Debtors Can Protect Some Personal Property In Minnesota And South Carolina
Debtors Can Protect Some Personal Property In Minnesota And South Carolina
There are many instances where it might make sense to file for bankruptcy protection. For example, some people have overwhelming tax debts which force them to file for Chapter 13 bankruptcy assistance. Other people might file for Chapter 7 bankruptcy protection because they can't afford to pay back their overwhelming credit card debts.Filing for bankruptcy protection makes sense for many debtors to contemplate because the US bankruptcy process uses US federal bankruptcy laws to determine if a debtor can reasonably pay back their debts. If it can be reasonably determined that the debtor is unable to pay back his debts, bankruptcy lawyers work with debtors to use a petition process to file for bankruptcy protection.The petition process begins by obtaining mandatory credit counseling which helps debtors consider all of their options before they file for bankruptcy. Once debtors receive the counseling, they fill out a petition which lists their personal information, debts and assets on a series of forms called schedules. A bankruptcy trustee reviews this information at a mandatory creditor's meeting to determine if the person is eligible for bankruptcy protection. If the court thinks they would benefit from bankruptcy protection, the debtor is granted relief by applying Chapter 7 or Chapter 13 bankruptcy laws to their case.This process scares many people because they seem to think that they need to give up everything they own to be protected by US federal bankruptcy laws. However, most bankruptcy attorneys can help debtors who are filing for bankruptcy protection use what are called "exemptions" to protect most of their property from their creditors during bankruptcy proceedings. These exemptions are important bankruptcy resources which enables a person to keep some property.Every state has its own personal exemptions. For example, Minnesota and South Carolina have special exemptions which allow debtors in those states protect many types of personal property. One important Minnesota exemption allows debtors to protect homes and land worth up to $360,000. Another exemption allows debtors to protect personal household items worth up to $9,900. Furthermore, Minnesota debtors may also protect vehicles worth up to $4,400 and tools, books and materials used for a trade worth up to $11,500.In addition, South Carolina's exemptions allow debtors to protect varying amounts of personal property. For example, debtors may protect up to $53,375 of their home's value. They may also protect jewelry worth up to $1,075 and household items worth up to $4,275. South Carolina debtors may also protect cash and other liquid assets worth $5,350 if they choose to bypass their state's homestead exemption.In South Carolina debtors also have a "wildcard" exemption which allows them to protect an additional $5,350 of the property listed above. Since state has similar rules for the actual process of bankruptcy. However the dollar figures for what is exempt varies greatly from state to state. For more information about these exemptions, ask your local bankruptcy attorney for a more detailed analysis.
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