Bill Summary for S 207 (2011-2012)

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Summary date: 

Mar 3 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 207 (Public) Filed Thursday, March 3, 2011
TO INCREASE THE STATUTORY HOMESTEAD EXEMPTION.
Intro. by Hartsell.

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Bill summary

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.