The Uncommon Exemptions - Multipart Series

This week, we begin a series of blog posts discussing the uncommon exemptions in a North Carolina bankruptcy. As a bit of definition, I am going to use the term uncommon fairly generously. There are also what I would call "exotic exemptions" that few would ever encounter. An example of an exotic exemption is that for a Medal of Honor pension under 38 U.S.C. 1562(c). Instead, we target the several property exemptions are used occasionally, but not to the point of ubiquity. In my experience, the most commonly claimed North Carolina exemptions include:

These four are very frequently claimed by debtors. Typically, if a person has heard about the existence of the property allowances that exemptions provide in bankruptcy, he or she has some awareness of exemptions in these four categories.

So, with this series, we hope to inform you about some of the less common or less known exemptions available to debtors in North Carolina. We will include exemptions under the North Carolina exemption statute (NCGS 1C-1601(a)), other provisions and protections in North Carolina law, and non-bankruptcy federal exemptions.

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Erich Fabricius, a Raleigh Bankruptcy Lawyer, offers bankruptcy counsel to individuals throughout the greater Raleigh area. Chapter 7 bankruptcy is still an option for many consumers, and Erich offers a free evaluation to help you decide if chapter 7 is right for you. Erich's priority is getting each person the debt relief they deserve.

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This blog post is made available for educational and informational purposes only and to promote a general understanding of the law, and not to provide specific legal advice. Use of this blog does not create an attorney-client relationship. Reading this post is not a substitute for obtaining legal advice based on the unique facts of your situation from an attorney licensed to practice law in your state. No representation is made regarding the currentness of the information contained in this post. Examples that may be provided in this post are merely for illustrative purposes; the results in your case may be different and no results are guaranteed.