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    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 qualifies as exempt under state law.  If there is a judgment lien or lien in “household goods” on exempt property, we can file a Motion asking the bankruptcy court to avoid the lien so that you keep the property and the debt is eliminated.

    Exemptions are also used in Chapter 13 because what your creditors would receive in a Chapter 7 is the starting 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.

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

    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 $5,900 §15-41-30(2) One vehicle per person
    Household Goods $4,725 §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 $1,175 §15-41-30(4)
    Cash $5,900 §15-41-30(5) This is available if the debtor has not claimed a residence exemption
    Tools of the trade $1,775 §15-41-30(6) Must be related to the debtor’s trade or profession.