Bankruptcy in South Dakota

Nobody wants to declare bankruptcy, but when you're drowning in a sea of debt it may be the only answer. If you are considering filing for bankruptcy in South Dakota, there are certain facts about it that you should be aware of ahead of time, such as what type of bankruptcy is right for you, whether or not you truly need to file, what exemptions you will be allotted, and so forth. Basically, one would file for bankruptcy when they: can no longer make their minimum payments, can't find a job and owe a lot of money, or have been getting foreclosure notices. These are signs that you will simply not be able to pay off your debt and therefore must seek an alternative method of getting out.

Chapter 7 bankruptcy

When filing for bankruptcy in South Dakota, among your questions will be how you should file for bankruptcy. Your two main choices include Chapter 7 and Chapter 13. Chapter 7 bankruptcy, or straight bankruptcy, will discharge most if not all of your debts allowing you to start all over again basically. In order to file, you must make less in a year than is he median for your state, and you will have had to been enrolled in a credit counseling program for at least 6 months. If you meet these qualifications you are good to go.

Chapter 13 bankruptcy

If you are not qualified to declare Chapter 7 bankruptcy in South Dakota, or prefer to find a way to pay off your debts, then Chapter 13 is perfect for you. Actually, the main reason why a person would prefer this method is in order to save their home. Remember, when a person files for Chapter 7 they still have to pay their mortgages and car loans; this debt doesn't just disappear. On the other hand, Chapter 13 will decrease the amount of debt you owe somewhat and allow you to work with your creditors in a why that will have your debt paid off within the next three to five years. They also will no longer be able to foreclose upon your home.


When filing for bankruptcy in South Dakota, it is important that you are well aware of the many different exemptions that you will be allotted. Some examples include: homestead up to $30,000, family pictures, pews for houses of worship, burial lots, bibles, school books, and a family library.

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