Go To Credit Help Services Home Page
|
South Dakota State Bankruptcy Exemptions |
|
|
South Dakota State Bankruptcy Exemptions |
|
Federal
Bankruptcy Exemptions are not available. All law references are to South Dakota Codified Laws. |
||
| ASSET | EXEMPTION | LAW PROVISION |
| Homestead |
Real
property ( or mobile home larger than 240 square feet at
its base and registered in state at least 6 months
before filing for bankruptcy) to unlimited value;
property cannot exceed 1 acre in town or 160 acres
elsewhere; sale proceeds to $30,000 (unlimited if you’re
over age 70 or an unmarried widow or widower) exempt for
1 year after sale (can’t exempt gold or silver mine,
mill or smelter, 43-31-5 Spouse or child of deceased owner may claim homestead exemption May file homestead declaration |
43-31-1, 43-31-2, 43-31-3, 43-31-4
43-31-13 43-31-6 |
| Insurance |
Annuity
contract proceeds to $250 per month Endowment, life insurance policy, proceeds or cash value to $20,000 (husband and wife may not double, In re James, 31 B.R. 67 (D. S.D. 1983) Fraternal benefit society benefits Health benefits to $20,000 Life insurance proceeds, held pursuant to agreement by insurer, if clause prohibits proceeds from being used to pay beneficiary’s creditors Life insurance proceeds to $10,000, if beneficiary is surviving spouse or child |
58-12-6,
58-12-8
58-12-4 58-37-68 58-12-4
58-15-70 43-45-6 |
| Miscellaneous | Property of business partnership | 48-4-14 |
| Pensions |
City
employees Public employees |
9-16-47 3-12-115 |
| Personal Property |
1. All debtors may exempt bible, books to $200, pictures, burial plots, church pew, food & fuel to last 1 year and clothing 2. Head of family may claim $4000 of any personal property or: Books & musical instrument to $200 2 cows, 5 swine, 25 sheep with lambs under 6 months; wool, cloth or yarn of sheep; food for all to last 1 year Farming machinery, utensils, tackle for teams, harrow, 2 plows, sleigh, wagon to $1250 total Furniture, including bedsteads & bedding to $200 Library & tools of professional to $300 Tools of mechanic & stock in trade to $200 2 yokes of oxen, or span of horses or mules 3. Non-head of family may claim $2000 of any personal property |
43-45-2 43-45-4, 43-45-5 43-45-5(1) 43-45-5(3) 43-45-5(3) 43-45-5(2) 43-45-5(5) 43-45-5(4) 43-45-5(3) 43-45-4 |
| Public Benefits |
Public
assistance Unemployment compensation Workers’ compensation |
28-7-16 61-6-28 62-4-42 |
| Tools of Trade | See personal property | |
| Wages |
Earned
wages owed 60 days before filing for bankruptcy, needed
for support of family Wages of prisoners in work programs |
15-20-12 24-8-10 |
| Wild Card | See personal property | |
Thursday January 12, 2006