South Dakota Bankruptcy Exemptions
There are various exemptions that one may enjoy when one files for the bankruptcy petition in South Dakota. There are the state and federal exemptions that allow one to protect their homes, properties and businesses. Exemptions also help protect wages, pensions and benefits of various kinds. The exemptions are only applicable under chapter 7 since the debtor has to liquidate some of their assets to cover the debts pone has.
South Dakota Chapter 7 Bankruptcy Laws
Chapter 7 bankruptcy laws being the most preferred, just as the other states most cases of bankruptcy are filed under chapter 7 and chapter 13 of the United States code on bankruptcy. The two chapters are the easiest ways to deal with bankruptcy, witch . Filling of the petitions needs to be in either chapter for personal debts.
South Dakota Chapter 13 Bankruptcy Laws:
Chapter13 bankruptcy laws protect all the property of the debtor from collection by the creditors as the debtor is allowed some extra time to cover their debts, usually between 3 to 5 years.
The state of Dakota has jurisdiction on governing the proceedings of the bankruptcy cases and the residents of the state only successfully apply for a petition by following the laws that the state has placed.
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