Bankruptcy rules eased in SC--I'm surprised and happy to see this.

[raccoon]

Bankruptcy rules eased

New law comes as more people in state seek legal relief from debts

BY ERIC CONNOR • STAFF WRITER • JUNE 2, 2008

South Carolinians facing mounting debt in a slumping economy have an easier road to file for bankruptcy after state lawmakers voted to protect those who wouldn't have been eligible before.

Now, more money and higher property values will be exempt from creditors seeking to recover debts -- though one expert says that shouldn't bring a flood of new filings.

The makes more people eligible to safely file for Chapter 7 bankruptcy, which allows debt to be wiped clean, said Sidney Wike, a Greenville bankruptcy attorney.

It also could reduce the monthly payments for those who file for Chapter 13, which requires the repayment of debt. Bankruptcy filings in the state are on an upswing as the economy has worsened, statistics show.

The law became effective after the General Assembly overrode Gov. Mark Sanford's veto.

(snip)

Under the old rules, those seeking Chapter 7 protection could shelter $1,000 cash, $1,200 in automobile value, $750 in tools of trade, $2,500 in home furnishings and $500 in jewelry.

Now, it's $5,000 cash, $5,000 in a vehicle, $1,500 in tools of trade, $4,000 in home furnishings and $1,000 in jewelry. The values double for those who filed jointly.


http://www.greenvilleonline.com/apps/pbcs.dll/article?AID=2008806020306

[StickyIckes]

1. me too!