North Carolina Exemption Updates

 

If there's changes in North Carolina’s exemptions, here's where you'll find out about them.

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Click here to see North Carolina Bankruptcy Exemptions.

April 2022 - Federal Bankruptcy Amounts Updated for Exemptions, debt limits, etc.

Source: Adjustment of Certain Dollar Amounts in the Bankruptcy Code A Notice by the Judicial Conference of the United States on 02/04/2022

Affected sections of Title 28 U.S.C. and the bankruptcy code Dollar amount to be adjusted New (adjusted) dollar amount 1
28 U.S.C.
Section 1409(b)—a trustee may commence a proceeding arising in or related to a case to recover:    
(1)—money judgment of or property worth less than $1,375 $1,525.
(2)—a consumer debt less than $20,450 $22,700.
(3)—a non-consumer debt against a non-insider less than $25,000 $27,750.
11 U.S.C.
Section 101(3)—definition of assisted person $204,425 $226,850.
Section 101(18)—definition of family farmer $10,000,000 (each time it appears) $11,097,350 (each time it appears).
Section 101(19A)—definition of family fisherman $2,044,225 (each time it appears) $2,268,550 (each time it appears).
Section 101(51D)—definition of small business debtor $2,725,625 (each time it appears) $3,024,725 (each time it appears).
Section 109(e)—debt limits for individual filing bankruptcy under chapter 13 $419,275 (each time it appears) $1,257,850 (each time it appears) $465,275 (each time it appears). $1,395,875 (each time it appears).
Section 303(b)—minimum aggregate claims needed for the commencement of an involuntary chapter 7 or 11 petition $16,750 (each time it appears) $18,600 (each time it appears).
Section 507(a)—priority expenses and claims:    
(1)—in paragraph (4) $13,650 $15,150.
(2)—in paragraph (5)(B)(i) $13,650 $15,150.
(3)—in paragraph (6) $6,725 $7,475.
(4)—in paragraph (7) $3,025 $3,350.
Section 522(d)—value of property exemptions allowed to the debtor:    
(1)—in paragraph (1) $25,150 $27,900.
(2)—in paragraph (2) $4,000 $4,450.
(3)—in paragraph (3) $625 $13,400 $700. $14,875.
(4)—in paragraph (4) $1,700 $1,875.
(5)—in paragraph (5) $1,325 $12,575 $1,475. $13,950.
 
(6)—in paragraph (6) $2,525 $2,800.
(7)—in paragraph (8) $13,400 $14,875.
(8)—in paragraph (11)(D) $25,150 $27,900.
Section 522(f)(3)—exception to lien avoidance under certain state laws $6,825 $7,575.
Section 522(f)(4)—items excluded from definition of household goods for lien avoidance purposes $725 (each time it appears) $800 (each time it appears).
Section 522(n)—maximum aggregate value of assets in individual retirement accounts exempted $1,362,800 $1,512,350.
Section 522(p)—state homestead exemption, limit for interest acquired 1215 days before filing $170,350 $189,050.
Section 522(q)—state homestead exemption, limit under particular circumstances $170,350 $189,050.
Section 523(a)(2)(C)—exceptions to discharge—presumption of nondischargeability:    
(1)—in paragraph (i)(I)—consumer debts for luxury goods or services incurred ≤90 days before filing owed to a single creditor in the aggregate $725 $800.
(2)—in paragraph (i)(II)—certain cash advances obtained ≤70 days before filing, in the aggregate $1,000 $1,100.
Section 541(b)—certain property of the estate exclusion limits $6,825 (each time it appears) $7,575 (each time it appears).
Section 547(c)(9)—minimum preference avoidance value in cases with primarily non-consumer debts $6,825 $7,575.
Section 707(b)—dismissal of a chapter 7 case or conversion to chapter 11 or 13 (means test):    
(1)—in paragraph (2)(A)(i)(I) $8,175 $9,075.
(2)—in paragraph (2)(A)(i)(II) $13,650 $15,150.
(3)—in paragraph (2)(A)(ii)(IV) $2,050 $2,275.
(4)—in paragraph (2)(B)(iv)(I) $8,175 $9,075.
(5)—in paragraph (2)(B)(iv)(II) $13,650 $15,150.
(6)—in paragraph (5)(B) $1,375 $1,525.
(7)—in paragraph (6)(C) $750 $825.
(8)—in paragraph (7)(A)(iii) $750 $825.
Section 1322(d)—length of chapter 13 plan, current monthly income, 4+ household $750 (each time it appears) $825 (each time it appears).
Section 1325(b)—confirmation of chapter 13 plan, current monthly income, 4+ household $750 (each time it appears) $825 (each time it appears).
Section 1326(b)(3)—payments to former chapter 7 trustee $25 $25.
1 The New (Adjusted) Dollar Amounts reflect a 10.97347880254584 percent increase, rounded to the nearest $25.

