Many people are under a misconception that they are likely to lose personal property when they file bankruptcy. In fact, both federal laws and North Carolina laws allow for exemptions — namely, property that is not subject to liquidation in bankruptcy. An evaluation of your case will help your bankruptcy attorney advise you as to which set of exemptions is preferable for you to use — and therefore, whether you should file bankruptcy through a state or federal bankruptcy court.
Some of the most commonly applied property exemptions include:
|North Carolina Exemptions
||South Carolina Exemptions
|A motor vehicle (acquired more than 90 days before the bankruptcy) worth up to $3,500
||A motor vehicle worth up to $5,825
||A motor vehicle worth up to $3,675
|Homestead exemption up to $35,000 or $60,000 for a debtor over age 65 or a debtor whose spouse is deceased
||Homestead exemption up to $58,255
||Homestead exemption of $22,975 (or $45,950 for a married couple filing a joint bankruptcy)
|$5,000 for clothing, household goods, furnishings, appliances, books and so on
||$4,650 for appliances, books, clothing, furniture, household goods, musical instruments and so on
||$12,250 for household goods, furnishings and appliances, clothes, books, animals, crops, or musical instruments
For more information about federal, North Carolina or South Carolina exemptions and for help determining which set of exemptions would be most advantageous in your case, contact The Crow Law Firm by phone or email. Ask "What can I keep?" in light of your unique asset portfolio.
Some clients of The Crow Law Firm do not intend to file bankruptcy but they have been sued and have a judgment to pay. Attorneys of our firm can help you fill out a North Carolina form entitled North Carolina Claim Property As Exempt and file a motion within 20 days of your judgment. Taking this action is likely to allow you to avoid losing things of personal value after you have lost a lawsuit filed against you.
Talk To A Lawyer Serving North And South Carolina About Exemptions In Bankruptcy
The idea of possibly losing valuable property by filing for bankruptcy is naturally frightening. Call us in Monroe or send an email to request a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.