South Dakota Bankruptcy Exemptions

Federal bankruptcy exemptions are not available for those filing bankruptcy in the State of South Dakota. Once bankruptcy is filed all property, and certain other property received in the future, becomes the property of the bankruptcy estate. The bankruptcy trustee will take control of all property for purposes of satisfying the creditors. Depending on your personal income and specific situation, asset or property exemptions are determined under state law. There is some property, which is either excluded or exempt, which the debtor will be able to keep.

Contact an experienced and qualified South Dakota bankruptcy attorney today. They can help guide you through the bankruptcy process. They are able to complete a detailed analysis of your unique and personal situation and help you to determine which property you are entitled to keep. You need an attorney with a proven record of accomplishment and knowledge of the new bankruptcy laws. This can make a huge difference in the outcome of your case. Contact one today.

Assets

Homestead: Real property to unlimited value or mobile home (larger than 240 square foot at its base and registered in state at least 6 months before filing) to unlimited value; property cannot exceed 1 acre in town or 160 acres elsewhere, Sale proceeds up to $30,000 ($170,000 if over 70 or widow or widower who has not remarried) exempt for 1 year after sale (husband and wife may not double), Gold or silver mill, mine or smelter not exempt, Spouse or child of deceased owner may claim homestead exemption

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing, and money-purchase plans, SEP and SIMPLE IRAs and defined-benefits plans, Traditional and Roth IRAs up to $1,095,000 per person, ERISA-qualified benefits, limited to income and distribution to $250,000, City employees, Public employees

Insurance: Life insurance proceeds to $10,000, if beneficiary is surviving spouse or child, life insurance proceeds, if clause prohibits proceeds from being used to pay beneficiary’s creditors, Fraternal benefit society benefits, Annuity contract proceeds up to $250 per month, Health benefits up to $20,000, Endowment, life insurance, policy proceeds to $20,000; if policy is issued by mutual aid or benevolent society, cash value to $20,000

Personal Property: Clothing, Family pictures, Schoolbooks, bible and other books to $200, Cemetery association property, Burial plots, Church pew, Food and fuel to last for 1 year

Public Benefits: Unemployment compensation, Workers’ compensation, Crime victims’ compensation, Public assistance

Tools of Trade: None

Wages: Wages of prisoners in work programs, Earned wages owed 60 days before filing bankruptcy, needed for support of family

Wildcard: Non-head of family may claim $4,000 of any personal property, Head of family may claim $6,000 of any personal property

Need More Information?

Contact a Local Bankruptcy Attorney and get answers to your question for FREE! Complete the form below and a bankruptcy lawyer will contact you to go over your situation and answer your questions. Don't Wait -- Get help today!