South Carolina State Exemption List
Only State Exemptions Allowed
In the state of South Carolina you may use only the state bankruptcy exemptions. There may be certain federal supplemental exemptions you can use. All exemptions should be discussed with your South Carolina Bankruptcy Attorney.
South Carolina has created bankruptcy exemptions to allow you to maintain enough public benefits, wages, personal property and insurance to start over after filing bankruptcy in South Carolina. There may be certain residency requirements to use the South Carolina state exemption list.
The following table will outline the South Carolina State Exemptions. Many of your assets may not have a matching exemption.
|
Exemptions
|
Exemption Amount
|
Statutes
|
Homestead |
Real property, personal property used as homestead, or co-op, up to $50,000. |
15-41-30 |
| Personal Property |
Motor vehicle up to $1,200; clothing, household goods, furnishings, appliances, books, musical instruments, animals and crops up to $2,500 total; jewelry up to $500; health aids; personal injury and wrongful death recoveries needed for support.
IN LIEU OF Homestead: Burial plot up to $50,000.
IN LIEU OF Homestead AND BURIAL PLOT Cash and other liquid assets up to $1,000.
College investment program trust fund. |
15-41-30
15-41-30
15-41-30
59-2-140 |
| Pensions |
Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.
Public employees.
Judges and solicitors.
General assembly members.
Police officers.
Firefighters.
ERISA-qualified benefits; Roth IRAs and IRAs needed for support. |
11 U.S.C. § 522
9-1-1680
9-8-190
9-9-180
9-11-270
9-13-230
15-41-30 |
| Public Benefits |
Unemployment compensation; Social Security; veterans' benefits; local public assistance; crime victims' compensation.
Workers' compensation.
General relief; aid to blind, aged, and disabled. |
15-41-30
42-9-360
43-5-190 - |
| Tools of Trade |
Tools, books, and implements of trade up to $750 total. |
15-41-30 |
| Alimony and Child Support |
Alimony and child support. |
15-41-30 |
| Insurance |
Not matured life insurance contract (but a credit insurance policy is not exempt); disability or illness benefits; life insurance proceeds from a policy for a person you depended upon which is needed for support; life insurance dividends, interest, loan, cash, or surrender value from a policy for a person you depended upon up to $4,000.
Fraternal benefit society benefits.
Accident and disability benefits; Group life insurance proceeds' cash value not to exceed $50,000; Life insurance proceeds for a spouse or child if purchased 2 years before filing for bankruptcy.
Life insurance proceeds if policy prohibits use to pay creditors. |
15-41-30
38-38-330
38-63-40
38-63-50 |
| Miscellaneous |
Business partnership property. |
33-41-720 |