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| UNITED STATES BANKRUPTCY COURTS | ||||||
| State Of South Dakota | ||||||
| Exemptions Are Illustrated Below Courts | ||||||
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| Eighth
Circuit Court of Appeals South Dakota District Court |
| Exemptions A debtor generally may claim exemption of his homestead and personal property from execution of a judgment against him or in a bankruptcy proceeding. South Dakota statutes provide "absolute" exemptions of a judgment debtor's homestead and certain personal property to sustain the basic needs and necessities of the debtor and his family. (Sections 43-45-2 and 43-45-3.) Other additional property exemptions may include goods, chattels, merchandise, money or other personal property not exceeding in the aggregate four thousand dollars in value, miscellaneous books and musical instruments not exceeding two hundred dollars in value, domestic animals limited in numbers, and other tools of trades limited in value. To insure that a debtor enjoys the comforts and necessities of life during retirement years, the State of South Dakota also permits exemption of certain retirement benefits or employee's benefit plans. (Sections 43-45-15.) While the federal Bankruptcy Code also provides certain exemptions, South Dakota does not permit the election of federal exemptions. (Section 43-45-13.) This means that a resident of South Dakota may only claim exemption of those property and to the extent as permitted under Chapter 43-45 of the South Dakota Codified Laws even if the exemption provided under the federal Bankruptcy Code may be more beneficial to the judgment debtor. |
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