When individuals face considerable financial hardships, they may face difficult decisions regarding how to handle the situation. In many cases, South Carolina residents may opt to file for bankruptcy. This type of debt relief could allow qualifying parties to get their finances back on track. Some individuals may be concerned about liquidating their assets, but some property could potentially be exempt from liquidation.
Consumers may be interested in a situation in another state in which a woman was able to keep a piece of property despite filing for Chapter 7 bankruptcy. It was reported that the woman had $23,000 in debt, which led to her filing. However, she wished to keep a rare book that was worth tens of thousands of dollars. At first, a court ruled that she must liquidate the book with her other assets, but an appeals court overturned that decision.
The book in question was an 1830 Book of Mormon. Because Illinois state law exempts a Bible from debt liquidation, the appeals court allowed her to keep it. Though the book is considered extremely valuable, the woman does not have plans to sell it at any time.
As this case shows, individuals who file for bankruptcy do not necessarily part with every possession. However, state laws regarding exempt property may differ; therefore, concerned South Carolina residents may wish to find out more information on how their assets could be affected by Chapter 7 bankruptcy. If they wish to gain more knowledge on the topic, information is available from reliable local resources.
Source: stltoday.com, “Illinois woman can keep rare Book of Mormon despite bankruptcy, court rules”, Robert Patrick, Feb. 4, 2016