North Carolina Bankruptcy Exemptions

On this page you can find all of the exemptions for North Carolina. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Debtor's aggregate interest in real or personal property, including a cooperative, used as residence by debtor or a dependent, or in a burial plot for debtor or dependent
$35000 ($60,000 for person 65 or older who is a surviving joint owner)
N.C. Gen. Stat. § 1C-1601(a)(1)
Motor Vehicle
Debtor's interest in 1 motor vehicle
$3,500
N.C. Gen. Stat. § 1C-1601(a)(3)
Wages / Wage Garnishment
Earnings from personal services of debtor
60 days earnings, if needed to support family
N.C. Gen. Stat. § 1-362
Insurance
Proceeds & cash surrender value of life insurance policies for sole use and benefit of spouse or children of insured
100%
Art. X, § 5 of Constitution. N.C. Gen. Stat. §§ 1C-1601(a)(6), 58-205, 58-206
Insurance
Disability income
100%
N.C. Gen. Stat. §135-111
Insurance
Group life insurance benefits
100%
N.C. Gen. Stat. § 58-58-165
Insurance
Fraternal benefit society benefits
100%
N.C. Gen. Stat. § 58-24-85
Personal Property
Compensation for personal injury or death of a person of whom the debtor was a dependent
100% (Exemption does not apply to claims for funeral, legal, medical, dental, hospital &health care charges related to accident or injury giving rise to the compensation)
N.C. Gen. Stat. § 1C-1601(a)(8)
Personal Property
Professionally prescribed health aids of debtor or dependent
100%
N.C. Gen. Stat. § 1C-1601(a)(7)
Personal Property
Personal property selected by debtor
$500
Art. X, § 1 of Constitution
Personal Property
Debtor's aggregate in household furnishings & goods, wearing apparel, appliances, books, animals, crops, or musical instruments held primarily for personal, family or household use of debtor or dependent
$5,000 plus $1,000 for each dependent, not to exceed $4,000 for dependents
N.C. Gen. Stat. § 1C-1601(a)(4)
Pensions / Retirement Accounts
Employment security benefits
100%
N.C. Gen. Stat. § 96-17(c)
Pensions / Retirement Accounts
Supplemental Retirement Income Plan-Benefits
100%
N.C. Gen. Stat. § 135-95
Pensions / Retirement Accounts
Retirement benefits exempt under plans in other states
100%
N.C. Gen. Stat. § 1C-1601(a)(11)
Pensions / Retirement Accounts
Individual retirement plans as defined in I.R.C.
100%
N.C. Gen. Stat. § 1C-1601(a)(9)
Pensions / Retirement Accounts
Supplemental Retirement Income Plan-Benefits
100%
N.C. Gen. Stat. §135-95
Pensions / Retirement Accounts
Legislative retirement system benefits
100%
N.C. Gen. Stat. § 120-4.29
Pensions / Retirement Accounts
Teachers' and state employees' retirement benefits
100%
N.C. Gen. Stat. § 135-9
Pensions / Retirement Accounts
City & county employees' retirement benefits
100%
N.C. Gen. Stat. § 128-31
Pensions / Retirement Accounts
Vested interest of state employee in deferred compensation plan benefits
100%
N.C. Gen. Stat. §147-9.4
Pensions / Retirement Accounts
Firemen's pension fund benefits
100%
N.C. Gen. Stat. § 143-166.6 & 58-86-90
Tools of the Trade
Implements, professional books or tools of the trade of debtor or dependent
$2,000
N.C. Gen. Stat. § 1C-1601(a)(5)
Public Benefits
Crime victims compensation awards
100%
N.C. Gen. Stat. § 15B-17
Public Benefits
Aid to blind persons
100%
N.C. Gen. Stat. § 111-18
Public Benefits
Aid to aged or disabled persons
100%
N.C. Gen. Stat. § 108A-36
Public Benefits
Aid to families with dependent children
100%
N.C. Gen. Stat. § 108A-36
Public Benefits
Workmen's compensation benefits
100%
N.C. Gen. Stat. § 97-21
Miscellaneous
Debtor's aggregate interest in any property
$5,000 less any amount claimed under G.S. § 1C-1601(a)(1) above
N.C. Gen. Stat. § 1C-1601(a)(2)
Miscellaneous
Alimony, support, separate maintenance and child support payments or funds
amount reasonably necessary for support of debtor and dependents
N.C. Gen. Stat. § 1C-1601(a)(12)
Miscellaneous
One year of support for a surviving spouse
$20,000
N.C. Gen. Stat. § 30-15
Miscellaneous
Specific partnership property
100% of partner's interest
N.C. Gen. Stat. § 59-55
Miscellaneous
Homestead (maybe claimed by owner or surviving spouse or children of owner)
$1,000
Art. X, § 2 of Constitution
Tuition Savings Account
Funds in qualified college savings plan if deposited in plan more than 12 months prior to bankruptcy or if deposited in ordinary course of affairs
$25,000
N.C. Gen. Stat. § 1C-1601(a)(10)

If you want to learn more about filing bankruptcy in North Carolina please visit our FAQ Page or for more information about North Carolina you can visit the North Carolina section.