South Dakota Bankruptcy Exemptions 2023
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Written by Upsolve Team.
Reviewed September 29, 2021
It's important to understand what the exemptions for South Dakota are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does South Dakota allow federal exemptions?
South Dakota does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
South Dakota Exemptions
S.D. Codified Laws Ann. § 15-20-12; S.D. Codified Laws Ann. § 21-18-52
Most people use S.D. Codified Laws Ann. § 15-20-12; S.D. Codified Laws Ann. § 21-18-52 to cover wages - 80% or 40 times federal min wage unless supporting dependants. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 23A-28B-24
Most people use S.D. Codified Laws Ann. § 23A-28B-24 to cover crime victims' compensation. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 28-7A-18
Most people use S.D. Codified Laws Ann. § 28-7A-18 to cover public assistance. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 3-12-115
Most people use S.D. Codified Laws Ann. § 3-12-115 to cover public employees. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 43-45-16; S.D. Codified Laws Ann. § 43-45-17
Most people use S.D. Codified Laws Ann. § 43-45-16; S.D. Codified Laws Ann. § 43-45-17 to cover erisa (employee retirement account). For single debtors filing, it has a coverage limit of $1,000,000.
S.D. Codified Laws Ann. § 43-45-16; S.D. Codified Laws Ann. § 43-45-17
Most people use S.D. Codified Laws Ann. § 43-45-16; S.D. Codified Laws Ann. § 43-45-17 to cover ira & roth ira. For single debtors filing, it has a coverage limit of $1,245,475.
S.D. Codified Laws Ann. § 43-45-2 (1)
Most people use S.D. Codified Laws Ann. § 43-45-2 (1) to cover family pictures. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 43-45-2 (4)
Most people use S.D. Codified Laws Ann. § 43-45-2 (4) to cover books. For single debtors filing, it has a coverage limit of $200.
S.D. Codified Laws Ann. § 43-45-2 (5)
Most people use S.D. Codified Laws Ann. § 43-45-2 (5) to cover wearing apparel. For single debtors filing, it has a coverage limit of $2,000.
S.D. Codified Laws Ann. § 43-45-2 (6)
Most people use S.D. Codified Laws Ann. § 43-45-2 (6) to cover food and fuel to last 1 year. For single debtors filing, it has a coverage limit of $600.
S.D. Codified Laws Ann. § 43-45-2 (9)
Most people use S.D. Codified Laws Ann. § 43-45-2 (9) to cover alimony or maintenance support. For single debtors filing, it has a coverage limit of $750.
S.D. Codified Laws Ann. § 43-45-6
Most people use S.D. Codified Laws Ann. § 43-45-6 to cover life insurance (spouse, child). For single debtors filing, it has a coverage limit of $10,000.
S.D. Codified Laws Ann. § 43-5-2 (8)
Most people use S.D. Codified Laws Ann. § 43-5-2 (8) to cover health aids. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 58-12-4
Most people use S.D. Codified Laws Ann. § 58-12-4 to cover life insurance proceeds (cash value). For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 58-12-6; S.D. Codified Laws Ann. § 58-12-8
Most people use S.D. Codified Laws Ann. § 58-12-6; S.D. Codified Laws Ann. § 58-12-8 to cover annuities - $250 per month. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 58-37A-18
Most people use S.D. Codified Laws Ann. § 58-37A-18 to cover fraternal benefit. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 61-6-48
Most people use S.D. Codified Laws Ann. § 61-6-48 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 62-4-42
Most people use S.D. Codified Laws Ann. § 62-4-42 to cover workers' compensation. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 9-16-47
Most people use S.D. Codified Laws Ann. § 9-16-47 to cover city employees. For single debtors filing, it has no coverage limit.
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
S.D. Codified Laws Ann. § 43-45-4
Most people use S.D. Codified Laws Ann. § 43-45-4 to cover wildcard. For single debtors filing, it has a coverage limit of $5,000.
