The homestead exemption in North Carolina is set at $18,500. If a homeowner has more equity in the home or has trouble making mortgage payments then the homeowner might lose his or her home in a bankruptcy. However, if the homeowner has $18,500 or less of equity in the home and can make his or her mortgage payments then he or she will likely keep the home in bankruptcy proceeding.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.