What Creditors Can't Take in South Carolina
Money, home and vehicle exemptions that protect your property from creditors in South Carolina.
Short answer: Cash and other liquid assets (including bank deposits) up to $7,600 (base amount $5,000, inflation-adjusted figure effective July 1, 2024), but only for a debtor who does not claim the homestead exemption. S.C. Code 15-41-30(A)(5), (A)(7), (B); U.S. Bankruptcy Court D.S.C. notice of July 1, 2024 adjustment
| Money protected in a bank account | Cash and other liquid assets (including bank deposits) up to $7,600 (base amount $5,000, inflation-adjusted figure effective July 1, 2024), but only for a debtor who does not claim the homestead exemption. A wildcard of up to $7,600 of unused exemptions can also be applied to any property. Statute: https://www.scstatehouse.gov/code/t15c041.php. |
|---|---|
| Homestead exemption | Up to $76,125 in a residence used by the debtor or a dependent (up to $152,250 total for multiple owners of one home), as adjusted effective July 1, 2024. The statute's base amounts are $50,000 and $100,000. Statute: https://www.scstatehouse.gov/code/t15c041.php. |
| Vehicle exemption | One motor vehicle up to $7,600 (base $5,000, as adjusted effective July 1, 2024). |
| Bankruptcy exemptions | South Carolina has opted out of the federal bankruptcy exemptions; residents use South Carolina exemptions. Source: S.C. Code 15-41-35 |
Where to get help in South Carolina
More South Carolina debt & collections
- Statute of Limitations on Debt in South Carolina
- Wage Garnishment in South Carolina
- How to Respond to a Debt Collection Lawsuit in South Carolina
- All South Carolina debt & collections rules
FAQ
How much money in a bank account is protected from creditors in South Carolina?
Cash and other liquid assets (including bank deposits) up to $7,600 (base amount $5,000, inflation-adjusted figure effective July 1, 2024), but only for a debtor who does not claim the homestead exemption. A wildcard of up to $7,600 of unused exemptions can also be applied to any property.
What is the homestead exemption in South Carolina?
Up to $76,125 in a residence used by the debtor or a dependent (up to $152,250 total for multiple owners of one home), as adjusted effective July 1, 2024. The statute's base amounts are $50,000 and $100,000.
Can a creditor take my car in South Carolina?
One motor vehicle up to $7,600 (base $5,000, as adjusted effective July 1, 2024).
Which bankruptcy exemptions can I use in South Carolina?
South Carolina has opted out of the federal bankruptcy exemptions; residents use South Carolina exemptions.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.