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Bankruptcy Exemptions We Take the Time to Listen

North Carolina Bankruptcy Exemptions

What Can I Keep When I File for Bankruptcy?

The main reason people avoid bankruptcy is the fear that they will lose everything they own in the process. A fresh start may be appealing, but walking away with nothing to your name will hardly feel like an opportunity for financial security. Fortunately, North Carolina permits those who file for bankruptcy to claim certain properties as exempt. These assets will not be sold in the process of repaying your creditors.

The type of bankruptcy proceeding you choose is closely related with your exemptions, so enlisting the help of an experienced bankruptcy attorney near you is essential. At the Law Office of Kimberly A. Sheek, I will answer every question you have about filing for bankruptcy. My goal is for you to understand each step of the proceeding, as well as what life may look like afterward. Together, we can protect as many of your assets as possible to ensure you have what you need to build a better future.

Learn more about bankruptcy exemptions in North Carolina, by calling (704) 842-9776 for a free consultation.

What Assets Are Protected in Bankruptcy?

Through Chapter 7, the court is allowed to sell your assets as a means of paying creditors back.

Below are exemptions debtors may claim:

  • Homestead/burial plot: up to $35,000, $60,000, or $70,000 depending on circumstances
  • Wildcard: up to $5,000 of any unused portion of homestead exemption, transferred to an asset of your choice
  • Motor vehicle: up to $3,500 for one vehicle (unless it was purchased within 90 days of filing)
  • Personal property: up to $5,000 plus $1,000 per dependent (max of 4)
  • Qualified college savings accounts: up to $25,000
  • Tools of trade: up to $2,000
  • Insurance: illness insurance, employee group life insurance, or proceeds that benefit the deceased debtor’s children/spouse
  • Public benefits: unemployment or workers’ compensation, veterans’ benefits, future Social Security, crime victims’ compensation, and aid to the blind and families with dependent children
  • Wages: earned but unpaid for work done 60 days before filing
  • Child support or alimony (if necessary for support)
  • Most retirement plans and pensions
  • Personal injury/wrongful death compensations
  • Prescribed health aids

If your income is greater than the median household income in North Carolina, you will not qualify for Chapter 7. Instead, you may file for Chapter 13. Commonly referred to as reorganization bankruptcy, this proceeding requires you to pay most of what you owe through a manageable repayment plan. You will likely keep most of your possessions, including your home and vehicle. Keep in mind, however, that any property not covered by exemptions will increase the amount you need to repay.

Contact (704) 842-9776 for One-On-One Support

When you begin a bankruptcy proceeding, all collection actions—from phone calls, to repossession, to foreclosure—must stop. For many of my clients, this sudden freedom from creditor harassment provides profound relief, even before the burden of their debt is officially lifted. I, Kimberly A. Sheek, am ready to listen to your story, answer your questions, and resolve your concerns. Together, we will come up with a plan to minimize your payments, maximize your exemptions, and regain control over your financial well-being.

Contact us online or call (704) 842-9776 to schedule a consultation today. We are ready to help you!

    How Is the Law Office of Kimberly A. Sheek

    the Right Choice for You?
    • Fast Results
    • Over a Decade of Legal Experience
    • Published Author & Speaker at Bankruptcy Seminars
    • Attorney Who Works One-on-One With You

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    • "Thank You For Your Support!"
      Kim and Team have done a great job over the past few years helping me navigate this financial disaster brought on by divorce. They always kept me informed throughout the process and Carol kept me on track with my classes. Kim is very straight forward and was always responsive to my emails. Cause, I have 20 questions! Thanks Kim for helping me make some very important life decisions the past few months 2022! Who knew? If you had told me last year I'd be debt free, sold my house and a 680 credit score, i wouldn't believe it. Thanks to you I've landed on my feet. There is life after Chapter 13.
      K Davis
      Charlotte, NC
    • "Kim did a Great job with my case!!!"
      Kim was Fantastic in assisting me with my bankruptcy case. I suffered a pulmonary embolism back in 2019 and deal with mild/moderate memory & retention issues and Kim was so incredibly understanding, helpful and considerate of my condition while assisting me through the emotionally challenging process of filing for bankruptcy. I am extremely grateful I found Kim and had her successfully guide me through this process. I Highly Recommend Kim to anyone having to file for bankruptcy. You will be so very glad you did!
      BSF
      Locust, NC
    • "Amazing"
      Kimberly Sheek is an Amazing Attorney to work with. She is pleasant very patient and turn around time is awesome. She is passionate about her job and she makes you feel like she cares . She returns calls promptly If I ever need an Attorney she will be my first call.
      Richard Taylor
      Charlotte, NC
    • "Awesome Experience"
      Kimberly has truly been a pleasure to work with throughout my bankruptcy process. She is very sweet, patient, and honest. She truly made this process so much easier to deal with and she put my fears to rest. She always responds to calls and emails promptly and her turnaround time with my case was amazing! I highly recommend her if you’re in need of an attorney.
      Donna Clarke
      Charlotte, NC
    • "Of Course You Want The Best - Well Here She Is"
      My recent experience with Kimberly Sheek Law Office has been nothing but a positive one. I was very concerned about everything the bankruptcy process would entail. Mrs. Sheek was direct, detailed, always pleasant to speak with and always got back to me in a timely manner. She graciously walked me through every part of the process, clearly explaining my options, and clarified which steps I would need to take in order to cleanly go through with the legal proceedings. I highly recommend Mrs. Sheek to anyone in need of a Bankruptcy Attorney.
      Mary
      Huntersville, NC
    • "Great attorney. Excellent service."
      Kim is an outstanding attorney she's very thorough in her work and in explaining bankruptcy proceedings I'm most grateful to her for helping me work through this issue and getting it behind me.
      M. Williams
      Charlotte, NC
    • "NC"
      Kimberly A. Sheek is the best attorney ever! I was very nervous going into this bankruptcy procedure and had no idea what to expect. Kim assured me from day one that all would be well explained the procedures pretty much step by step to make sure I would be prepared. When I went to the creditors meeting, she came over and reassured me that I had nothing to worry about and she was right, as it took no more than 10 min at the most and went quite smoothly. I received my discharge papers right around the time she said I would. If you are looking for a qualified, smart, caring and educated BK Attorney, you cannot go wrong with Kim.
      Paulette B.
      Charlotte, NC
    • "Good Experience"
      I was looking for a bankruptcy attorney for my daughter. Being new to the area I began searching the internet for one. After narrowing down my search, I selected Attorney Kimberly. When we met with her for the first time I felt confident that we had the right person. We were fearful going in but relaxed when we left. I really liked how she worked with my daughter, explaining how the different laws work so that my daughter had all of facts before making a decison. Even later when we had questions, Attorney Kimberly returned our calls or sent us an email. If you are looking for someone that will put your mind to rest, knowledgeable, friendly and concerned about YOU then I suggest you hire Attorney Kimberly Sheek.
      A. Thomas
      Charlotte, NC

