South Dakota, SD Bankruptcy Exemptions

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The Essential South Dakota Bankruptcy Information Guide

South Dakota, SD Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to South Dakota, SD Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

South Dakota, SD Bankruptcy Exemptions

All law references are to South Dakota Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
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 Spouse or child of deceased owner may claim homestead exemption	43-31-1, 43-31-2, 43-31-5
INSURANCE	Annuity contract proceeds to $250 per month	58-12-8
	Endowment, life insurance policy, proceeds or cash value to $20,000	58-12-4
	Fraternal benefit society benefits	58-37A-18
	Health benefits to $20,000	58-12-4
	Life insurance proceeds, held pursuant to agreement by insurer, if clause prohibits proceeds from being used to pay beneficiary’s creditors	58-15-70
	Life insurance proceeds to $10,000, if beneficiary is surviving spouse or child	43-45-6
PENSIONS	City employees	9-16-47
	Public employees	3-12-115
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	ERISA-qualified benefits up to $250,000 of income and distribution.	43-45-16
PERSONAL PROPERTY	All debtors may claim clothing; food and fuel to last 1 year; bible and books up to $200; pictures; church pew; burial plot.	43-45-2
	$4,000 of any personal property; $6,000 if head of family.	43-45-4
	Cemetery association property.	47-29-25
PUBLIC BENEFITS	Public assistance	28-7A-18
	Unemployment compensation	61-6-28
	Workers’ compensation	62-4-42
	Crime victims' compensation.	23A-28B-24
TOOLS OF TRADE	See Personal Property
WAGES	Earned wages owed 60 days before filing for bankruptcy, needed for support of family	15-20-12
WAGES	Wages of prisoners in work programs	24-8-10

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