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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.

ASSET EXEMPTION LAW
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)
Health aids 15-41-30(A)(10)
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.

Back to all State Bankruptcy Exemptions
Go to Complete State of South Carolina bankruptcy exemptions laws
Go to Federal Bankruptcy Exemptions

South Carolina Bankruptcy Court links :