Bankruptcy is a federal process that works similarly in every state, but South Carolina sets its own exemption laws to protect property. Because federal bankruptcy exemptions are not available here, you must use the South Carolina exemption list plus any federal nonbankruptcy exemptions .
Spouses filing jointly can often double the exemption if both own the property (unless otherwise limited).
| Exemption Type | Amount | Statute | Notes |
|---|---|---|---|
| Homestead | $76,125 equity / $152,250 if married joint | S.C. Code Ann. §§ 15-41-30(A)(1)(a),(b) | Can protect primary residence or burial plot. Surviving spouse interest also exempt (check actual amounts). |
| Motor Vehicle | $7,600 equity | § 15-41-30(A)(2) | One vehicle equity per filer. |
| Tools of Trade | $2,275 | § 15-41-30(A)(6) | Implements, tools, books for occupation. |
| Wildcard | $7,600 | § 15-41-30(A)(7) | Can protect any property not otherwise exempt. |
| Personal Property | $6,100 clothing, household goods, etc.; $1,525 jewelry; $3,000 total for up to 3 weapons; health aids (100%); personal injury recoveries. | §§ 15-41-30(A)(3),(4),(5),(12),(15) | Filers should confirm details and any doubling rules. |
| Retirement Accounts | Covers many public employee pensions, ERISA plans, IRAs. Federal law also covers up to $1,512,350 in IRAs, etc. | §§ 9-1-1680; 9-8-190; 9-9-180; 9-11-270; 9-13-230; 15-41-30(A)(11)(e), (13), (14) | Federal law adds more protection for 401(k), Roth IRA, and other tax-exempt accounts. |
| Public Benefits | Disability, illness, unemployment, veterans’ benefits, crime victims’ comp, workers’ comp. | §§ 15-41-30(A)(11), (12); 16-3-1300; 42-9-360; 43-5-190 | Typically 100% exempt, confirm details for each program. |
| Insurance | Fraternal benefits, up to $50,000 group life, accident, disability, etc. | §§ 38-38-330; 38-63-40, 50; 38-65-90; 15-41-30 | Some policies have specific limits; confirm local details. |
| Miscellaneous | Alimony & child support; business partnership property; SC 529 college savings plan | § 15-41-30(A)(11)(d); § 33-41-720; § 59-2-140 | Exempt amounts vary; consult local statutes or attorney. |
Chapter 7 vs. Chapter 13: In Chapter 7, a trustee may sell nonexempt assets to pay creditors. In Chapter 13, you keep your property but pay unsecured creditors at least the nonexempt value over 3-5 years.
You must have lived in South Carolina for 2 years (730 days) before filing to use these exemptions. Otherwise, you might use your prior state’s laws. (11 U.S.C. § 522(b)(3)(A))
Important: Exemptions change periodically. Always check if statutes and amounts are current. Verify with a bankruptcy attorney to confirm that these exemptions still apply.