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HB 1058 - Increasing Exempted Home Equity - North Carolina Key Vote

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Title: Increasing Exempted Home Equity

Vote Smart's Synopsis:

Vote to pass a bill that raises protected equity on debtors' property.

Highlights:

-Entitles each individual resident in North Carolina to retain, free from creditors' claims, up to $35,000 in interest in real property or personal property value that the debtor or a dependent of the debtor uses as a residence (Sec. 1). -Entitles a debtor who is 65 years of age or older to retain up to $60,000 in aggregate interest in the property if the following stipulations are met: the debtor, as a tenant, must have previously owned the property, and if the debtor is a joint tenant, he or she must have rights of survivorship and the former co-owner must be deceased (Sec. 1). -Takes effect on December 1, 2009 (Sec. 2).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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