North Carolina Individual Debtor — JoinTenantnc— - Homestead Exemption - Partial Avoidance is a type of exemption for debtors residing in North Carolina. This exemption allows married couples who own a home in joint tenancy to protect their property from creditors in certain situations. The homestead exemption allows a married couple to protect up to $35,000 of the equity in their principal residence from creditors. If a married couple has more than $35,000 of equity in their home, they can use the partial avoidance option to protect additional equity, up to $60,000. The debtor must file a motion with the court in order to take advantage of this exemption. There are two types of North Carolina Individual Debtor — JoinTenantnc— - Homestead Exemption - Partial Avoidance: the absolute homestead exemption and the partial homestead exemption. The absolute homestead exemption allows for the full amount of the homestead exemption while the partial homestead exemption allows for the partial amount of the homestead exemption.
North Carolina Individual Debtor - Joint Tenancy - Homestead Exemption - Partial Avoidance
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FAQ
(a) The interests of joint tenants in a joint tenancy with right of survivorship shall be deemed to be equal unless otherwise provided in the instrument of conveyance.
The North Carolina Homestead Exemption (see NCGS §1C-1601(a)(1)) protects up to $35,000 of equity in a home for a single individual or $70,000 of equity for a married couple with a joint creditor. In certain instances, for individuals over the age of 65, this protection may increase to $60,000.
People who own property as joint tenants are co-owners of the same property. In joint tenancy with the right of survivorship, each co-tenant has an equal share of the property. Further, the final surviving co-tenant becomes the sole owner after the other co-tenants die.
North Carolina recognizes joint tenancy with right of survivorship as a common form of joint ownership for non-spouses. This form allows multiple people or entities to own a title interest to the property, and comes with various rights and responsibilities.
§ 41-56. (b) A conveyance by a grantor of real property, or any interest in real property, to the grantor and his or her spouse vests the property in them as tenants by the entirety, unless a contrary intention is expressed in the conveyance.
North Carolina's Homestead Exemption The homestead exemption protects equity in your home. In North Carolina, The homestead exemption protects up to $35,000 in equity of any real or personal property used as a residence. Both spouses must be on the title to double this exemption.
A transfer-on-death deed in North Carolina is a legally enforceable instrument.
§ 41-72. Determination of the interests of joint tenants in a joint tenancy with right of survivorship. (a) The interests of joint tenants in a joint tenancy with right of survivorship shall be deemed to be equal unless otherwise provided in the instrument of conveyance.