Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What property is exempt?

April 26, 2017exempt Property

0

Posted

What property is exempt?

2 Answers

0

Posted

The North Carolina Homestead Exemption provides that a debtor may keep $18,500 in equity in real estate which serves as the residence, $3,500 in value in a motor vehicle, $5,000 in household goods, and an additional $5,000 in other property depending on how much is claimed in residential real estate. The amounts are doubled if a husband and wife file bankruptcy together, and certain other types of property may also be exempt.

0

Posted

Exactly what property is protected depends on the exemption scheme chosen. California has two schedules of exempt property. Determining what property is exempt requires a complete understanding of the laws governing residency and the California exemption laws.