South Carolina Bankruptcy Exemptions
The chart below contains a summary of South Carolina state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of South Carolina bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions
Personal exemptions allowed by South Carolina Bankruptcy Law
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|South Carolina Homestead||Real Property to $53,375||15-41-30(A)(1)|
|Wages||None, but can use Federal nonbankruptcy wage exemption|
|Automobile||Up to $5,350||15-41-30(A)(2)|
|Other property||Accident and disability benefits||38-63-40(D)|
|Alimony and child support||15-41-30(A)(10)(d)|
|Animals, crops, appliances, books, clothing, household goods, furnishings, musical instruments to $4,275 total||15-41-30(A)(3)|
|Burial plot to $53,375, in lieu of homestead||15-41-30(1)|
|Implements, books, and tools of trade to $1,600||15-41-30(A)(6)|
|Wildcard||Up to $5,350 for any property from unused exemption amounts (for homestead, burial, automobile, personal property, jewelry, or tools of trade exemptions)||15-41-30(A)(7)|
Note: While this reference information is current as of October 2010, it may not reflect the most up-to-date exemption figures on official state of South Carolina bankruptcy court statutes.
South Carolina Bankruptcy Court links :
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