Bankruptcy Exemptions In South Carolina
The state of South Carolina has its own set of exemptions that may be used when filing for Chapter 7 or Chapter 13 bankruptcy. Bankruptcy exemptions outline what property may be kept in a Chapter 7 bankruptcy and how much must be paid to certain creditors in a Chapter 13 bankruptcy.
South Carolina bankruptcy exemptions include:
|Homestead||$59,100 (A cap of $118,200 per residence for multiple owners)|
|Cash and liquid assets in lieu of homestead||$5,900|
|Health aids||No limit|
|Tools of trade||$1,775|
How South Carolina Exemptions Work In Bankruptcy
If you own property that is worth a certain amount, and that amount is equal to or less than the exemption amount that is available in South Carolina, you get to keep the property.
For example, if you own a car that is worth $4,725, and the South Carolina vehicle exemption is up to $5,900, you will get to keep your car if you file for Chapter 7 bankruptcy. If the car is worth substantially more than the exemption, the bankruptcy trustee may sell the vehicle, pay off the car loan with the proceeds, pay you the amount of the exemption and pay the rest to unsecured creditors.
To learn more information about bankruptcy exemptions in South Carolina, contact bankruptcy attorney Robert King at the law firm of Thompson & King. Call our Anderson office at 864-202-4601 to schedule an initial consultation and discuss your options with a lawyer.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.