South Dakota bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. South Dakota bankruptcy district courts are located in four places – Aberdeen, Pierre, Rapid City, and Sioux Falls.
Properties Exemptions Under The South Dakota Bankruptcy Laws
As per the South Dakota 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 Dakota bankruptcy district courts.
•The Homestead Exemptions include real properties up to an unlimited value. Again, if you also occupy mobile homes that are larger than 240 square meters and are older than six months since the date of filing bankruoptcy, such properties are also exemptible under homestead exemptions. However, the South Dakota bankruptcy laws have imposed restrictions in terms of size of the properties. For example, if the homestead properties are located in town, it must not exceed one acre. On the other hand, properties located outside town can be exempted for up to 160 acres.
•Again, if you are Spouse or child of deceased owner, you may also qualify for the homestead exemptions.
•filing homestead declaration is mandatory as per the South Dakota bankruptcy laws.
•Insurance exemptions include Annuity contract proceeds that can be exempted up to 250 dollars on a per month basis.
•The South Dakota bankruptcy laws have also made health benefits exemptible, but only up to the amount of twenty thousand dollars.
•Under the personal properties exemptions, you can exempt books and musical instrument for up to an amount of two hundred dollars.
•Pension funds are also allowed for exemption, under the South Dakota bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Public employees
◦City employees
•Tools of mechanic and stock in trade are also considered as exemptible personal properties, but only up to two hundred dollars in total value.