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Homestead Protection

South Carolina Homestead Exemption

How much of your home equity is protected if you file for bankruptcy in South Carolina?
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South Carolina WildCard Exemption
 
Does South Carolina Recognize Tenancy by the Entirety?

Updated: 2021-01-03 by

Real property, including co-op, to $60,975 (joint owners to 121,950)

Amount Joint amount

60975

121950

NOTE: Residency Requirement Caps Maximum Homestead at $160,375 if you've recently moved to a State that allows more than that

Under the 2005 bankruptcy law, you must be have lived in the state for at least 40 months (3 years + 4 months) before you can claim any homestead protection greater than $160,375. (If your state's exemption offers less than this amount, the law is irrelevant to you.) .

IF you are moving to another state, OR you moved to South Carolina within in the last two years, click here.

Federal Non-Bankruptcy Homestead Exemptions (available in every State)

These are exemptions under federal law, and not part of the bankruptcy code, so states cannot "opt out" from these exemptions.

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US Bankruptcy Code § 522(d) Homestead Exemption

Can a South Carolina debtor use the Federal Bankruptcy exemptions instead of South Carolina exemptions?

No. S.C. Code Ann. § 15-41-35.

The Federal Bankruptcy Exemptions under 11 U.S.C. § 522(d) are available to you if

  • you haven't lived in any state longer than 180 days for a while,
  • or
  • if your state allows the Federal exemptions as a choice.

 

South Carolina WildCard Exemption
 
Does South Carolina Recognize Tenancy by the Entirety?

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