Asset Protection Society

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North Carolina Asset Protection Summary 

Homestead Protection

Property that is used as a residence by the debtor or a dependent of the debtor or a burial plot is exempt from creditors up to an aggregate value of $18,500.

If the debtor is unmarried and 65 years of age or older, $37,000 may be exempt; for this increased exemption the property must have been owned, by this debtor, as tenants by the entirety or joint tenants with rights of survivorship.  This debtor’s co-owner must have predeceased him.

To view this statute, please click here.

Life Insurance

If a policy of life insurance is effected by any person on his own life or on another in favor of a person other than him/herself then the proceeds and the avails of such policy are exempt. To view this statute, please click here.

IRA

N.C. Gen. Stat. § 1C-1601(9) IRAs, including Roth IRAs, are exempt. To view this statute, please click here.

Disability

N.C. Gen. Stat. § 1C-1601(8) Compensation from private disability policies, annuities, or from the death of a person of whom the debtor was dependent upon for support are exempt.  To view this statute, please click here.

Corporate Protection

Charging Order

A judgment creditor may seek to charge the debtor-partner’s partnership interest with payment of an unsatisfied debt with interest. The judgment creditor has only the rights of an assignee of the debtor-partner’s partnership interest.  To view this statute, please click here.

Business Acts

1.      North Carolina Professional Corporation Act

a.      To view this statute, please click here.

2.      North Carolina Non-Profit Corporation Act

a.      To view this statute, please click here.

3.      North Carolina Business Corporation Act

a.      To view this statute, please click here.

4.      North Carolina Limited Liability Company Act

a.      To view this statute, please click here.

5.      North Carolina Uniform Partnership Act

a.      To view this statute, please click here.

6.      North Carolina Revised Uniform Partnership Act

a.      To view this statute, please click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.