SOUTH CAROLINA BANKRUPTCY LAW
South Carolina Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
South Carolina Bankruptcy Statistics: In South Carolina, in 2009, 9,799 bankruptcies were filed. Business bankruptcies accounted for 446 or 4.55% and personal bankruptcies accounted for 9,353 or 95.45% of the total filings.
South Carolina State Bankruptcy Exemptions
The home (“homestead”) exemption is limited to $50,000, and joint owners may double. South Carolina defines “homestead” to include real property and co-ops.
The following expenses or items are exempt in their entirety in South Carolina:
The following expenses or items are exempt up to a specified limit in South Carolina:
The following individuals’ and their survivors’ pension benefits are exempt when filing for bankruptcy in South Carolina:
The following pension types are exempt or partially exempt when filing for bankruptcy in South Carolina:
The following insurance types are entirely or partially exempt when filing for bankruptcy in South Carolina:
The following public benefits are exempt when filing for bankruptcy in South Carolina:
Tools of the trade
This is a separate exemption. The following items have been considered tools of the trade in the state of South Carolina: implements, books, and other tools of the trade. These tools of the trade are exempt up to $1,500.
The following miscellaneous benefits are exempt when filing for bankruptcy in South Carolina:
Wildcard: Any property from unused exemptions for homestead, burial, motor vehicle, personal property, jewelry, or tool of the trade exemptions, is limited to $5,000.
Federal Exemptions: Yes, debtors are allowed to take federal exemptions when filing for bankruptcy in South Carolina.
South Carolina Bankruptcy Court: