National Divorce & Bankruptcy Center

North Carolina Bankruptcy Property Exemptions:
What You Can Keep

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EXEMPT PROPERTY: The property you can keep after bankruptcy.

Some property in many states is exempt regardless of its value i.e. "all personal possessions". Many states also have a 'wild card' exemption which can be applied to any type of property or split among several different items.

An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.

To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.

Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.

Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property 

NORTH CAROLINA State Exemptions  (for
bankruptcy)

Federal exemptions are NOT  available in  NC

Homestead real or personal property (including cooperative)used as residence to $10,000;  up to $3,500 of
          unused portion of homestead may be applied to any property.

Insurance:     Fraternal benefit society benefits
          Employee group life policy or proceeds

Miscellaneous    Property of business partnership
                                        
Pensions  Legislators
          Firefighters & rescue squad workers
          Law enforcement officers
          Municipal city and county employees
          Teacher and state employees

Personal  Animals, crops, musical instruments, books, clothing, furnishings, household goods, to $3,500
          total; may add $750 per dependent, up to $3,000 total additional 
          Burial pot to $10,000 in lieu of homestead
          Health aids
          Motor vehicle to $1,500
          Personal injury recoveries for person you depended on
          Wrongful death recoveries of person you depended on

Public         AFDC, special adult assistance
          Aid to blind
          Crime victims' compensation
          Unemployment compensation
          Workers Compensation

Tools of  Implements, books and tools of trade to $750

Wages          earned but unpaid wages received 60 days before filing for bankruptcy, needed for support

Wild Card $3,500 less any amount claimed for homestead or burial exemption, of any property