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.
Wild Card Exemption
A catch-all exemption debtors use to exempt property that does not fit within the limits or requirements of other exemption statutes. North Carolina exemptions provide a $5,000 wildcard if the debtor has left unused at least $5,000 of homestead exemption.
