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North Carolina State Economy:

North Carolina’s economy is anchored by the 1) Aerospace and Defense industry; 2) Automotive, Truck and Heavy Machinery; 3) Biotechnology and Pharmaceutical; and 4) Business and financial services industries.

North Carolina Bankruptcy Court Locations:

Western District of North Carolina:

Charlotte:
U.S. Bankruptcy Court
Western District of North Carolina
401 West Trade Street, Room 111
Charlotte, NC 28202


Middle District of North Carolina:

Greensboro
U.S. Bankruptcy Court
Middle District of North Carolina
101 S. Edgeworth St.
Greensboro, NC  27401

 

Eastern District of North Carolina:
Raleigh
U.S. Bankruptcy Court
Century Station Federal Building
300 Fayetteville St.,
4th Floor
Raleigh, NC 27601-1799

 

 

Asheville:
U.S. Bankruptcy Court
Western District of North Carolina
100 Otis Street, Room 112
Asheville, NC 28801-2611

 

Winston-Salem
U.S. Bankruptcy Court
Middle District of North Carolina
601 W. 4th St.
Winston-Salem, NC  27101

 

Statesville:
U.S. Courthouse
200 West Broad Street
Room 301
Statesville, NC 28677

 

 

 

Durham
U.S. Bankruptcy Court
Middle District of North Carolina
Venable Center, Dibrell Building – Suite 280
302 East Pettigrew Street
Durham, NC  27701

 

Shelby:
Cleveland County Courthouse
100 Justice Place
Shelby, NC 28150

North Carolina Bankruptcy Exemptions:

Homestead and Burial Plot Exemption

The homestead exemption protects up to $35,000 in equity of any real or personal property used as a residence. This exemption rises to $60,000 if the debtor is age 65 or older, the property is held as tenants by the entirety or joint tenants with right of survivorship, and the debtor’s spouse has died. (N.C. Gen. Stat. § 1C-1601(a)(1)).
Property owned as tenants by the entirety is exempt without any equity limit with respect to the debts of one spouse. (In re Chandler, 148 B.R. 13 (E.D. N.C. 1992)).
You can exempt up to $35,000 in equity of burial plots. You can only use this exemption if you haven’t used the homestead exemption. (N.C. Gen. Stat. § 1C-1601(a)(1)).

Motor Vehicle
You can exempt up to $3,500 in one motor vehicle. (N.C. Gen. Stat. § 1C-1601(a)(3)). This exemption does not apply if you purchased the vehicle within 90 days of filing bankruptcy. (N.C. Gen. Stat. § 1C-1601(d)).

Other Personal Property
You can exempt the following personal property in North Carolina:
  ⦁ A total of $5,000 for clothing, household goods, furnishings, appliances, books, and the like, plus an additional $1,000 per dependent up to $4,000 total. (N.C. Gen. Stat. § 1C-1601(a)(4)). This exemption does not apply if you purchased the property within 90 days of filing bankruptcy. (N.C. Gen. Stat. § 1C-1601(d)).
  ⦁ Personal injury and wrongful death compensation. However, certain claims connected to the accident are not exempt. (N.C. Gen. Stat. § 1C-1601(a)(8)).
  ⦁ Qualified college savings accounts up to $25,000. There is an exception for some amounts contributed within the last 12 months. (N.C. Gen. Stat. § 1C-1601(a)(10)).
  ⦁ Prescribed health aids. (N.C. Gen. Stat. § 1C-1601(a)(7)).
  ⦁ Up to $2,000 in tools, professional books, and implements involved in a trade. (N.C. Gen. Stat. §1C-1601(a)(5)). This exemption does not apply if you purchased this property within 90 days of filing bankruptcy. (N.C. Gen. Stat. § 1C-1601(d)).
Wages
North Carolina provides an exemption for wages earned, but unpaid, for work done 60 days before the filing date. (N.C. Gen. Stat. § 1-362)).
A portion of earned, but unpaid, wages is protected by federal law. (15 U.S.C. § 1673).
Retirement and Pensions
Most retirement plans and pensions are exempt in North Carolina whether based on federal or state law. A list of the more common retirement arrangements follows.
  ⦁ All tax-exempt retirement accounts are fully protected under federal law including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans. (11 U.S.C. § 522(a)(3)(C)).
  ⦁ IRAs and Roth IRAs have an unlimited exemption under state law, and the protection extends to inherited IRAs (inherited IRAs are not protected in most other states). (N.C. Gen. Stat. § 1C-1601(a)(9)).
  ⦁ Retirement benefits payable from another state government are exempt if the benefits are exempt in that state. (N.C. Gen. Stat. § 1C-1601(a)(11)).
  ⦁ Firefighters and rescue workers have unlimited protection for pension benefits. (N.C. Gen. Stat. § 58-86-90).
  ⦁ Legislators have unlimited protection for pension benefits. (N.C. Gen. Stat. § 120-4-29).
  ⦁ Municipal, city, and county employees have unlimited protection for pension benefits. (N.C. Gen. Stat. § 128-31).
  ⦁ Teachers have unlimited protection for pension benefits. (N.C. Gen. Stat. § 135-9).
  ⦁ State employees have unlimited protection for pension benefits. (N.C. Gen. Stat. § 135-95).
  ⦁ Law enforcement officers have unlimited protection for pension benefits. (N.C. Gen. Stat. § 143-166-30(g)).
Public Benefits
The following public benefits are exempt under North Carolina law:
  ⦁ Unemployment compensation. (N.C. Gen. Stat. § 96-17).
  ⦁ Workers’ compensation benefits. (N.C. Gen. Stat. § 97-21).
  ⦁ Crime victims’ compensation. (N.C. Gen. Stat. § 15B-17).
  ⦁ Aid to the blind and families with dependent children. (N.C. Gen. Stat. § 108A-36).
  ⦁ Future Social Security benefits. (42 U.S.C. § 407 (a)).
  ⦁ Veterans benefits. (38 U.S.C. § 5301).
Insurance
Life insurance for the benefit of the debtor’s children or spouse is exempt. (N.C. Gen. Stat. § 1C-1601(a)(6)).
An employee group life insurance policy or proceeds have an unlimited exemption. (N.C. Gen. Stat. § 58-58-165).
Alimony, Child Support and Separate Maintenance
Alimony, child support and separate maintenance are exempt if the debtor shows that such payments are necessary for support. (N.C. Gen. Stat. § 1C-1601(a)(12)).
Wildcard
You can use any unused portion of the homestead or burial exemption, up to $5,000, to exempt any other property. This is generally referred to as a wildcard exemption. (N.C. Gen. Stat. § 1C-1601(a)(2)). This exemption does not apply if the debtor purchased the property within 90 days of filing bankruptcy. (N.C. Gen. Stat. § 1C-1601(d)).
North Carolina has an additional wildcard exemption in the amount of $500. (N.C. Const. Art. X, § 1).
Other Exemptions
In addition to the above exemptions, you can also use the federal nonbankruptcy exemptions .

 

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