I've read through the exemptions for NC and I'm a little confused.
Description of NC exemptions
Actual text of the statute
In the descriptions, it specifically mentions doubling of the homestead exemption for a married couple filing jointly. For the rest of the exemptions, it doesn't mention anything about this.
But the specific wording in the statute is:
"Each individual, resident of this State, who is a debtor is entitled to retain free of the enforcement of the claims of creditors..."
So this sounds like the amounts listed are per person, so for a couple, it seems like it should be double for everything. Does anyone know if this is the case?
I'm specifically wondering about three things:
Motor vehicle - $3500
Household furnishings - 5k plus 1k per dependent
Unused portion of homestead - 5k that can be used for any property
It sounds like we should each be able to claim these amounts. Anyone know if that's true?
Description of NC exemptions
Actual text of the statute
In the descriptions, it specifically mentions doubling of the homestead exemption for a married couple filing jointly. For the rest of the exemptions, it doesn't mention anything about this.
But the specific wording in the statute is:
"Each individual, resident of this State, who is a debtor is entitled to retain free of the enforcement of the claims of creditors..."
So this sounds like the amounts listed are per person, so for a couple, it seems like it should be double for everything. Does anyone know if this is the case?
I'm specifically wondering about three things:
Motor vehicle - $3500
Household furnishings - 5k plus 1k per dependent
Unused portion of homestead - 5k that can be used for any property
It sounds like we should each be able to claim these amounts. Anyone know if that's true?