Raleigh, North Carolina Bankruptcy Exemptions
NOTE: Just because you think you will lose property due to the bankruptcy exemptions below DOES NOT MEAN YOU WILL LOSE IT. There are many strategies we can employ to save your property! The vast majority of people filing bankruptcy lose NOTHING!
Your “equity” is that part of the property that you own. To figure out how much equity you have, deduct what you owe on the property from what it is worth.
The part of the house, car, or property that you own is called your personal equity (or the Debtor’s equity) in the property. The part of the house, car, or property that the bank owns is called the Bank’s or Creditor’s equity.
In Chapter 7, your property or your equity must be less than or equal to the exemptions in order to keep that property. If this is going to be a problem, Cameron Bankruptcy Law will advise you (assuming you are our client) that you have too much equity and tell you to consider a Chapter 13. This is rarely a problem.
We thought of listing the bankruptcy exemptions here, but that only causes a problem when clients try to figure out their bankruptcy exemptions themselves and they are wrong, which is usually the case. We generally can tell you what would happen to your assets in a bankruptcy after our free initial consultation.