    Hear From Our Happy Clients

    At Law Office of Kimberly A. Sheek, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

      "Thank You For Your Support!"
      Kim and Team have done a great job over the past few years helping me navigate this financial disaster brought on by divorce. They always kept me informed throughout the process and Carol kept me on track with my classes. Kim is very straight forward and was always responsive to my emails. Cause, I have 20 questions! Thanks Kim for helping me make some very important life decisions the past few months 2022! Who knew? If you had told me last year I'd be debt free, sold my house and a 680 credit score, i wouldn't believe it. Thanks to you I've landed on my feet. There is life after Chapter 13.
      K Davis
      Charlotte, NC
      "Kim did a Great job with my case!!!"
      Kim was Fantastic in assisting me with my bankruptcy case. I suffered a pulmonary embolism back in 2019 and deal with mild/moderate memory & retention issues and Kim was so incredibly understanding, helpful and considerate of my condition while assisting me through the emotionally challenging process of filing for bankruptcy. I am extremely grateful I found Kim and had her successfully guide me through this process. I Highly Recommend Kim to anyone having to file for bankruptcy. You will be so very glad you did!
      BSF
      Locust, NC
      "Amazing"
      Kimberly Sheek is an Amazing Attorney to work with. She is pleasant very patient and turn around time is awesome. She is passionate about her job and she makes you feel like she cares . She returns calls promptly If I ever need an Attorney she will be my first call.
      Richard Taylor
      Charlotte, NC
      "Awesome Experience"
      Kimberly has truly been a pleasure to work with throughout my bankruptcy process. She is very sweet, patient, and honest. She truly made this process so much easier to deal with and she put my fears to rest. She always responds to calls and emails promptly and her turnaround time with my case was amazing! I highly recommend her if you’re in need of an attorney.
      Donna Clarke
      Charlotte, NC
      "Of Course You Want The Best - Well Here She Is"
      My recent experience with Kimberly Sheek Law Office has been nothing but a positive one. I was very concerned about everything the bankruptcy process would entail. Mrs. Sheek was direct, detailed, always pleasant to speak with and always got back to me in a timely manner. She graciously walked me through every part of the process, clearly explaining my options, and clarified which steps I would need to take in order to cleanly go through with the legal proceedings. I highly recommend Mrs. Sheek to anyone in need of a Bankruptcy Attorney.
      Mary
      Huntersville, NC
      "Great attorney. Excellent service."
      Kim is an outstanding attorney she's very thorough in her work and in explaining bankruptcy proceedings I'm most grateful to her for helping me work through this issue and getting it behind me.
      M. Williams
      Charlotte, NC
      "NC"
      Kimberly A. Sheek is the best attorney ever! I was very nervous going into this bankruptcy procedure and had no idea what to expect. Kim assured me from day one that all would be well explained the procedures pretty much step by step to make sure I would be prepared. When I went to the creditors meeting, she came over and reassured me that I had nothing to worry about and she was right, as it took no more than 10 min at the most and went quite smoothly. I received my discharge papers right around the time she said I would. If you are looking for a qualified, smart, caring and educated BK Attorney, you cannot go wrong with Kim.
      Paulette B.
      Charlotte, NC
      "Good Experience"
      I was looking for a bankruptcy attorney for my daughter. Being new to the area I began searching the internet for one. After narrowing down my search, I selected Attorney Kimberly. When we met with her for the first time I felt confident that we had the right person. We were fearful going in but relaxed when we left. I really liked how she worked with my daughter, explaining how the different laws work so that my daughter had all of facts before making a decison. Even later when we had questions, Attorney Kimberly returned our calls or sent us an email. If you are looking for someone that will put your mind to rest, knowledgeable, friendly and concerned about YOU then I suggest you hire Attorney Kimberly Sheek.
      A. Thomas
      Charlotte, NC