Bankruptcy Exemptions in South Carolina

Bankruptcy Exemptions in South Carolina

Bankruptcy Exemptions in South Carolina

We are continuing our series of articles highlighting the different types of assets that may be exempt from bankruptcy under South Carolina law. Our previous article discussed the importance of disclosing all of your assets, equity, real estate, property, retirement accounts, etc. to your bankruptcy lawyer. We also covered how a portion of the equity in your primary residence and some personal property such as household goods, clothing, appliances, jewelry, etc. may also be exempt. Today, we will look at two more areas that may be protected when filing bankruptcy.

Some Retirement Accounts

It is important to disclose all of your retirement accounts and assets to your bankruptcy attorney as some types of tax-exempt retirement accounts and pension funds can be protected from bankruptcy. Your bankruptcy lawyer will review your retirement portfolio, retirement accounts, and pension and advise what can be exempt.

Equity in Your Automobile

If you have equity in your primary motor vehicle that you use for transportation, then either a portion or all of the equity may be protected from bankruptcy. Be sure to disclose to your bankruptcy attorney all of the motor vehicles that you own and/or are in your name.

Our next article will cover more types of assets that may qualify for bankruptcy exemption.

If you are considering filing bankruptcy, we can help. Our bankruptcy attorney has been handling debt resolution cases in South Carolina for more than 30 years.  We understand how difficult it can be to file bankruptcy. Charleston residents and those in surrounding areas have trusted Drose Law Firm to help them reclaim their financial freedom. Give us a call to speak with our bankruptcy lawyer today.