Important Bankruptcy Exemptions You Should Know
An estimated 1.3 million people filed for personal bankruptcy in 2011 alone. The majority of these individuals chose Chapter 7 bankruptcy as a way to eliminate their debts, as this type of bankruptcy offers a number of benefits to debtors. Under Chapter 7 bankruptcy, a debtor liquidates a portion of his or her assets to pay off debts. However, a debtor does not have to lose all of his or her property thanks to a multitude of bankruptcy exemptions. In fact, with these Chapter 7 bankruptcy exemptions, you may be able to eliminate your debts while retaining a large amount of your property.
If you or someone you know is thinking about filing for bankruptcy to get out of debt, you don’t have to undergo this process alone. At the Bradford Law Offices, our team of Raleigh bankruptcy attorneys is ready to help you every step of the way. For more information about your legal options, contact us today at 919-758-8879.
Key Chapter 7 Bankruptcy Exemptions
There are a number of important exemptions you should know about in the state of North Carolina. These include the following:
- Home or Residential Property – Debtors can exempt up to $35,000 in equity of any real or personal property used as a residence. The exemption goes up to $70,000 for married couples and $60,000 for those over the age of 65.
- Vehicle – North Carolina lets you exempt $3,500 on your vehicle unless it was purchased less than 90 days before filing for bankruptcy.
- Wages – There is an exemption for earned wages that have not been paid to you. It applies to work complete 60 days prior to filing for bankruptcy.
A knowledgeable Raleigh bankruptcy attorney can help you determine which exemptions will protect your property during the Chapter 7 bankruptcy process.
If you want to learn more about the bankruptcy process and different bankruptcy options, we can answer your questions and explain your rights. To learn more about how bankruptcy exemptions can help you, contact a Raleigh bankruptcy lawyer of the Bradford Law Offices, today at (919) 758-8879.