MenuIn bankruptcy, exemptions function as property allowance which enable a debtor to keep property through bankruptcy. Each state has its own exemption under state law, and there are also federal bankruptcy exemptions that are applicable in some situations. There are timing requirements not discussed in this answer, but residents of North Carolina will typically claim North Carolina Statutory exemptions. Several are very frequently claimed, including the homestead exemption, the motor vehicle exemption, the household property exemption, and the wild card exemption.
Motor Vehicle Exemption
An exemption allowing a debtor to protect their ownership interest in a car through bankruptcy. If North Carolina exemptions apply for a debtor, he or she may exempt up to $3,500 in value in a single car via this exemption.
