South Carolina Bankruptcy Law (SC)
Permissible planning options under South Carolina laws and filing rules
Before initiating any case, carefully consider South Carolina bankruptcy laws that apply. Debtors have numerous choices that are optional and mandatory, that can either greatly increase the benefits of filing, or destroy property rights needlessly. The State of South Carolina established person property exemptions and homestead rights by statute, and these laws govern which assets may be retained, and those that must be forfeited to the trustee. For example, no one is allowed to retain excess cash when filing, yet ordinary household expenses may be paid. The best practice when filing is to time the petition after emptying personal account by paying ordinary expenses, and just before receiving the next paycheck. This simple example is but one of hundreds of tips that all qualified South Carolina attorneys should provide to their clients.
Through careful review and planning, retained asset value increases, and the benefits of filing and discharge can be maximized. The resulting difference in total befits can easily surpass thousands of dollars when options are exercised correctly. The failure to adequately question attorneys and request specific benefits can also easily result in the loss of thousands of dollars in benefits.