GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

H                                                                                                                                                   4

HOUSE BILL 1058*

Committee Substitute Favorable 5/12/09
Third Edition Engrossed 5/14/09

Senate Judiciary II Committee Substitute Adopted 7/14/09

Short Title:        Increase Statutory Homestead Exemption.	(Public)
Sponsors:
Referred to:

April 6, 2009

A BILL TO BE ENTITLED

AN ACT to increase the statutory homestead exemption.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 1C‑1601(a)(1) reads as rewritten:

"§ 1C‑1601.  What property exempt; waiver; exceptions.

(a)        Exempt property. – Each individual, resident of this State, who is a debtor is entitled to retain free of the enforcement of the claims of creditors:

(1)        The debtor's aggregate interest, not to exceed eighteen thousand five hundred dollars ($18,500)thirty‑five thousand dollars ($35,000) in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor; however, an unmarried debtor who is 65 years of age or older is entitled to retain an aggregate interest in the property not to exceed thirty‑seven thousand dollars ($37,000)sixty thousand dollars ($60,000) in value so long as the property was previously owned by the debtor as a tenant by the entireties or as a joint tenant with rights of survivorship and the former co‑owner of the property is deceased.

…."

SECTION 2.  This act becomes effective December 1, 2009.