The South Carolina bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in South Carolina. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in South Carolina you may also use certain federal exemptions in addition to your South Carolina exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real property, including co-op, to $5000 (joint owners may double) | 15-41-30(1) |
Insurance | Accident & disability benefits Benefits accruing under life insurance policy after death of insured, where proceeds left with insurance company pursuant to agreement; benefits not exempt from action to recover necessaries if parties so agree Disability or illness benefits Fraternal benefit society benefits Life insurance avails from policy for person you depended on to $4000 Life insurance proceeds from policy for person you depended on, needed for support 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 Proceeds of group life insurance Proceeds of life insurance or annuity contract Unmatured life insurance contract, except credit insurance policy | 38-6304(D)
38-63-50 15-41-30(10) ( C) 38-38-330 15-41-30(8) 15-41-30(11) ( C)
38-63040(A) 38-6340( C) 38-63040(B) 15-41-30(7) |
Miscellaneous | Alimony, child support Property of business partnership | 15-41-30(10) (D) 33-41-720 |
Pensions | ERISA-qualified benefits Firefighters General assembly members Judges, solicitors Police officers Public employees | 15-41-30(10) (E) 9-13-230 9-9-180 9-8-190 9-11-270 9-1-1680 |
Personal Property | Animals, crops, appliances, books, clothing, household goods, furnishings, musical instruments to $2500 total Burial plot to $5000, in lieu of homestead (joint owners may double) Cash & other liquid assets to $1000, in lieu of burial or homestead exemption Health aids Jewelry to $500 Motor vehicle to $1200 Personal injury recoveries Wrongful death recoveries | 15-41-30(3) 15-41-30(1) 15-41-30(5) 15-41-30(9) 15-41-30(4) 15-41-30(2) 15-41-30(11) (B) 15-41-30(11) (B) |
Public Benefits | Crime victims’ compensation Local public assistance Social security Unemployment compensation Veterans’ benefits Workers’ compensation | 15-41-30(11) (A) 16-3-1300 15-41-30(10) (A) 15-41-30(10) (A) 15-41-30(10) (A) 15-41-30(10) (B) 42-9-360 |
Tool of Trade | Implements, books & tools of trade to $750 | 15-41-30(6) |
Wages | None |
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Wild Card | None |
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For more information on filing bankruptcy in South Carolina explore South Carolina Bankruptcy Law.
