There are two types of assets:
- 1) Exempt – the court will allow you to keep certain things that you need to live. The general rule is that North Carolina exemption law governs what you can keep and what you cannot. In complicated cases, the exemption laws of another state may govern or even Federal exemptions may control.
- 2) Nonexempt – the general rule is that you are not allowed to keep this type of property unless it is thru a Chapter 13 bankruptcy.