Wildcard Exemptions in North Carolina
Posted on Wednesday, November 19th, 2014 at 6:13 pm
While most bankruptcy exemptions may only be used to protect specified types of property, a wildcard exemption may be used to protect any of your property. As such, wildcard exemptions may be used to protect property that would not otherwise be protected or, alternatively, in conjunction with another exemption. For instance, if your car is valued beyond North Carolina’s motor vehicle exemption, it may be possible to use your wildcard exemption to make up the difference.
In North Carolina, individuals filing for bankruptcy may use up to $5,000 of their unused homestead or burial exemptions to exempt any of their other properties. This could be essential to protect things like artwork, bank accounts, or other items you may not want to part with. However, it is critical to note that the wildcard exemption is not applicable to any property purchased by the debtor within the 90 days prior to filing for bankruptcy.
At the Bradford Law Offices, PLLC, our bankruptcy lawyers understand just how difficult the decision to file for bankruptcy can be. However, after speaking with one of our experienced bankruptcy lawyers, you may rest assured that your decision will a fully informed one.
To learn more about the various bankruptcy exemptions available in North Carolina with one of our bankruptcy lawyers, please call our Raleigh offices at (919) 758-8879 today.