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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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What are the implications of the $70,000 homestead exemption

Resolved Question:

What are the implications of the $70,000 homestead exemption in North Carolina in the event of a lien on our house for $100,000? Can we sell the house, keep the $70,000 exemption, and allow the lien holder to keep any proceeds exceeding our $70,000 exemption? What must we do with the $70,000 to protect it from the creditor?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.
Hello,

So sorry to hear of your difficult situation.

I am a lawyer with 25 years experience. While I am not your lawyer and do not represent you, I will endeavor to provide you with legal information through this open and nonconfidential forum.

Here is the statute authorizing the $70,000 homestead exemption:
http://www.ncga.state.nc.us/enactedlegislation/statutes/html/bysection/chapter_1c/gs_1c-1601.html

In order to use the exemption you must be residing in your house.If you were to sell your house, you would be entitled to the first $70,000
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