An Asheville Bankruptcy Attorney can explain the North Carolina exemptions, how they work, and how they apply to the facts of your case. Generally, over 90 percent of people who file a Chapter 7 case keep ALL of their property. Here is a summary of the exemptions for Western North Carolina (please note: for a husband and wife filing together, all of these amounts double):
Homestead
- Up to $35,000 of real or personal property used as a residence.
Wages
- 60 days’ earnings if needed for family support.
Automobiles
- One motor vehicle worth up to $3,500.
Personal Property
- Up to $5,000 worth of any property, minus amount claimed under homestead exemption.
- Up to $5,000 plus $1,000 of property for each of your dependents up to $4,000 worth of household furnishings, household goods, clothing, appliances, books, animals, crops or musical instruments.
- Up to $2,000 worth of implements, professional books and trade tools.
For those of you in Western North Carolina, I would be pleased to speak with you during a free initial consultation to explain how the exemptions would work for you.
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