South Carolina Exemption Increases (Effective July 1, 2016)

Effective July 1, 2016, certain South Carolina exemption figures used in bankruptcy have changed.

Bankruptcy exemptions allow a debtor to protect property needed to work and live in a bankruptcy proceeding. The exemptions set forth in South Carolina law increased effective July 1, 2016, and filers will want to use the new figures to ensure maximum property protection.

The changes are as follows:

  • Homestead or burial plot—$59,100 for a single filer; $118,200 for a married couple filing jointly. (S.C. Code Ann. § 15-41-30(A)(1).)
  • Motor vehicle—$5,900. (S.C. Code Ann. § 15-41-30(A)(2).)
  • Household goods and furnishings—$4,725. (S.C. Code Ann. § 15-41-30(A)(3).)
  • Jewelry—$1,175. (S.C. Code Ann. § 15-41-30(A)(4).)
  • Cash and liquid assets—$5,900; a filer can use only if not using the homestead exemption. (S.C. Code Ann. § 15-41-30(A)(5).)
  • Tools of the trade—$1,775. (S.C. Code Ann. § 15-41-30(A)(6))
  • Wildcard—$5,900; a filer can use any unused § 15-41-30(A)(1)-(6) exemption amounts on any property of the filer's choosing up to a maximum value of $5,900. (S.C. Code Ann. § 15-41-30(A)(7).)
  • Unmatured life insurance—$4,725 (S.C. Code Ann. § 15-41-30(A)(8).)

For more information, see Common South Carolina Bankruptcy Exemptions.

It's prudent to verify all bankruptcy exemption amounts independently or by consulting with a local bankruptcy attorney. These figures are expected to change on July 1, 2018.

Effective date: July, 01, 2016