The South Carolina Homestead Exemption

In bankruptcy, a homestead exemption protects equity in your home. Here, you'll find specific information about the homestead exemption in South Carolina. For general information about how the homestead exemption works in both Chapter 7 and Chapter 13 bankruptcy, read The Homestead Exemption in Bankruptcy. For more bankruptcy information, read Filing for Bankruptcy in South Carolina.

How Much Is the Homestead Exemption in a South Carolina Bankruptcy?

In South Carolina, you'll use South Carolina's homestead exemption to protect some or all of your home's equity. Although some states allow filers to use federal bankruptcy exemptions, South Carolina is not one of them. However, you can supplement South Carolina's state exemptions with the federal nonbankruptcy exemptions.

To help you make an informed choice, we've listed the homestead exemption amount below. We've also included links to the federal and state exemption lists so you'll have an easier time deciding whether bankruptcy will work for you.

If you're married, keep in mind that spouses can double some exemption amounts, but not all. Find out about other filing considerations for spouses.

What Type of Property Does the South Carolina Homestead Exemption Protect?

In South Carolina, the homestead exemption applies to real and personal property that you or your dependents use as a residence, including your home, condominium, co-op, or mobile home. You can also use the South Carolina homestead exemption to protect a burial plot purchased for yourself or your dependents.

When Can You Use a Homestead Exemption in a South Carolina Bankruptcy?

You can file for bankruptcy in South Carolina after living there for over 180 days. However, you must live in South Carolina much longer before using South Carolina exemptions (if that's the set you choose to use), at least 730 days before filing, to be exact. Otherwise, you'd use the previous state's exemptions.

But suppose you lived in multiple states during the two years before filing for bankruptcy. In that case, you'd use the exemptions of the state you lived in for most of the 180 days before the two years immediately preceding your filing. (11 U.S.C. § 522(b)(3)(A).) Learn more about filing for bankruptcy after moving to a new state.

Consult a South Carolina Bankruptcy Lawyer

We've covered some of the most basic rules you'll encounter when protecting your home in bankruptcy. However, you must also meet other timing and exemption requirements to prevent losing your home. Find out more about keeping your home in Chapter 7 or Chapter 13 or consult a bankruptcy lawyer.

Need More Bankruptcy Help?

Did you know Nolo has made the law easy for over fifty years? It's true, and we want to ensure you find what you need. Below you'll find more articles explaining how bankruptcy works. And don't forget that our bankruptcy homepage is the best place to start if you have other questions!

We wholeheartedly encourage research and learning, but online articles can't address all bankruptcy issues or the facts of your case. The best way to protect your assets in bankruptcy is by hiring a local bankruptcy lawyer.