South Dakota Bankruptcy Laws
Filing bankruptcy in South Dakota may help you take control
Many people who are sick of worrying about debt consider the help offered by South Dakota bankruptcy laws.
With Chapter 7 and Chapter 13 bankruptcy, South Dakota offers the chance to get control of debt and restart your financial life.
Information on how bankruptcy can retire debt is listed below. Think you’re ready to start taking serious control of your debt and your life? Complete the form below and we’ll put you in touch with a local South Dakota bankruptcy attorney.
Chapter 7 Bankruptcy & Chapter 13 Bankruptcy cases in South Dakota
Bankruptcy has helped many people stay in their homes by stopping foreclosure. Thanks to the automatic stay, which goes into effect as soon as you file for bankruptcy, you may be able to prevent the foreclosure of your home. The automatic stay prevents all collection action from creditors, including foreclosure and repossession, while your case is being handled through bankruptcy.
The automatic stay takes effect during both personal bankruptcy chapters.
Chapter 7 bankruptcy works very differently from Chapter 13. During Chapter 7, you may receive a full discharge of many or all of your unsecured debts, like credit card and medical bill debt. The case itself typically only lasts a few months.
Chapter 7 also provides property protection in the form of exemptions. Most Chapter 7 cases in South Dakota do not involve any sale of your property. In some cases they might, and that’s why South Dakota bankruptcy laws include some of the strongest exemption protections in the country. Exempt property may not be sold to pay off debt. Instead, debts will simply be discharged.
Homestead
- 100 percent of your homestead, including mobile homes.
Wages
- 100 percent of 60 days’ earnings if wages are needed to support family.
Personal Property
- All family pictures.
- Church pews and burial lots.
- $200 in books.
- 100 percent of clothing.
- All food and fuel necessary for one year.
- Up to $6,000 for any kind of other personal property.
You may have heard Chapter 13 bankruptcy called “reorganization.” This name is popular because Chapter 13 involves a 3-5 year repayment plan under which your debts are reorganized. During the repayment period, you keep up with all ordinary payments while catching up on late ones.
To qualify, you’ll need some regular income. The big benefit to Chapter 13 is that it can allow more property to be protected, including multiple homes, cars, work equipment or other property. Also, some debts may be reduced, and there should besome freedom from creditor harassment.
Get started with the help of a South Dakota bankruptcy attorney
After reading about your debt relief options, you may have decided that it’s time to take action. A South Dakota bankruptcy attorney can help you begin your bankruptcy filing, or provide more information about the state’s laws. Each bankruptcy case is different. Consider having a bankruptcy attorney on your side to make sure your case goes smoothly and maximize your opportunity for relief.
To get in touch with an attorney practicing bankruptcy in your area of South Dakota, all you have to do is call us at 877-349-1309 or fill out the free case review form on this page.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local South Dakota attorney about filing bankruptcy.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local South Dakota bankruptcy lawyer.
