NC Bankruptcy Debtors To Get Higher Home Equity Protection
By Susanne Robicsek, North Carolina Bankruptcy Attorney on Aug 6, 2009 in Benefits of Bankruptcy, Exemptions In Bankruptcy
Bankruptcy protects some property from creditors, and in North Carolina that protection is set to increase when the amount of residential home equity protected from creditors goes from from $18,500 per debtor to $35,000 per debtor. Gov. Perdue signed into law H.B. 1058, which becomes effective on December 1, 2009 to raise the NC homestead exemption.
Many people mistakenly think their home is automatically protected from creditors, but it isn’t. The laws that protect property from creditors vary from state to state and are called exemptions. Some states have high or unlimited homestead exemptions, but other states, like North Carolina, have much lower exemptions on residential property. The new law gives NC homeowners a little more protection from creditor collection outside of bankruptcy, and also allows NC bankruptcy debtors to rest easier knowing that they might be able to file for bankruptcy without risking their family home.
See also:
What Property Can I Keep If I File Bankruptcy? by Susanne Robicsek Charlotte NC Bankruptcy Lawyer
What Property Is Exempt (Protected) In North Carolina? by Susanne Robicsek Charlotte NC Bankruptcy Lawyer
Bankruptcy, exemptions and a fresh start by Cathy Moran, CA Bankruptcy Attorney
What Can I Keep After Bankruptcy? by Cathy Moran, CA Bankruptcy Attorney
What Can I Keep In a Bankruptcy? by Brett Weiss, MD Bankruptcy Attorney
What Are Exemptions (or “What Can I Keep in Bankruptcy”)? by Brett Weiss, MD Bankruptcy Attorney
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