Gastonia Bankruptcy Exemptions Attorneys

When you file Chapter 7 or Chapter 13 bankruptcy in North Carolina, state exemptions determine what property you may keep. Federal exemptions do not apply in North Carolina. It is critical that you work with an experienced attorney who is prepared and willing to put in the work necessary to maximize your exemptions in a properly filed bankruptcy.

North Carolina exemptions are not as generous as the federal exemptions in many ways. Without the guidance of a dedicated bankruptcy attorney, you could be putting your property and other assets at serious risk.

At Sigmon & Henderson, PLLC., we ensure our clients take full advantage of the state exemptions in bankruptcy along with federal "nonbankruptcy" exemptions necessary to protect some retirement benefits, survivor's benefits, death and disability benefits, and other miscellaneous assets. In some cases, military, government, civil service, railroad and other workers are eligible for additional protections.

Contact Sigmon & Henderson, PLLC., to schedule a free initial consultation with one of our Gastonia attorneys. Our commitment to our clients has been faithful and comprehensive since 1979. Call us today at 704-269-6374.

North Carolina Homestead Exemption Lawyers

The homestead exemption in North Carolina is one of particular interest to our clients. Real or personal property used as a residence, including co-op, is exempt up to $35,000 unless you are 65 or older, in which case, the exemption allowable is $60,000.

One thing most people do not know is that if both you and your spouse file bankruptcy (joint filing), the exemption amount is doubled. This protects the equity in your home. If you are underwater on your mortgage (your home is worth less than what you owe on the mortgage), you will not need to use this exemption.

Other bankruptcy exemptions in North Carolina include:

  • Personal property such as motor vehicles, health aids, college savings accounts, animals, crops, musical instruments and other household goods
  • Wages earned but unpaid 60 days before filing for bankruptcy
  • Pensions, including tax exempt retirement accounts, IRAs, Roth IRAs
  • Public benefits such as public assistance, workers' compensation and unemployment compensation
  • Tools of trade, including implements, books and others
  • Insurance, including life insurance, employee group life policies or proceeds, and fraternal benefit society benefits
  • Alimony, child support and separate maintenance
  • Business partnership property

Numerous other aspects of the law apply to exemptions. It is absolutely necessary to speak with a highly qualified bankruptcy attorney who can personally advise you and guide you through the process before filing for bankruptcy or pursuing any other type of debt relief.

Contact Sigmon & Henderson, PLLC., Today

Call us at 704-269-6374 or email us to schedule a free initial consultation with a detail-oriented Gastonia bankruptcy exemptions lawyer.

Please review our FAQ page and complete a first consultation form .

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.