Bill Summary for S 207 (2011-2012)
|View NCGA Bill Details||2011-2012 Session|
TO INCREASE THE STATUTORY HOMESTEAD EXEMPTION.Intro. by Hartsell.
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Amends GS 1C-1601(a)(1) to increase the amount of aggregate interest that a debtor is entitled to retain free from enforcement of the claims of creditors to $75,000 (currently, $35,000) in real property or personal property that the debtor or a dependent of the debtor uses as a residence or in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence. Also deletes language specific to an unmarried debtor. New GS 1C-1601(a)(13) provides that the debtor’s aggregate interest, up to $18,500, in a burial plot for the debtor or a dependent is free from the enforcement of creditor claims. Makes conforming changes to GS 1C-1603(c) (statement form to be submitted by the debtor). Makes other conforming changes.