What can I keep? South Carolina Bankruptcy Property Exemptions
Thousands of South Carolinians are increasingly faced with growing debt, forcing them to consider filing for bankruptcy.
General Bankruptcy Law
Each state designates specific property that debtors can exempt from bankruptcy. Yes, creditors must be paid, but you must be able to come out of the bankruptcy process and not be left in poverty. When you begin the bankruptcy process, you will be asked to list what property you claim as exempt.
South Carolina Bankruptcy Exemptions
The following are the main South Carolina exemptions:
- Homestead: $56,150. $112,275 for multiple property owners. $5,625 for other property if you do not take a homestead exemption.
- Wages: 100 percent of earnings.
- Automobiles: $5,625 for a motor vehicle.
- Personal Property: $4,500 for household furnishings, clothing, appliances, books, animals, crops and musical instruments; $1,125 for jewelry; $5,625 for cash and liquid assets; $1,675 for implements, professional books, and tools of the trade; and 100 percent for prescribed health aids.
- Miscellaneous, including: Insurance, alimony and child support, pensions, and public benefits (for example, Social Security).
- "Wild card" ($5,625).
Proposed Revision
In addition, the proposed amendment denies any bankruptcy exemption to a person convicted of an offense involving fraudulent business practices.
This language is proposed only and has not been passed by the Legislature; the law is ever changing and diligence is required to keep up with the most-recent developments.
"Bankruptcy is a solution, not a failure."
Given the present state of the economy, this number of bankruptcy filings may very well increase in the years ahead. If you are having serious financial or debt problems, the best solution is to seek out a top South Carolina bankruptcy lawyer attorney to explore your options and to aid you in your road to financial freedom.
Given the present state of the economy, this number of bankruptcy filings may very well increase in the years ahead. If you are having serious financial or debt problems, the best solution is to seek out a top South Carolina bankruptcy lawyer attorney to explore your options and to aid you in your road to financial freedom.
Bankruptcy Consequences
The consequences of bankruptcy do not include abject poverty. The number of property exemptions is long and extensive. However, the consequences of bankruptcy, while not draconian, do include some serious repercussions, including your bankruptcy being listed on your credit report for 10 years, probably making it harder for you to get credit in the future.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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