South Carolina Bankruptcy Laws
Like with all other States in the USA, the bankruptcy laws of the state of South Carolina is anchored on the USA Federal law on bankruptcy. The bankruptcy law provides protection to the debtor by exempting some assets from liquidation while also enabling the creditor to take a resolute action to recover their money. It however has a negative effect of downgrading your credit rating. This is in the same way a USAs credit rating has been downgraded, implying that you cannot be trusted with a credit. This limits your ability to borrow and finance development projects.
Bankruptcy Exemptions for South Carolina
South Carolina bankruptcy laws protect your residence to the tune of $53,375 and double the amount where you are multiple owners e.g. where a married couple files for bankruptcy. You will also be allowed to keep cash total no more than $5,350. Your household goods including domesticated animals will be safe to a maximum value of $4,275. For those who love jewelry, then you could keep only what is worth $1,075. The protection of your motor vehicle is limited to $5,350 while the trade tools can be secured to a maximum of $1,600.
Chapter 7 Bankruptcy Law for South Carolina
chapter 7 bankruptcy laws of South Carolina bankruptcy law is modeled in the same way as he Federal law. It allows for both voluntary and involuntary filing of bankruptcy application. It is simple and straight forward because the assets of the debtor are liquidated and used to pay off the debt. This is however limited by the exemptions states above.
Chapter 13 Bankruptcy Law for South Carolina
Chapter13 bankruptcy laws of the South Carolina bankruptcy law protects a debtor and creditor by having a deal to repay the debt in phases. It is only applicable to those with regular income.
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