home equity

Navigating Chapter 7 Bankruptcy in NC: Is Your Home Equity Over $35,000 a Concern?

Navigating Chapter 7 Bankruptcy in NC: Is Your Home Equity Over $35,000 a Concern?

“In North Carolina, individuals filing for Chapter 7 bankruptcy can protect up to $35,000 of equity in their primary residence. This is due to the state's homestead exemption rule, which does not allow for the choice between state and federal exemptions, unlike some other states.”