In Mecklenburg County, North Carolina, the homestead exemption protects a portion of the equity in your primary residence from being seized by creditors in the event of bankruptcy or other legal actions. The homestead exemption amount in Mecklenburg County changes periodically and is currently $35,000 per individual or $70,000 per married couple filing jointly.
This means that if you file for bankruptcy or are sued by a creditor, up to $35,000 of equity in your primary residence may be protected from seizure by creditors. If you are married and filing jointly, the exemption amount doubles to $70,000. Equity is the value of your home minus the amount of any outstanding mortgage or other liens on the property.
It is important to note that the homestead exemption only applies to your primary residence, and not to any additional properties or investment properties you may own. Additionally, if you sell your home or use the equity in your home to secure a loan, the exemption may no longer apply to that portion of the equity.
If you have questions about the homestead exemption in Mecklenburg County or how it may apply to your situation, it is recommended that you consult with a qualified bankruptcy attorney. It is important to work with a qualified bankruptcy attorney who can help you. If you are interested in filing bankruptcy please contact Hishaw Law LLC at 1.307.228.0407 if your located within the state of Wyoming or 1.704.218.9883 if you live in the Charlotte, North Carolina area or email us at jhishaw@hishawlaw.com.
