Question: Will I lose property?
Answer: Not as long as your ownership interest in property falls below the state exemptions.

Protect Your Fresh Start

Exemptions are a very important part of your bankruptcy. In a Chapter 7 liquidation, the property that you are permitted to keep is the property that is exempt under state law. Even if there is a lien on exempt property, the bankruptcy court may avoid a lien that impairs an exemption permitting you to keep the property. It is also permissible for the trustee to sell property and return to you the cash value of your exemption.

Exemptions are also used in Chapter 13 because what your creditors would receive in a Chapter 7 is the base amount that you must pay in your Chapter 13 plan (This is called the best interest test.) You must claim your exemptions within fifteen (15) days of filing your bankruptcy petition.

(Click here to read an order discussing federal law preemption for retirement and deferred compensation funds.)
(Have you moved from another state? Click here to look up your prior state’s exemptions. www.exemptionsexpress.com.)

If you have lived in South Carolina for two years, you are required to use the following state exemptions.

Updated 7/2016

 

Category

Amount

Exempt

Statute

remarks

Residence

$59,100

§15-41-30(1)

Must be used as residence, if titled in husband and wife, total $100,000

Motor vehicle

$5900

§15-41-30(2)

One vehicle per person

Household Goods

$4725

§15-41-30(3)

Applies to household goods, must be necessary for day to day use. I.e. for a normal homeowner, a firearm would not be household goods.

Jewelry

$1175

§15-41-30(4)

Cash

$5900

§15-41-30(5)

This is available if the debtor has not claimed a residence exemption

Tools of the trade

$1775

§15-41-30(6)

Must be related to the debtor’s trade or profession.

 

Adjustments to the exemption amounts are published each July in the South Carolina State Register.

http://www.judicial.state.sc.us/clerkOfCourtManual/cauthen.doc#_Toc66173753

Case Law Links:
IRA Exemption, old law relevant policy

TOP