Asset Strategies

Learn more about protecting your personal and company assets.

North Carolina Asset Protection Laws

These assets are exempted from a state court or bankruptcy proceeding in North Carolina.

Homestead: Homestead real or personal property, including co-op, used as residence up to $35,000; $60,000 if age 65 or older. Spouse may double. Up to $5,000 of unused portion of homestead may be applied to any property.

Pensions and Retirement Benefits: Funds exempt for firefighters and rescue squad workers, legislators, law enforcement officers, municipal city and county employees, teachers and state employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, but subject to statutory liens and consensual liens. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Fraternal society benefits. Employee group life policy or proceeds.

Miscellaneous: Business partnership property.

Personal Property: Animals, crops, musical instruments, books, clothing, furnishings, household goods up to $5,000; may add $1,000 per dependent, up to $4,000 total additional. Burial plot up to $35,000 in lieu of homestead. Health aids. Motor vehicle up to $3,500. Personal injury and wrongful death recoveries for person who supported you.

Public Benefits: Unemployment compensation. Workers compensation. AFDC. Special adult assistance. Aid to blind. Crime victim's compensation.

Tools of Trade: Tools and implements up to $2,000, if not purchased within 90 days of filing.

Wages: Earned but unpaid wages received 60 days before filing for bankruptcy, needed for support.

Wild Card: $5,000 less any amount claimed for homestead or burial exemption, for any property.

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