Question
Sal is a lifelong North Carolina resident who has just filed for bankruptcy. North Carolina is a non-opt-out jurisdiction and Sal, who is single, has
Sal is a lifelong North Carolina resident who has just filed for bankruptcy. North Carolina is a non-opt-out jurisdiction and Sal, who is single, has elected to have his exemptions determined under section 522(d) of the Bankruptcy Code. Sal owns free and clear the items of furniture, household appliances, and other goods listed below. They are all kept in the rental apartment in which he has lived for the past several years:
- A 2014 Honda Civic worth $7,000
- Several items of jewelry with a combine value of $3,000
- A couch worth $400
- Four family room chairs worth $1000 each
- A dining room set worth $1,200
- A stereo system worth $900
- A Lazy-boy chair worth $250
- A bedroom set (bed, dresser, night stand and lamps) worth $2,000
- Computer equipment worth $4,000 that Sal uses in running his on-line sating service business
- A big screen TV worth $1,000
Which of these items can Sal claim as exempt in his bankruptcy case? (this is specific to North Carolina, reference relevant codes)
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