South Carolina, SC Bankruptcy Exemptions

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South Carolina, SC Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to South Carolina, SC Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

South Carolina, SC Bankruptcy Exemptions

All law references are to South Carolina Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property, including co-op, to $5000	15-41-30
INSURANCE	Accident & disability benefits	38-63-04(D)
	Life insurance proceeds if policy prohibits use to pay creditors.	38-63-50
	Disability or illness benefits	15-41-30(10) (C)
	Fraternal benefit society benefits	38-38-330
	Life insurance avails from policy for person you depended on to $4000	15-41-30(8)
	Life insurance proceeds from policy for person you depended on, needed for support	15-41-30(11) ( C)
	Proceeds & cash surrender value of life insurance payable to beneficiary other than insured’s estate expressly intended to benefit spouse, children or dependents of insured unless purchased within 2 years of filing	38-63-04
	Group life insurance proceeds' cash value not to exceed $50,000;	38-63-04
	Unmatured life insurance contract, except credit insurance policy	15-41-30(7)
MISCELLANEOUS	Alimony, child support	15-41-30(10) (D)
MISCELLANEOUS	Property of business partnership	33-41-720
PENSIONS	ERISA-qualified benefits	15-41-30(10) (E)
	Firefighters	9-13-230
	General assembly members	9-9-180
	Judges, solicitors	9-8-190
	Police officers	9-11-270
	Public employees	9-1-1680
	Roth IRAs and IRAs needed for support.	15-41-30
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Animals, crops, appliances, books, clothing, household goods, furnishings, musical instruments to $2500 total	15-41-30(3)
	Burial plot to $5000, in lieu of homestead	15-41-30
	Cash & other liquid assets to $1000, in lieu of burial or homestead exemption	15-41-30(5)
	Health aids	15-41-30(9)
	Jewelry to $500	15-41-30(4)
	Motor vehicle to $1200	15-41-30(2)
	Personal injury recoveries	15-41-30(11) (B)
	Wrongful death recoveries	15-41-30(11) (B)
	59-2-140 - College investment program trust fund.	59-2-140
PUBLIC BENEFITS	Crime victims’ compensation	15-41-30
	Local public assistance	15-41-30(10) (A)
	Social security	15-41-30(10) (A)
	Unemployment compensation	15-41-30(10) (A)
	Veterans’ benefits	15-41-30(10) (B)
	Workers’ compensation	42-9-360
	General relief; aid to blind, aged, and disabled.	43-5-190
TOOLS OF TRADE	Implements, books & tools of trade to $750	15-41-30(6)
WAGES	None

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