An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.
Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property
SOUTH Carolina State Exemptions (for bankruptcy)
Federal exemptions are NOT available in SD.
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 the age of 70 or an unmarried
widow or widower) exempt for 1 year after sale (can't exempt gold or silver mine, mill or smelter,
Spouse or child of deceased owner may claim homestead exemption
May file homestead declaration (not required)
Insurance: Annuity contract proceeds to $250 per month
Endowments, life insurance policy, proceeds or cash value to $20,000 (husband and wife may not
double the amount)
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 a surviving spouse or child
Miscellaneous Property of business partnership
Pensions Public employees
City employees
Personal 1. All debtors may exempt bible, books to $200, pictures, burial plots, church pew, food and fuel to
last 1 year and clothing
Property 2. Head of family may claim $4,000 of any personal property or:
Books and musical instruments 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, wages to $1,250 total
Furniture including bedsteads and bedding to $200
Library and tools of professional to $300
Tools of mechanic and stock in trade to $200
3. Non head of family may claim $2,000 of any personal property
Public AFDC (Aid to Families with Dependant Children) or other social services payments
Benefits Unemployment benefits
Worker's Compensation
Tools of See personal property
Trade
Wages Earned wages owed 60 days before filing bankruptcy, needed for support of family
Wages of prisoners in work program
Wild Card See personal property