North Carolina

The information given on this page is for educational and informational purposes only, and does not constitute any legal or tax advice or opinion. This page is meant to give a quick start to research by other professionals, but it should absolutely not be relied upon for any purposes whatsoever. Additionally, this page is kept current only as our time allows, and the information given here may not be current. We make NO GUARANTEES as to the accuracy of the information herein and you should not rely on it. Even professionals who use this information must independently verify whether it is correct and current.

North Carolina Asset Protection Overview

North Carolina debtors may only choose from the state bankruptcy exemptions.

North Carolina has opted out of the federal bankruptcy exemption structure. A North Carolina debtor must choose the state bankruptcy exemptions.

North Carolina Statutory Creditor Exemptions

For additional detailed information on the use of life insurance, annuities, pension plans, and employee benefit plans for wealth preservation and asset protection, see advanced life insurance

North Carolina Homestead

• The North Carolina homestead exemption is $10,000. Up to $3500 of the unused portion of the homestead may be applied to any property.

Statute

• Property held in tenancy by the entirety is exempt from the debts owed by one spouse.

See In re Crouch, 33 B.R. 271 (E.D.N.C. 1983).

North Carolina Life Insurance

• Beneficiary’s interest in proceeds wholly protected from creditors of insured provided benefi ciary is not owner or insured. N.C. Const. Art. X § 5; N.C. Gen. Stat. §§ 1C-1601 and 58-58-115.

Statute 1C-1601

Statute 58-58-115

North Carolina IRAs & Pension Plans

• IRAs are exempt.

Statute

North Carolina Fraudulent Transfers

For additional detailed information relating to fraudulent transfers, including the text of the Uniform Fraudulent Transfers Act, see fraudulent transfers

North Carolina Act

• North Carolina Fraudulent Transfers Act

North Carolina Fraudulent Transfer Cases

State Appellate Court

• Grace R. Waldon and Environmental Water Solutions, Inc.
  v. Danny L. Burris, et al.
  2005 N.C. App. LEXIS 1763 (N.C.App. 08/16/2005)

• Tiber Holding Corporation et al. v. Andrew P. Diloreto et al.,
  No. COA04-1184 (N.C.App. 06/07/2005)

• William Washington and Dwyanette Washington
  v. Marilyn Demarlow Mitchell, et al.
  No. COA00-1348 (N.C.App. 11/06/2001)

• Triangle Bank v. Eatmon,
  547 S.E.2d 92 (N.C.App. 05/15/2001)

• Pendergrass v. Card Care Inc.,
  424 S.E.2d 391 (N.C. 01/08/1993)

• Fox v. Wilson,
  354 S.E.2d 737 (N.C.App. 04/21/1987) Civil Conspiracy

• Markham v. Markham,
  279 S.E.2d 905 (N.C.App. 07/07/1981)

• Branch Banking & Trust Co. v. Gill,
  237 S.E.2d 21 (N.C. 08/23/1977)

• Johns-Manville Sales Corp. v. Townsend,
  104 S.E.2d 826 (N.C. 09/17/1958)

North Carolina Trusts

For additional detailed information relating to the use of trusts for asset protection, including foreign and domestic asset protection trusts, see trusts.

North Carolina Trust Act (Non Self-Settled)

• North Carolina Trust Act

North Carolina Spendthrift Trust Cases

• Spicer v. Spicer,
  607 S.E.2d 678 (N.C.App. 02/01/2005)
  

North Carolina Business Entities

North Carolina Acts

• North Carolina Corporation Act
• North Carolina Limited Partnership Act
• North Carolina Limited Liability Company Act

North Carolina Charging Order Cases

• Herring v. Keasler,
  563 S.E.2d 614 (N.C.App. 06/04/2002)

North Carolina Alter Ego & Corporate Veil Cases

• Department of Transportation v. Airlie Park, Inc., et al.,
  NO. COA02-766 (N.C.App. 02/04/2003)

• Pamela Becker v. Graber Builders, Inc., et al.,
  NO. COA01-178 (N.C.App. 04/16/2002)

• Berry O. Monteau and Bay Area Turf, Inc.
  v. Reis Trucking & Construction, Inc., et al,
  No. COA00_1078 (N.C.App. 11/06/2001)

• Richard H. Glenn, et al. v. Smilie Wagner,
  329 S.E.2d 326 (N.C. 05/07/1985)

Useful North Carolina Links

For additional detailed information relating to financial frauds and tax scams, see http://www.quatloos.com

• North Caorlina Secretary of State
• North Carolina Attorney General
• North Carolina Bar Association

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