LadynRed

South Carolina increases BK exemptions

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Good news for SC residents, long overdue !

http://www.bankruptcylawnetwork.com/2008/05/30/south-carolina-exemptions-updated-and-increased/

...this change in South Carolina law has implications for any individual filing bankruptcy in South Carolina after May 22, 2008. The most significant changes in the new statute increase the exemption for a vehicle from $1,200 to $5,000, for household goods and clothing from $2,500 to $4,000, and for cash in lieu of homestead exemption from $1,000 to $5,000. In addition, the statute adds two new categories: a $5,000 wildcard exemption, and an exemption for the earned income credit on federal taxes.

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Just wanted to add that the homestead exemption had increased from $5000 to $50,000 just a few years before that. I was looking into filing BK back in 2005 and steered away from it because of the low exemption amounts. I couldnt make payments, and didnt want to chance losing my home, so I let time take its course, and BAM, increased everything :D. But by then, the SOL had come into play along with learning how to battle JDB's. SC is a pretty good debtor friendly state ;)

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Looks good to me too. I am just starting my default and possible settlement with 4 banks down the road.

If things get too hairy Judgment wise I know I can always push the BK button and still keep pretty much all of my (low) asset level. Im under the median so Im gtg whenever.

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