Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in South Carolina. Exemptions are types of property that a person filing for bankruptcy in South Carolina can keep. Exemptions are outlined by state and federal laws. In South Carolina, exemptions are written in the South Carolina Code of Laws, Title 15, Chapter 39. Examples of property you may be able to keep are a motor vehicle, items related to your job, certain clothing and household items, a small amount of cash, an animal, and a burial plot. You may also be able to keep a portion of your retirement accounts, such as your 401k or IRA, as long as it meets the exemption limits set by South Carolina. The amount of property that you can keep is subject to the limits of the exemption amount and your particular financial situation. Whether or not you are able to keep certain types of property when filing for bankruptcy in South Carolina is dependent on how much your property and assets are worth and whether or not it is exempt. If you file for bankruptcy in South Carolina, it is recommended that you consult with an attorney with knowledge of the bankruptcy process and applicable laws to determine what property you may be able to keep and what you will have to surrender.

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Can I keep certain types of property when filing for bankruptcy?

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