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.
| ASSET | EXEMPTION | LAW |
|---|---|---|
| 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 |
| Automobile | None | |
| Other property | Health benefits | 58-12-4 |
| Clothing | 43-45-2(5) | |
| Family pictures | 43-45-2(1) | |
| 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.
Back to all State Bankruptcy Exemptions
Go to Complete State of South Dakota bankruptcy exemptions laws.
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