South Dakota Bankruptcy Exemptions
The chart below contains a summary of South Dakota state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of South Dakota bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by South Dakota 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 Dakota Homestead||Unlimited value for real property (property cannot exceed 1 acre in town or 160 acres elsewhere)||43-31-1, 43-31-2, 43-31-3; 43-31-4, 43-45-3|
|Wages||Earned wages owed 60 days before filing for bankruptcy and needed for support of family||15-20-12|
|Other property||Health benefits||58-12-4|
|Bibles and schoolbooks||43-45-2(4)|
|Burial plots, church pew||43-45-2(2),(3)|
|*No tools of trade|
|Wildcard||For head of family, $6,000 of any personal property (otherwise, $4,000 of any personal property)||43-45-4|
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 Dakota bankruptcy court statutes.