North Carolina Bankruptcy Exemptions
Homestead
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)].
Personal Property
1C-1601 - Motor vehicle up to $3,500; health aids; clothing, household
goods, furnishings, appliances, books, animals, musical instruments and
crops up to $5,000 total, plus additional $1,000 per dependent up to $4,000
total (all property must have been purchased at least 90 days before
filing); personal injury and wrongful death recoveries for a person you
depended upon; college savings accounts that were established under 26 U.S.C.
§ 529 up to $25,000. There are some contributions within the prior year that
are excluded.
1C-1601 - Burial plot up to $18,500, in lieu of homestead.
1C-1601 - $5,000 of any property, less any amount claimed for homestead or
burial plot.
Wages
1-362 - Earned but unpaid wages received 6O days before filing for
bankruptcy.
Pensions
11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs
up to $1,095,000 per person.
1C-1601 - Retirement benefits from another state to the extent that they are
exempt in that state; Roth IRAs and IRAs.
58-86-90 - Firefighters and rescue squad workers.
120-4.29 - Legislators.
128-31 - Municipal, city, and county employees.
135-9 & 135-95 - Teachers and state employees.
143-166.30 - Law enforcement officers.
Public Benefits
15B-17 - Crime victims' compensation.
96-17 – Unemployment compensation.
97-21 - Workers' compensation.
108A-36 – Public assistance under work first program.
111-18 - Aid to blind.
Tools of Trade
1C-1601 - Tools, books, and implements of trade up to $2,000.
Insurance
1C-1601 - Life insurance for children or a spouse.
58-58-165 - Employee group life policy or proceeds.
58-24-85 - Fraternal benefit society benefits.
Miscellaneous
1C-1601 - Alimony and child support needed for support.
30-15 - Support that a surviving spouse has received for 1 year up to
$10,000.
59-55 - Business partnership property.