Which exemption amounts control in a South Carolina bankruptcy?
South Carolina's own, because the state has opted out of the federal exemptions. S.C. Code § 15-41-30 currently caps one motor vehicle at $6,325, household furnishings at $5,050, jewelry at $1,275, cash and liquid assets at $6,325 when no homestead is claimed, tools of the trade at $1,900, and provides a $6,325 wildcard. The figures adjust periodically, so older summaries often quote stale numbers.
How is secured personal property valued in South Carolina cases?
At replacement value as of the petition date: the price a retail merchant would charge for property of the same kind, age, and condition, without deducting costs of sale or marketing. The District of South Carolina bankruptcy court has applied this standard directly to vehicles and household goods.
What happens when exempt property is sold at a South Carolina execution sale?
The exemption sets the floor. Under § 15-41-30, the sale advertisement must state a minimum bid equal to the exemption amount, and no lower bid may be accepted. A precise appraisal therefore protects the debtor's exempt value in the sale mechanics themselves.
What valuation documentation do South Carolina Chapter 13 plans need?
A liquidation analysis comparing what creditors would receive under the plan against a hypothetical Chapter 7 liquidation, supported by documented property valuations. Vehicles, equipment, and household goods each need defensible values for that comparison to hold up at confirmation.