyer (but well-meaning) strangers in an open online forum might say

[ironpirate]

If you are asking if NC has a "wild card", the technical answer is no. However, if you have up to $5000 left over after protecting your house, you can use that to protect anything else you want - http://www.thebankruptcysite.org/exe...hcarolina.html

"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)]."

Also NC Personal Property allows you to protect up to $1000 for each dependent up to $4000 total for everything purchased at least 90 days before filing, but this amount must cover all your household belongings - clothes, furniture, appliances, kitchen stuff, etc. - and then if some was left over, that could go towards protecting sports memorabilia.

So the answer to your question is, first, (1) Do you have up to $5000 left over after protecting your homestead, and second, (2) How much do you have left over from your Personal Property exemption of $1K for each dependent up to $4000? ?

If after protecting your homestead and covering all your household belonging, then yes, whatever is left over can be used to protect any belongings (including sports memorabilia) you wish.

You need to get a reliable estimate of the true value of the sports memorabilia you want to protect. Sports memorabilia is considered a luxury, not a necessity, and it's easily sellable. That's going to make your trustee interested in it if you can't protect it all with your exemptions.

Of course, it's best to get expert legal advice from an experienced NC bk attorney to ensure this is true in your case before taking anything we 99% non-lawyer (but well-meaning) strangers in an open online forum might say

http://www.legalconsumer.com/bankrup...O=Wilson#other

Real or personal property, including co-op, used as residence to $35,000 (husband and wife may double) ($60,000 if 65 or older and spouse is deceased); up to $5,000 of unused portion of homestead may be applied to any property

Other Property
Animals, crops, musical instruments, books, clothing, appliances, household goods & furnishings to $5,500 total; may add $1,000 per dependent, up to $4,000 total additional (all property must have been purchased at least 90 days before filing)
Implements, books, & tools of trade to $2,000

Wild Card Exemption
$5,000 less any amount claimed for homestead or burial exemption, of any property
$500 of any personal property

So after reading this NC exemptions are $35,000 for homestead, $5,500 for household goods & furnishings and $5,000 for any property if you don't use all the homestead.


I only have about $10,000 in equity in my house and I think they increased homestead to $35,000 on Last December in NC. My other property should be around 5k for household furnishings. So I should be able to use the wildcard exemption of 5k for any property?. I'm unmarried and have no dependents. I just want to make sure I can use it for the sports memorabilia worth about $3,500, its the only thing I'm worried about right now. thanks.