South Carolina State Bankruptcy Laws

What Are The South Carolina Bankruptcy Exemptions?

South CarolinaSouth Carolina law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with a South Carolina bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in South Carolina. In general, the major South Carolina bankruptcy exemptions include:

GENERAL SOUTH CAROLINA EXEMPTIONS
Real Estate (the Homestead Exemption)
Up to $5,000 of equity in your homestead can be protected ($10,000 if multiple owners).
Automobiles
Up to $1,200 of equity in one motor vehicle can be protected.
Other Property
$2,500 in household furnishings, goods, clothing, appliances, books, animals, crops, or musical instruments; $500 in jewelry; cash and other liquid assets totaling $1,000; $750 in any implements, professional books, or tools of the trade; all professionally prescribed health aids.In South Carolina, you have the choice of electing the federal exemption statutes rather than the South Carolina state exemptions. Consult with a South Carolina bankruptcy attorney for more details.
View the complete list of South Carolina bankruptcy exemptions

Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.

Which state’s exemption laws apply in your bankruptcy?

South CarolinaGenerally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.

If you have not lived in the same state for the 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.

If application of the preceding general rules renders you ineligible for exemptions under any state’s laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.

Is South Carolina a Community Property State?

No, South Carolina is not a community property state. Because it is not a community property state, you will be responsible for your spouse’s debts only if you voluntarily assumed those debts by, for example, co-signing on a loan given to your spouse. In a non-community property state, one spouse can file for bankruptcy and be eligible to eliminate all of their unsecured debts without the involvement of the other spouse.

How did your senator vote on the new bankruptcy laws?

Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?

DeMint (R-SC) — YEA
Graham (R-SC) — YEA

South Carolina Bankruptcy Court Locations:

1100 Laurel Street
Columbia SC 29201-2423

145 King Street
Room 225
Charleston, South Carolina 29401

201 Magnolia Street
Spartanburg, South Carolina 29306

Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.

Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.

South Carolina Bankruptcy Attorney Locations:

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Natalie Conatser

Author: Natalie Conatser

Natalie is a finance professor who writes all about finance as a blog contributor. She is a board certified accountant and also knows a thing or two about debt and avoiding bankruptcy. Natalie plans on touring the US to speak about personal finance.

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