North Carolina Bankruptcy Exemptions

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)

Debtor's interest in 1 motor vehicle

$3,500

N.C. Gen. Stat. § 1C-1601(a)(3)

Earnings from personal services of debtor

60 days earnings, if needed to support family

N.C. Gen. Stat. § 1-362

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

Disability income

100%

N.C. Gen. Stat. §135-111

Group life insurance benefits

100%

N.C. Gen. Stat. § 58-58-165

Fraternal benefit society benefits

100%

N.C. Gen. Stat. § 58-24-85

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)

Professionally prescribed health aids of debtor or dependent

100%

N.C. Gen. Stat. § 1C-1601(a)(7)

Personal property selected by debtor

$500

Art. X, § 1 of Constitution

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)

Supplemental Retirement Income Plan-Benefits

100%

N.C. Gen. Stat. § 135-95

Employment security benefits

100%

N.C. Gen. Stat. § 96-17(c)

Retirement benefits exempt under plans in other states

100%

N.C. Gen. Stat. § 1C-1601(a)(11)

Individual retirement plans as defined in I.R.C.

100%

N.C. Gen. Stat. § 1C-1601(a)(9)

Supplemental Retirement Income Plan-Benefits

100%

N.C. Gen. Stat. §135-95

Legislative retirement system benefits

100%

N.C. Gen. Stat. § 120-4.29

Teachers' and state employees' retirement benefits

100%

N.C. Gen. Stat. § 135-9

City & county employees' retirement benefits

100%

N.C. Gen. Stat. § 128-31

Vested interest of state employee in deferred compensation plan benefits

100%

N.C. Gen. Stat. §147-9.4

Firemen's pension fund benefits

100%

N.C. Gen. Stat. § 143-166.6 & 58-86-90

Implements, professional books or tools of the trade of debtor or dependent

$2,000

N.C. Gen. Stat. § 1C-1601(a)(5)

Crime victims compensation awards

100%

N.C. Gen. Stat. § 15B-17

Aid to blind persons

100%

N.C. Gen. Stat. § 111-18

Aid to aged or disabled persons

100%

N.C. Gen. Stat. § 108A-36

Aid to families with dependent children

100%

N.C. Gen. Stat. § 108A-36

Workmen's compensation benefits

100%

N.C. Gen. Stat. § 97-21

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)

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)

One year of support for a surviving spouse

$20,000

N.C. Gen. Stat. § 30-15

Specific partnership property

100% of partner's interest

N.C. Gen. Stat. § 59-55

Homestead (maybe claimed by owner or surviving spouse or children of owner)

$1,000

Art. X, § 2 of Constitution

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)