Learn More About Bankruptcy

Which Exemptions Do You Use In Bankruptcy?

Which Exemptions Do You Use In Bankruptcy? When you file bankruptcy, your exemptions determine what property you get to keep.  There are federal exemptions and state-law exemptions.  The exemptions you use depends on where you have lived for the past two years prior to filing bankruptcy and whether that state requires you to use its exemptions or permits you to use the federal exemption.  If you’ve lived in North Carolina for the past two years, the answer is simple –

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Bankruptcy and Retirement Accounts

You Don’t Lose Your Retirement Accounts in Bankruptcy You made responsible choices and contributed to a retirement account, and now that nest egg has grown significantly.  Don’t worry about losing your retirement savings in bankruptcy, because it’s exempt.  Under North Carolina exemptions, all IRS qualified retirement accounts (employer pensions, 401(k)’s, Traditional IRA’s, Roth IRA, etc.) can’t be touched by the bankruptcy court. If you are a state or municipal employee, those retirement benefits are exempt too.  This also applies to

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