H 4478 Session 112 (1997-1998)
H 4478 General Bill, By Fleming and Hawkins
A BILL TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO EXEMPTIONS OF PROPERTY FROM BANKRUPTCY PROCEEDINGS, SO AS TO
INCREASE THE EXEMPTION AMOUNTS ON RESIDENCES TO TEN THOUSAND DOLLARS FOR AN
UNMARRIED DEBTOR AND TWENTY THOUSAND DOLLARS FOR A MARRIED DEBTOR AND ON MOTOR
VEHICLES TO FIVE THOUSAND DOLLARS.
01/22/98 House Introduced and read first time HJ-5
01/22/98 House Referred to Committee on Judiciary HJ-5
A BILL
TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF
LAWS OF SOUTH CAROLINA, 1976, RELATING TO
EXEMPTIONS OF PROPERTY FROM BANKRUPTCY
PROCEEDINGS, SO AS TO INCREASE THE EXEMPTION
AMOUNTS ON RESIDENCES TO TEN THOUSAND DOLLARS
FOR AN UNMARRIED DEBTOR AND TWENTY THOUSAND
DOLLARS FOR A MARRIED DEBTOR AND ON MOTOR
VEHICLES TO FIVE THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 15-41-30(1) and (2) of the 1976 Code, as last
amended by Act 451 of 1988, is further amended to read:
"(1) (a) The An unmarried debtor's
aggregate interest, not to exceed five ten thousand
dollars in value, in real property or personal property that the debtor
or a dependent of the debtor uses as a residence, in a cooperative that
owns property that the debtor or a dependent of the debtor uses as a
residence, or in a burial plot for the debtor or a dependent of the
debtor, except that the aggregate value of multiple homestead
exemptions allowable with respect to a single living unit may not
exceed ten twenty thousand dollars. If there are
multiple owners of such a living unit exempt as a homestead, the
value of the exemption of each individual owner may not exceed his
fractional portion of ten twenty thousand dollars.
(b) A married debtor's aggregate interest, not to exceed
twenty thousand dollars in value, in real property or personal
property that the debtor or a dependent of the debtor uses as a
residence, in a cooperative that owns property that the debtor or a
dependent of the debtor uses as a residence, or in a burial plot for the
debtor or a dependent of the debtor, except that the aggregate value
of multiple homestead exemptions allowable with respect to a single
living unit may not exceed forty thousand dollars. If there are
multiple owners of such a living unit exempt as a homestead, the
value of the exemption of each individual owner may not exceed his
fractional portion of forty thousand dollars.
(2) The debtor's interest, not to exceed one thousand two
hundred five thousand dollars in value, in one motor
vehicle."
SECTION 2. This act takes effect upon approval by the Governor.
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