Bankruptcy Exemptions

The Law Office of
Susanne M. Robicsek
1701 Scott Avenue Charlotte NC 28203
(704) 377-0776.

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

When people are sued and a creditor obtains a judgement lien against them, the creditor is able to try to collect the money owed by going after the debtor's property.  Protection from creditors varies state to state, but most states allow a certain value of property allowances called "exemptions" whereby debtors would be able to keep some of their property.  If property is exempt, it is protected from creditors.  If it is not exempt, then it is possible for creditors to reach the property.

The drafters of the Bankruptcy Code did not want people to be completely destitute and without means to reorganize their affairs after emerging out of bankruptcy, so they also allow people to exempt, or protect, some property.  Even though bankruptcy law is federal, it isn't the same from place to place and exemptions are one of the things that changes depending on where you live when you file your bankruptcy case.

In many cases, the bankruptcy exemption allowances are sufficient to enable a debtor to keep all of what he or she has.  The trustee’s job is to determine what non-exempt property exists, and if any does then it is the trustee’s job to sell it, or collect the value, so the trustee can pay towards the debts. If you exceed the "allowance", you may have to give something up or you might be able to "buy it back" and keep it, either by getting the money from a third party or by filing Chapter 13.

Exemptions can be complicated, and there are many exemptions that are not readily found. There isn't just one simple list that you can look at. If sued, judgments are collected using a variety of federal and state laws. In bankruptcy, the law that is applied will depend on which state you live in and how long you have lived there. One reason to hire a lawyer is to be sure that you are using all the protections that the law gives you to protect your property from creditors and that you are using all of the correct exemptions that apply to your property. An experienced bankruptcy lawyer can help you maximize your exemptions, tell you which exemptions apply, and advise you on how to best protect your property.

NORTH CAROLINA Homestead Exemption

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The Law Office of Susanne M. Robicsek
1701 Scott Avenue Charlotte North Carolina 28203
phone:704 / 377-0776
fax: 704 / 377-0775

DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion; Personal opinions may also be expressed. No attorney-client relationship is created by this message; Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.
The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

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