South Carolina Bankruptcy
Are you struggling with debt? Chapter 7 bankruptcy was created to eliminate debt and silence creditors. Talk a South Carolina bankruptcy attorney today about your bankruptcy options.
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Filing Chapter 7 Bankruptcy in South Carolina
Chapter 7 bankruptcy is often called “liquidation” because a bankruptcy trustee has the option of liquidating (selling) a debtor’s non-exempt property. The proceeds are then used to pay any unpaid unsecured debts.
In most Chapter 7 bankruptcy cases, the debtor doesn’t have any non-exempt property. In that case, nothing is liquidated and the debtor is allowed to keep most, if not all, of his or her assets.
If you’re from Charleston, Greenville or somewhere else in South Carolina and have given some thought to filing Chapter 7 bankruptcy, it’s important you know about South Carolina’s bankruptcy exemptions.
A South Carolina Chapter 7 bankruptcy lawyer may be able to help you determine which of the items you own could be exempt from Chapter 7 liquidation. Connect to a S.C. bankruptcy attorney today by filling out the above, free 2-minute form.
South Carolina Bankruptcy Laws & You
After reading up on bankruptcy exemptions, you’re probably interested to know which of your property may be exempt from liquidation.
The following information will give you a quick look at South Carolina Chapter 7 exemptions. To get more complete information about exemptions, contact a South Carolina Chapter 7 bankruptcy lawyer by filling out the above free form.
South Carolina Bankruptcy Exemptions
As a South Carolina Chapter 7 bankruptcy attorney can explain in greater detail, important Chapter 7 bankruptcy exemptions in the state include:
Homestead: $50,000 for your homestead. Up to $100,000 if there are multiple property owners.
Wages: 100 percent of earnings for personal services.
Vehicles: $5,000 for one motor vehicle.
Personal Property:
- Up to $4,000 for household furnishings, good, clothing, appliances, books, animals, crops and musical instruments.
- $1,000 in jewelry.
- $5,000 for cash and other liquid assets.
- $1,500 for any implements, professional books or tools of the trade.
- $5,000 for any property if you are not taking a homestead exemption.
- 100 percent of all professionally prescribed health aids.
Questions? Talk to a South Carolina Chapter 7 Bankruptcy Lawyer
South Carolina Chapter 7 bankruptcy exemptions can be confusing. A South Carolina Chapter 7 bankruptcy lawyer in your area can fully explain these exemptions and tell you whether they could impact your case.
At Chapter7.com, we make getting help from a South Carolina Chapter 7 bankruptcy lawyer simple.
Just complete the above 2-minute free bankruptcy evaluation form or call us at 877-226-6844 and we’ll connect you with a local bankruptcy lawyer.
Don’t put this off any longer–make the first move right now.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.