What type of property can I keep after filing for Chapter 7 Bankruptcy?

After filing for Chapter 7 bankruptcy in South Dakota, you can keep some of your property. This is referred to as exempt property. The exemption laws of South Dakota allow you to keep items such as clothing, household items, furniture, jewelry, tools of the trade, and vehicles up to a certain value. Additionally, many retirement accounts, such as pensions and 401Ks, are exempt from bankruptcy. Social Security and disability benefits are also generally exempt from bankruptcy. You may be able to keep your home in Chapter 7 bankruptcy, if it is under the state of South Dakota’s homestead exemption. The current homestead exemption in South Dakota is $150,000. This means any equity you have in your home up to $150,000 is exempt from bankruptcy. If the equity in your home is more than $150,000, the amount over the exemption is at risk of being taken by your creditors. Other property may also be exempt depending on the state or federal exemption laws. You may also be able to keep property that has a lien on it, such as a car loan, if you continue to make the loan payments. If you are considering filing for Chapter 7 bankruptcy in South Dakota, it is important to understand which of your assets are exempt from bankruptcy. Consulting an attorney familiar with South Dakota bankruptcy laws is the best way to find out which of your assets are exempt.

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What type of property can I keep after filing for Chapter 7 Bankruptcy?

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