Different Types of South Dakota
South Dakota has different types of bankruptcy that are possible for
consumers. Other types of bankruptcy are available for family-owned
farms and corporations. Chapter Thirteen bankruptcy allows individuals
to pay off their creditors by using their own personal income.
The court will evaluate his or her personal situation, income,
expenses, debts, household, and living companions. The court will then
order a repayment plan. The repayment plan will be created from what is
owed to creditors and what can be paid each month. Over a span of five
years the individual will pay the designated amounts each month as
Chapter Seven bankruptcy allows debt elimination through the
liquidation of personal property. A court-appointed trustee will
liquidate the non-exempt property at its current value. The obtained
funds will then be used to pay off creditors. Exempt property is not
required to be sold for this purpose.
South Dakota Bankruptcy Cost
Despite popular belief bankruptcy filing is not free. Each kind of
bankruptcy has a different fee. Chapter Seven bankruptcy requires a two
hundred-dollar fee for its services. Chapter Thirteen bankruptcy
requires one hundred eighty-five dollars for its services.
These fees are the same for one person filing for bankruptcy as for
those who filing jointly as husband and wife. These fees cannot be
waived but can be paid in installments as cited by the court. If an
attorney is used during the petitioning and bankruptcy process, these
fees will also need to be paid in addition to the chapters' costs.
Attorney fees vary and agreements can be made prior to filing.
Simply because bankruptcy is noted as the clearing of most kinds of
debts, doesn't mean that is clears all debts. Child support, alimony,
taxes, and student loans are not eligible for bankruptcy relief.
However in the case of student loans some exemptions apply in South
If a student loan is not guaranteed through a government agency or is
not insured, it may be discharge through bankruptcy. If a student loan
if partially or wholly funded by a government agency or any other
non-profit institution the loan may be discharged with bankruptcy. If
paying the student loan causes unnecessary hardship for the individual
and his or her dependents then the student loan may be discharged.
Exceptions depend on the circumstances of the case and the decisions of
the local courts. At times another filing for adversary proceedings is
necessary in order to discharge student loans.
Owning Following Bankruptcy
Individuals are allowed to keep any kind of property that is marked as
exempt after filing for Chapter Seven bankruptcy. After bankruptcy has
been completed, the individual may also keep whatever purchases he or
Within one hundred and eighty day of filing if the individual receives
an inheritance settlement, life insurance benefits, or a property
settlement, he or she is required to pay the funds or property to the
outstanding creditors. This is only necessary if the acquired property
or insurance is not listed as exempt by federal exemptions or South
Dakota state exemptions.