North Carolina Individual Debtor - Sole Ownership - Wildcard Exemption - Partial Avoidance

• Category: North Carolina Bankruptcy - Official - Eastern District
• State: North Carolina
• Control #: NC-SKU-0046
• Format: Word

Description

Individual Debtor - Sole Ownership - Wildcard Exemption - Partial Avoidance North Carolina Individual Debtor — SolOwnershiphi— - Wildcard Exemption - Partial Avoidance is a type of debtor protection available under North Carolina law. This protection applies to individual debtors who own property in their own name. It allows them to exempt certain assets from creditor claims, and partially avoid certain debts. The assets exempted under the Wildcard Exemption are limited to a total value of $5,000, and can include items such as jewelry, clothing, household furnishings, appliances, and tools of the trade. The debts that can be partially avoided are generally limited to those involving consumer credit or contracts. The Partial Avoidance is limited to 50% of the debt, or $1,000, whichever is greater. There are two types of North Carolina Individual Debtor — SolOwnershiphi— - Wildcard Exemption - Partial Avoidance: 1) full exemption, which provides the debtor with complete protection from creditor claims; and 2) partial avoidance, which provides the debtor with partial protection from creditor claims.

North Carolina Individual Debtor — SolOwnershiphi— - Wildcard Exemption - Partial Avoidance is a type of debtor protection available under North Carolina law. This protection applies to individual debtors who own property in their own name. It allows them to exempt certain assets from creditor claims, and partially avoid certain debts. The assets exempted under the Wildcard Exemption are limited to a total value of $5,000, and can include items such as jewelry, clothing, household furnishings, appliances, and tools of the trade. The debts that can be partially avoided are generally limited to those involving consumer credit or contracts. The Partial Avoidance is limited to 50% of the debt, or $1,000, whichever is greater. There are two types of North Carolina Individual Debtor — SolOwnershiphi— - Wildcard Exemption - Partial Avoidance: 1) full exemption, which provides the debtor with complete protection from creditor claims; and 2) partial avoidance, which provides the debtor with partial protection from creditor claims.