Many clients who come to us are concerned about losing everything when they file for bankruptcy. However, this is not the case. While some assets may be lost, there are provisions for others to be partially or fully exempt. It is crucial to disclose all assets, property, equity, and retirement accounts to your bankruptcy attorney. In our next series of articles, we will discuss some of the different types of assets that may be protected during bankruptcy.
One such asset is equity in your home. In most cases, you can protect all the equity you have in your primary residence. Your bankruptcy lawyer can tell you how much equity may be exempt based on your marital status and the current exemption amount allowed by South Carolina law. As of 2023, the exemption amount is approximately $67,100 per owner. For a married couple the amount is approximately $134, 175. Please note this amount increases based on a cost of living adjustment (COLA).
Another type of asset that may be exempt is some personal property. This can include items such as books, clothing, household goods, appliances, jewelry, firearms, crops, burial plots, and animals. It is important to discuss this with your bankruptcy attorney in detail.
At the The Stone Law Firm, we have been trusted by residents of Columbia, Florence and the surrounding areas. We work closely with helping our clients with debt issues and craft both bankruptcy and non-bankruptcy options for our clients.. Contact us to schedule a consultation today to discuss your options