South Dakota State Exemption List
Only State Exemptions Allowed
In the state of South Dakota, you will not be able to use the federal exemption list. Only the state exemption list is allowed. There may be certain supplemental federal exemptions allowed. There also may some residency requirements to use the South Dakota state exemptions.
It is important to discuss all exemptions with a South Dakota Bankruptcy Attorney prior to filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. The goal of the exemption list is to allow you to keep enough personal property, wages, pensions, public benefits and homestead exemptions to be able to start over after bankruptcy.
The following table will outline the South Dakota State Exemptions. Many of your assets may not have a matching exemption.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
Real property ( or mobile home larger than 240 square feet at its base and registered in state at least 6 months before filing for bankruptcy) to unlimited value; property cannot exceed 1 acre in town or 160 acres elsewhere; sale proceeds to $30,000 (unlimited if you’re over age 70 or an unmarried widow or widower) exempt for 1 year after sale (can’t exempt gold or silver mine, mill or smelter, 43-31-5
Spouse or child of deceased owner may claim homestead exemption
May file homestead declaration |
43-31-1,
43-31-2,
43-31-3,
43-31-4
43-31-13
43-31-6 |
| Miscellaneous |
Property of business partnership |
48-4-14 |
| Pensions |
City employees
Public employees |
9-16-47
3-12-115 |
| Personal Property |
All debtors may exempt bible, books to $200, pictures, burial plots, church pew, food & fuel to last 1 year and clothing
Head of family may claim $4000 of any personal property or:
Books & musical instrument to $200
2 cows, 5 swine, 25 sheep with lambs under 6 months; wool,
cloth or yarn of sheep; food for all to last 1 year
Farming machinery, utensils, tackle for teams, harrow, 2
plows, sleigh, wagon to $1250 total
Furniture, including bedsteads & bedding to $200
Library & tools of professional to $300
Tools of mechanic & stock in trade to $200
2 yokes of oxen, or span of horses or mules
3. Non-head of family may claim $2000 of any personal property |
43-45-2
43-45-4, 43-45-5
43-45-5(1)
43-45-5(3)
43-45-5(3)
43-45-5(2)
43-45-5(5)
43-45-5(4)
43-45-5(3)
43-45-4 |
| Insurance |
Annuity contract proceeds to $250 per month
Endowment, life insurance policy, proceeds or cash value to $20,000 (husband and wife may not double, In re James, 31 B.R. 67 (D. S.D. 1983)
Fraternal benefit society benefits
Health benefits to $20,000
Life insurance proceeds, held pursuant to agreement by insurer, if clause prohibits proceeds from being used to pay beneficiary’s creditors
Life insurance proceeds to $10,000, if beneficiary is surviving spouse or child |
58-12-6, 58-12-8
58-12-4
58-37-68
58-12-4
58-15-70
43-45-6 |
| Public Benefits |
Public assistance
Unemployment compensation
Workers’ compensation |
28-7-16
61-6-28
62-4-42 |
| Tools of Trade |
See personal property |
|
| Wages |
Earned wages owed 60 days before filing for bankruptcy, needed for support of family
Wages of prisoners in work programs |
15-20-12
24-8-10 |
| Public Benefits |
Public assistance
Unemployment compensation
Workers’ compensation |
28-7-16
61-6-28
62-4-42 |