North Carolina Bankruptcy Laws

North Carolina bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. North Carolina bankruptcy district courts are located in over a dozen places under the three group regions – North Carolina Eastern District Court, North Carolina Middle District Court, and North Carolina Western District Court.

Properties Exemptions Under The North Carolina Bankruptcy Laws

As per the North Carolina bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the North Carolina bankruptcy district courts.

•Along with the real and mobile properties, the homestead Exemptions also include co-op that you have used as residence. The maximum amount exemptible in this regard is ten thousand dollars. If you also own some homestead properties that are unused, the North Carolina bankruptcy laws also allow you to claim such properties as exemptions, but only up to thirty-five hundred dollars in value.
•The Insurance Exemptions include only fraternal benefit society benefits and Employee group life policy or proceeds.
•Personal properties exemptions include motor vehicle up to fifteen hundred dollars in value.
•You can also claim to exempt Burial plot up to ten thousand dollars in value, but such exemptions are allowed only in lieu of homestead exemptions.
•Personal properties like books, clothing, home appliances, etc are exemptible up to 3500 dollars in total value.
•As per the North Carolina bankruptcy laws, the tools of trade exemptions can amount up to 750 dollars and it includes Implements, books etc.
•Pension funds are also allowed to be exempted under the North Carolina bankruptcy laws, but only following individuals are eligible for such exemptions.
◦Teachers and state employees
◦Municipal, city and county employees
◦Law enforcement officers
◦Firefighters and rescue squad workers
•Wild Card exemptions include any property up to thirty-five hundred dollars less any amount claimed for homestead or burial exemption.