Judgments: What are the State Exemptions for South Carolina?
Think of exemptions as the things you can keep if a judgment is filed against you, or if you file bankruptcy. In South Carolina, you are lucky in that these exemptions are automatic: you do not need to file a form claiming any kind of exemption. That is great news for the consumer, because you don’t have to worry about navigating complex legal forms in order to get these exemptions. New laws (effective Jul 1, 2008) gave some form of homestead exemption to South Carolina residents.
- Homestead: Up to $51,450 of equity in your residence, or $5150 of other assets (called a wild card) if you don’t own your home.
- Car: $5150
- ERISA -qualified retirement plan and IRA’s: all of it (no limit)
- Cash value of life insurance: all of it (in most cases)
- Household goods: $4125
- Jewelry: $1025 of jewelry
- Business tools: $1550
These numbers will be raised every other year starting in 2008 (a cost-of-living increase).
Related posts:
- Judgments and Bankrupcy: What are the State Exemptions for North Carolina?
- Bankruptcy and Judgments: What are the State Exemptions for South Dakota?
- Bankruptcy and Judgments: What are the State Exemptions for Washington?
- Judgments and Bankruptcy: State Exemptions for California
- Judgments: What are the State Exemptions for West Virginia?
