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About the North Carolina Homestead Exemption Law

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Licensed to practice law in the state of North Carolina, Mack Hewett is an experienced attorney who owns a self-titled law firm. Mack Hewett handles cases related to estate planning, elder law, and real estate law.

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About the North Carolina Homestead Exemption Law

  1. 1.  Licensed to practice law in the state of North Carolina, Mack Hewett is an experienced attorney who owns a self-titled law firm. Mack Hewett handles cases related to estate planning, elder law, and real estate law. During financial hardships, homeowners may fear losing their home to bankruptcy. In such cases, the North Carolina homestead exemption law has the ability to protect homeowners and the equity in their homes.
  2. 2.  The state regulation is applicable to real and personal property, which includes single-family homes and condominiums. The person seeking an exemption must be the resident of the state and live in the home at the time the bankruptcy was filed. Fortunately, individuals in jeopardy of a bankruptcy do not have to file a separate declaration of exemption, as the law automatically applies to all homeowners meeting the previous stipulations.
  3. 3.  North Carolina homeowners can individually be exempt of up to $35,000 of their property; married couples filing jointly are eligible for an exemption of up to twice that amount. Citizens 65 years of age and older and widowed qualify for $60,000 under the homestead exemption.

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