North Carolina Motion To Claim Exempt Property is a legal document that is filed by a debtor in a bankruptcy proceeding in order to protect certain assets from being liquidated to satisfy creditors. This motion allows the debtor to claim certain property, such as real estate, vehicles, wages, and other personal property, as exempt from liquidation under North Carolina state law. There are two types of North Carolina Motion To Claim Exempt Property: (1) Homestead Exemption and (2) Wildcard Exemption. The Homestead Exemption allows a debtor to exempt up to $35,000 of real estate from creditors, while the Wildcard Exemption allows a debtor to exempt up to $5,000 of other personal property, such as household goods, clothing, and other items.
North Carolina Motion To Claim Exempt Property
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North Carolina
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NC-SKU-0052
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Motion To Claim Exempt Property
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North Carolina's Homestead Exemption The homestead exemption protects equity in your home. In North Carolina, The homestead exemption protects up to $35,000 in equity of any real or personal property used as a residence. Both spouses must be on the title to double this exemption.
North Carolina's property exemptions usually cover most property owned by someone facing a judgment. North Carolina allows you to exempt: Up to $35,000 in equity in your primary residence. Up to $3,500 in equity in a vehicle.
Cars are personal property, and that means that judgment creditors can typically take and sell them.
A ?notice of right to have exemptions designated? in North Carolina is a legal document from a creditor who has obtained a judgment against you. This notice of right to have exemptions designated form is sent to you by the judgment creditor requiring you to list all property that you own.
If a creditor has a judgment against an individual in North Carolina and is seeking to execute the judgment in North Carolina, that creditor will need to serve the judgment debtor with a Notice of Right to Claim Exemptions. Upon service, the judgment debtor has the right to file a MOTION TO CLAIM EXEMPT PROPERTY.
Exempt property (items that a debtor may usually keep) can include: Motor vehicles, up to a certain value. Reasonably necessary clothing. Reasonably necessary household goods and furnishings.
North Carolina's Homestead Exemption The homestead exemption protects equity in your home. In North Carolina, The homestead exemption protects up to $35,000 in equity of any real or personal property used as a residence. Both spouses must be on the title to double this exemption.