Exempt Property in South Carolina Bankruptcy
One of the primary concerns of people who are considering filing for bankruptcy is that they are going to lose all their property. Let us put your mind at ease right away. The purpose of bankruptcy is to help people who are having some financial difficulty obtain debt relief and get a fresh start, not to leave you out on the street with nothing.
Bankruptcy law is written specifically to allow you to keep certain exempt property in order for you to live a normal life. Federal and state laws are very specific concerning which personal property can be protected through exemption. An experienced bankruptcy lawyer can help you understand the rules and help you choose the best debt relief option for your needs.
Understanding Your Options
Exempt property is only a factor in Chapter 7 bankruptcy filings. In Chapter 7, your nonexempt property is sold and the funds disbursed to your creditors. In a Chapter 13 filing, you repay your debt according to a court-approved repayment plan over a three- to five-year period. Since you are repaying your debt, no property needs to be liquidated.
In a Chapter 7 bankruptcy, exempt property can include:
- Your home, up to a certain level of equity
- Your car, up to a certain value
- Certain household goods
- Tools of the trade, up to a certain value
- Jewelry, up to a certain value
At the North Charleston based Steadman Law Firm, P.A., we will work with you to find the debt relief solution that best fits your needs. Our founding attorney, Richard A. Steadman, Jr., has been practicing law for over 25 years. We provide personalized service to every client, and Mr. Steadman handles every aspect of your case personally.
Call to Schedule Your Initial Consultation
Contact our office today to discuss your bankruptcy questions. We are available during regular business hours and by appointment at other times. For your convenience, we offer payment plans for our clients who need them.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
