NC S207

Increases the statutory homestead exemption from $35,000 to $75,000 in value for real property, personal property, or cooperative housing used as a residence by a debtor or dependent.

Removes the special $60,000 exemption for unmarried debtors age 65 and older whose property was previously owned as a tenancy by the entireties or joint tenancy with rights of survivorship.

Establishes a separate $18,500 exemption for burial plots for debtors or their dependents, moved from the combined homestead exemption calculation.

Updates the debtor's disclosure form to reflect the new $75,000 homestead exemption limit and separates the burial plot exemption claim into a distinct section.

Effective upon enactment.