State Updates - 2022

California - April 1 2022

California updates its exemption amounts every three years. (§703.150) (The last revision was  in 2022; the next will be April 1, 2025.) As a result, the amounts listed in this chart (from the 2019 revisions) may not match the amounts that appear in the cited statutes. The 2022 exemption amounts can be found on form EJ-156 the California Judicial Council Website.

Indiana - March 2022

Indiana adjusts its exemption amounts every six years, starting in 2010, most recently in 2022, and next in 2028.

Maryland - April 1, 2022

Maryland homestead amount is keyed to the inflation adjusted amount of the federal exemptions which change every three years and was last changed in 2022.

Ohio - April 2022

Ohio adjusts the exemption amounts found in section RC 2329.66 every three years. The latest inflation adjusted amounts for 2022 can be found here

 

Updates for Other States - 2021

 

Alabama – April 2021

  • Homestead Exemption Ala. Code § 6-10-2, § 6-10-3, § 6-10-4; Const. Art. X, § 205 increasing from $15,500 to $16,450
  • Personal Property Exemption Ala. Code § 6-10-6 increasing from $7,750 to $8,225

Washington - May 2021

  • 735 ILCS 5/12-901 Homestead exemption has been increased to the greater of: $125,000.00; or the county median sale price of a single-family home for the year preceding the petition date – May 2021

West Virginia - July 2021

  • Homestead/Motor Vehicle Exemption Amount Increase – July 2021
  • District of West Virginia allows the use of Federal Exemptions effective July 7, 2021

California - July 2021

  • Deposit Accounts C.C.P. § 704.220 is based on the state Minimum Basic Standard of Adequate Care and is adjusted annually. The current MBSAC floor for a family of four in Region 1 is $1,826.00 – July 2021
  • California also increased its Homestead Exemption - December 2020

Maine - October 2021

Connecticut — October 2021

H.B. 6466: Raises the homestead exemption from $75,000 to $250,000, the motor vehicle exemption to $7,000, and creates an exemption for the cash surrender value of life insurance policies. • Signed into law on July 12, 2021. Effective October 1, 2021.

General Changes

In general, amounts of the exemptions are increased, as many of the exemption amounts have not changed in decades. 

 

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Significant Pre-2021 Updates

Georgia - 2012, 2013, 2015

The 2012 Amendment: This amendment increased the amount of exemption for a debtor’s residence from $10,000.00 to $21,500.00 and increased the amount of such exemption from $20,000.00 to $43,000.00 where title to the residence “is in one of two spouses who is a debtor.” O.C.G.A. §44-13-100(a)(1).

The 2013 Amendment: This amendment increased the amount of the exemption available on motor vehicles from $3,500.00 to $5,000.00. O.C.G.A. §44-13-100(a)(3).

The 2015 Amendment: This amendment increased the amount of the basic “wild card” exemption in “any property” from $600.00 to $1,200.00. It also increased the amount by which a debtor may convert (or carry-over) an unused residence exemption to a wild card exemption from $5,000.00 to $10,000.00. O.C.G.A. §44-13-100(a)(6).


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Jurisdictional relevance: ST

There are versions of this article for each State.