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Generally, non-exempt property in bankruptcy can include: Any secondary residential property that isn't your primary home, such as a vacation house. A second car, unless you are filing jointly, in which case each filer can claim an exemption for a car. Investments other than retirement accounts.

While bankruptcy discharge can eliminate many unsecured debts, certain obligations like child support, alimony, most tax debts and student loans are usually ineligible for discharge.

Even if the debtor has assets, judgments are subject to exemptions in South Carolina. For example, there is approximately a $50,000 “exemption” on someone's primary residence. The first $50,000 equity cannot be touched by a creditor.

Yes, which four exceptions: criminal fines, fees, & restitution, back child support, typically back taxes, and sadly student loans. All of these debts are specifically excluded from discharge in bankruptcy.

In South Carolina, a portion of your home's equity is considered exempt during bankruptcy. As of 5/2023, the South Carolina exemption for each debtor is $67,100. If there is more than one person filing, you would double this amount as long as they are on the deed.

You Can Keep Your Home and Car By Using Bankruptcy Exemptions. All states, including South Carolina, let people filing for bankruptcy keep some of their property by applying bankruptcy exemptions. You can claim a motor vehicle, homestead, or wildcard exemption to keep your car and home equity.

Generally, a Chapter 7 bankruptcy case will take approximately 4 to 6 months from the date when the case is filed until the case is closed. A Chapter 13 case will typically last 36 to 60 months from the date of filing. The sequence of events in a typical Chapter 7 case include the following: Consultation.

Official Form 309F1 (For Corporations or Partnerships) Notice of Chapter 11 Bankruptcy Case.

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.