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Under South Carolina bankruptcy laws, individuals may claim up to
$5,000 equity in a primary residence as exempt. A husband and wife may
claim up to $10,000 in exempt homestead equity. The state legislature
does not permit residents to optionally choose the federal exemption
alternative provided by the Code. Therefore, the application South
Carolina bankruptcy laws are determined in the federal administrative
process by federal rules of civil procedure, evidence and local rules of
court, although applying terms of law established by the state
legislature.
Bankruptcies in South Carolina continue a steady climb to consistent
record heights. Most of the increase in filings are the result of middle
income and upper income filers losing employment. Although legislators
in Washington and Charlotte seem apathetic toward the plight of their
constituents, other states offer what many people consider to be a
realistic set of bankruptcy exemption options. To change state residency
however, the Code requires at least two years of continuous residency in
the new state.
See also: South Carolina Homestead Exemption.
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