What assets may I keep when filing Chapter 13 Bankruptcy?

When filing Chapter 13 Bankruptcy in South Carolina, you are generally allowed to keep most of your assets. The specific assets you keep will depend on whether or not they are considered exempt. Exempt assets are defined by federal and state law. For instance, in South Carolina, the amount of equity in a homestead is exempt. This means you can keep your home if your equity in it is under a certain amount. Other exempt assets in South Carolina include certain amounts of clothing, books, and jewelry, a vehicle, tools of the trade, retirement accounts, and insurance policies. In addition, when filing Chapter 13 Bankruptcy, you can keep assets that are not exempt if you can afford to pay your creditors the value of the assets you want to keep. For instance, if you own an asset with a significant amount of equity in it, such as a car, you may be able to keep it if you can make arrangements to pay back the creditor for the value of the asset. Overall, when filing Chapter 13 Bankruptcy in South Carolina, you can keep certain types of exempt assets, and you may also be able to keep non-exempt assets if you are able to pay back the creditor. It is important to speak with a legal professional to determine which assets you can keep and what assets you must surrender.

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