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Columbia South Carolina Bankruptcy Law Blog

Reed Law Firm, P.A. is a federally designated debt relief agency in South Carolina. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.

In South Carolina, What Property Can I Keep?

The primary goal of filing for bankruptcy is to give debtors a chance to live their lives and fix their finances without worrying about insurmountable debt. However, many people are concerned about losing property when they file for bankruptcy. Understandably, one of the most commonly asked questions about the bankruptcy process is, “What property can I keep?”

The answer to this question will depend on the specific type of bankruptcy you want to file, the specific type of property, and the property’s value when you file for bankruptcy.

Using Bankruptcy Exemptions to Keep Property During Bankruptcy

In general, filing for Chapter 7 bankruptcy will protect most of your property. However, you may have to sacrifice some of them to discharge your debts. On the other hand, filing for Chapter 13 bankruptcy will protect almost all of your property because you will have to repay some of your debts.

The bankruptcy exemptions in South Carolina detail the specific properties you can keep when you file for Chapter 7 and the amount you must pay to some of your creditors when you file for Chapter 13. These exemptions, which are capped at certain amounts, include, but aren’t limited to, the following:

While you can’t use federal bankruptcy exemptions when you file for bankruptcy in South Carolina, you can use federal non-bankruptcy exemptions to safeguard certain properties. Also, you must have lived in SC for a minimum of two years. Otherwise, you can’t use the state’s exemptions and must use the exemptions in the last state you lived in. Take note that qualification requirements and amounts for bankruptcy exemptions may also change without notice.

At Reed Law Firm, our South Carolina bankruptcy attorney can help you determine the bankruptcy chapter that will best fit your needs while protecting the property you want to keep. To schedule your free consultation with our South Carolina bankruptcy attorney, call 803-726-4888 or send us a message online.

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