South Carolina bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. In addition, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. South Carolina bankruptcy district courts are located in three places – Charleston, Columbia, and Spartanburg.
Properties Exemptions Under The South Carolina Bankruptcy Laws
As per the South Carolina bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the South Carolina bankruptcy district courts.
•The Homestead Exemptions include any real property or co-op up to the amount of five thousand dollars in value. However, if you are a married couple and jointly own the properties, the South Carolina bankruptcy laws allow you to exempt up to ten thousand dollars.
•Insurance Exemptions include immature life insurance contract (but not credit insurance policy), proceeds of life insurance or annuity contract, fraternal benefit society benefits, disability or illness benefits, accident, and disability benefits.
•Alimony and child support funds are also exemptible under the South Carolina bankruptcy laws. Under the miscellaneous exemptions, you can also exempt any property that you are using in a business partnership.
•Under the Personal properties exemptions, you can exempt Jewelry up to the amount of five hundred dollars and motor vehicle up to twelve hundred dollars in value.
•The South Carolina bankruptcy laws have specifically declared the Personal injury recoveries and Wrongful death recoveries as exemptible personal properties.
•Pension funds are also allowed for exemption under the South Carolina bankruptcy laws, but only following individuals are eligible for such exemptions:
◦Public employees
◦Police officers
◦Judges and solicitors
◦General assembly members
◦Firefighters
•Tolls of trade exemptions may amount up to 750 dollars.
•No Wages or Wild Card exemptions are allowed as per the South Carolina bankruptcy laws.