(Personal bankruptcy exemptions in NC)

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(Personal bankruptcy exemptions in NC)

I have been a resident of NC for less than a year and due to a property foreclosure at my previous residence in FL I may have to claim personal bankruptcy in order to protect my personal assets in NC. My question is if the funds in an “HSA/Health Savings Account” are exempt and protected under NC laws like an IRA/Retirement Plan is? Thanks!

Asked on May 22, 2009 under Bankruptcy Law, North Carolina

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

What I found was that you can deduct reasonably necessary health and disabilty insurance and hsa expenses for the debtor, spouse or children (dependents)  when calculating monthly income but there is no specific exemption, exception or provision protecting those hsa aaccounts from creditors in a bankruptcy action.


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