Bill Text: NC H979 | 2011-2012 | Regular Session | Amended

North Carolina House Bill 979 (Prior Session Legislation)

Bill Title: Technical Change/Exempt Property Form

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-05-17 - Ref To Com On Judiciary [H979 Detail]

Download: North_Carolina-2011-H979-Amended.html

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

H 1

HOUSE BILL 979*

Short Title: Technical Change/Exempt Property Form.		(Public)
Sponsors:	Representative Ross (Primary Sponsor). For a complete list of Sponsors, see Bill Information on the NCGA Web Site.
Referred to:	Judiciary.

May 17, 2012

A BILL TO BE ENTITLED

AN ACT to make technical changes to the statutory form set forth in G.S. 1c‑1603 so that the form corresponds with the substance of G.S. 1c‑1601, as recommended by the General statutes commission.

The General Assembly of North Carolina enacts:

SECTION 1. G.S. 1C‑1603(c) reads as rewritten:

"(c) Statement by the Debtor. � When proceedings are instituted, the debtor shall file with the court a schedule of:

(1) The debtor's assets, including their location;

(2) The debtor's debts and the names and addresses of the debtor's creditors;

(3) The property that the debtor desires designated as exempt.

The form for the statement shall be substantially as follows:

�

15. That I wish to claim the following property as exempt because either:

(1) I am entitled to claim a residential exemption of up to $35,000 under section (8) above but claimed residential real or personal property as exempt that is worth less than ~~$35,000~~that amount;

(2) I am entitled to claim a residential exemption of up to $60,000 under section (8) above but claimed residential real or personal property as exempt that is worth less than that amount; or

(3) I made no claim for a residential exemption under section (8) above.

I understand that I am entitled to an exemption of up to $5,000 in any property only if (i) I made no claim under section (8) ~~above or~~ above; (ii) I am entitled to claim up to $35,000 ~~a claim that was less than $35,000~~ under section (8) ~~above.~~above and I made a claim that was less than that amount; or (iii) I am entitled to claim up to $60,000 under section (8) above and I made a claim that was less than that amount. I understand that I am entitled to claim any unused amount that I was permitted to make under section (8) above up to a maximum of $5,000 in any property. (Examples: (a) if you claim $34,000 under ~~section (8),~~section (8) and are entitled to take $35,000 under that section, $1,000 allowed here; (b) if you claim $30,000 under ~~section (8),~~section (8) and are entitled to take $35,000 under that section, $5,000 allowed here; (c) if you claim $35,000 under ~~section (8),~~section (8) and are entitled to take $35,000 under that section, no claim allowed ~~here.)~~here; (d) if you claim $55,000 under section (8) and are entitled to take $60,000 under that section, $5,000 allowed here; (e) if you claim $59,000 under section (8) and are entitled to take $60,000 under that section, $1,000 allowed here). I further understand that the amount of my claim under this section is after the deduction from the value of this property of the amount of any valid lien or purchase money security interests and that tangible personal property purchased within 90 days of this proceeding may not be exempt.