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Bankruptcy Law in South Dakota
Filing bankruptcy in South Dakota is a complicated procedure. It is imperative that your case be handled correctly from the very beginning. Trust the experienced lawyer who has filed over 6,840 successful bankruptcy cases since 1990: Call on Thomas A. Blake Law Office when filing bankruptcy in South Dakota.
HOW MUCH DOES IT COST TO FILE BANKRUPTCY?
- The court filing fee for a Chapter 7 case when filing bankruptcy in South Dakota is $338.00. Legal fees will depend on the intricacies of the individual case and the type of bankruptcy being filed. We offer a quote after our initial consultation, once we have determined what is required from a legal standpoint. Our fee schedule is very competitive in Sioux Falls and the surrounding areas.
Payment plans are available.
WHAT HAPPENS WHEN I FILE FOR BANKRUPTCY?
- When filing bankruptcy in South Dakota, as soon as the petition is filed, creditors must halt collection efforts including lawsuits, foreclosures, garnishments and harassment. Within days of the case being filed, the court will send an announcement to all creditors, informing them of the bankruptcy filing, and setting a time for the First Meeting of Creditors.
- The First Meeting of Creditors is attended by the debtor, his or her attorney, and the Bankruptcy Trustee. Creditors can also attend, but when filing bankruptcy in Sioux Falls, for most Chapter 7 cases no creditors are present. This meeting takes approximately 10 minutes and it is intended to verify the material in the original bankruptcy paperwork. In the average Chapter 7 case, clients rarely attend further meetings or hearings.
- In a Chapter 7 bankruptcy case there is a sixty-day period following the First Meeting of Creditors during which creditors can object to your case. The circumstances under which a creditor may object to the discharge of debt are very limited. During this sixty-day period, if a debtor plans to hold a debt (i.e. house, car or furniture loan), a reaffirmation agreement may or may not be signed by the debtor and the creditor, and filed with the Court. Shortly after the sixty-day period expires, the final order of the Bankruptcy Court will be entered, legally discharging debts. A discharge means that the debts are permanently unenforceable and uncollectible. The procedure when filing bankruptcy in South Dakota under Chapter 11, 12, and 13 cases is more involved. Feel free to inquire about it.
WILL I LOSE MY PROPERTY IF I FILE FOR BANKRUPTCY?
When filing for bankruptcy in Sioux Falls and other areas of South Dakota, most often a debtor will not lose any property. Exceptions do exist. Certain property, under state and federal law, which is declared exempt and unreachable by creditors, includes:
- $60,000 equity in homestead / $175,000 if over 70
- $20,000 cash value in life insurance
- 100% of wearing apparel and personal items
- $12,000 of equity in personal property of any type if married, filing jointly;
- $7,000 of equity in personal property of any type if single and the head of a household; and $5,000 of equity in personal property of any type if single with no dependents
- Most retirement plans and IRAs
- Social Security and Workers Compensation benefits
- Chapter 13 allows you to retain additional property above and beyond the above mentioned
WHAT DEBTS ARE NOT DISCHARGEABLE IN BANKRUPTCY?
When filing for bankruptcy in South Dakota, most often the following debts are not discharged in bankruptcy, although there are exceptions:
- Certain taxes
- Debts for fraud, embezzlement or theft
- Intentional injury to someone
- Child support or alimony
- Fines and restitution
- Student Loans
- Personal injury caused while operating a motor vehicle while intoxicated
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Trust the Experienced Lawyer Who Has Filed Over 6,840 Successful Bankruptcy Cases Since 1990, The Most in South Dakota
505 W 9th St Suite 202,
Pettigrew Professional Building
Sioux Falls, SD 57104
Monday through Friday 8:00am – 5:00pm
Weekends and evening appointments available
We are a debt relief agency. We help people file bankruptcy.