Will I lose my pets in bankruptcy?

It would be very unusual to lose pets in bankruptcy. While pets are quite valuable to their owners, few people are interested in buying previously owned pets. Hence, the market value for a pet is low, and the market value is what is important for most bankruptcy purposes. Given this market valuation, it is usually possible to claim the value of a household pet as exempt under statutory property allowances. For debtors claiming North Carolina exemptions, pets will often be exempted as household property or under the wildcard exemption. If your pet is unusual or potentially valuable to other persons, be sure to discuss how to best protect it with a bankruptcy attorney.

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