North Carolina STATE LAW

A new law about debt collectors and foreclosures will be effective on October 1, 2009 - Senate Bill 974
CONSUMER ECONOMIC PROTECTION ACT OF 2009

WAGE GARNISHMENT EXEMPTION:

– All of last 60 days earnings needed for family's support; garnishments not granted to general creditors (only for government services and taxes)

MAXIMUM INTEREST RATE:

– Legal: 8%
– Judgment: 8%

STATUTE OF LIMITATIONS ON ENFORCEMENT:

– Open Account (credit card): 3 years
– Sale of Goods: 4 years
– Written Contract: 3 years
– Domestic Judgment: 10 years
– Foreign Judgment: 10 years

BAD CHECK LAW DAMAGES:

– $500 or three times the check amount, whichever is less, but not less than $100

tape recording

– One party state

BANRUPTCY PROPERTY EXEMPTIONS:
(General Statutes of North Carolina):

– Cannot use federal exemptions, but can claim the federal non–bankruptcy exemptions
– The State of North Carolina has exempted the property and income below from seizure by the bankruptcy court to pay creditors:

Real Property:

– Real or personal property claimed as residence up to $10,000 [1C–1601(a)(1)]

Personal Property:

– Animals, appliances, clothing, furnishings and household goods, books, musical instruments and crops, up to $3,500 total (can add $750 additional per dependent, but can't exceed $3,000 for all dependents) [1C–1601(a)(4)]
– Automobile up to $1,500 [1C–1601(a)(3)]
– Health aids, unlimited amount [1C–1601(a)(7)]
– Implements, books and tools of trade up to $750 [1C–1601(a)(5)]
– Burial plot up to $10,000 in lieu of real estate exemption [1C–1601(a)(1)]
– Personal injury and wrongful death recoveries, unlimited amount [1C–1601(a)(8)]

Insurance / Annuities:

– Fraternal society benefits, unlimited amount [58–24–85]
– Life insurance policy or proceeds, unlimited amount [1C–1601(a)(6)]
– Employee group life policy or proceeds, unlimited amount [58–58–165]

Pensions / Retirement Plans:

– IRAs, unlimited amount [1C–1601(a)(9)]
– Legislators, unlimited amount [120–4–29]
– Firefighters and rescue workers, unlimited amount [58–86–90]
– Municipal and county employees, unlimited amount [128–31]
– Teachers, unlimited amount [135–9]
– State employees, unlimited amount [135–95]
– Law enforcement officers, unlimited amount [143–166–30(g)]

Public Benefits / Entitlements:

– Unemployment compensation, unlimited amount [96–17]
– Workers compensation, unlimited amount [97–21]
– Crime victims compensation, unlimited amount 15B–17]
– Aid to blind and families with dependent children, unlimited amount [108A–36]
– Special assistance, unlimited amount [111–18]

Wages:

– Earned but unpaid wages received sixty days before filing for bankruptcy, amount needed for support [1–362]

Miscellaneous:

– Business partnership property, unlimited amount [59–55]
– Any property up to $3,500 in lieu of real estate or burial plot exemption [1C–1601(a)(2)]