Share post
Debt Consolidation Forums Bankruptcy Chapter 7 and Chapter 13 forums

Can I opt for both federal and state exemptions in bankruptcy?

member profile picture
Posts: 1
Credits: 0

I live in NC. I have filed Chapter 7 bankruptcy last week. My question is, when it comes to homestead exemption, can I use double exemptions

No. You can't. States like Minnesota, Massachusetts, Alaska, New Jersey, New York, Wisconsin, etc. allow you to enjoy double exemptions. But in North Carolina, you have to choose between federal exemption and state exemption. Okay.

If you're filing a joint bankruptcy alongwith your spouse, then you can enjoy double homestead exemption. You can protect up to $70,000 worth of equity in your home.

In NC, you can exempt up to $35,000 of your home. If you're above 65 with a deceased spouse, then you can exempt up to $60,000 under the homestead exemption.

Sub: #1 posted on Wed, 01/16/2019 - 02:36

David Martin David Martin

(Posts: 394 | Credits: )

Do you file a joint bankruptcy? If yes, then you can get a double exemption.

Sub: #2 posted on Thu, 01/17/2019 - 23:34

Sanders Patricia Sanders Patricia

(Posts: 1238 | Credits: )

Page loaded in 1.067 seconds.