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Experience:  Bankruptcy professor.
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What assets are protected by a judgement in SC for land? IRA IRA

Resolved Question:

What assets are protected by a judgement in SC for land?
IRA
IRA ROth
SEP
401k
Home
Car
Personal wages

what is the best way to protect yourself?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi JACustomer,
What is a judgment for land? Is the judgment for a mortgage?
Customer: replied 2 years ago.
The judgement would be for a bad land loan mortgage.
Expert:  cfortunato replied 2 years ago.

These are the assets that are protected against judgments in SC:

Homestead
15-41-30(A)(1) - Real property or co-op, up to $53,375 for single owner; up to $106,750 for multiple owners.
Personal Property
15-41-30 - Motor vehicle up to $5,350; clothing, household goods, furnishings, appliances, books, musical instruments, animals and crops up to $4,275 total; jewelry up to $1,075; health aids; personal injury and wrongful death recoveries for person you depended on for support.
15-41-30 - Burial plot up to $50,000 instead of homestead.
15-41-30 - Cash and other liquid assets up to $5,350, instead of homestead and burial plot.
59-2-140 - College investment program trust fund.

Pensions

9-1-1680 - Public employees.
9-8-190 - Judges and solicitors.
9-9-180 - General assembly members.
9-11-270 - Police officers.
9-13-230 - Firefighters.
15-41-30 - ERISA-qualified benefits; Roth IRAs and IRAs needed for support.

Public Benefits
15-41-30 - Unemployment compensation; Social Security; veterans' benefits; local public assistance; crime victims' compensation.
42-9-360 - Workers' compensation.
43-5-190 - General relief; aid to blind, aged, and disabled.
Tools of Trade
15-41-30 - Tools, books, and implements of trade up to $1,600.
Alimony and Child Support
15-41-30 - Alimony and child support.

Insurance
15-41-30 - Unmatured life insurance contract (but a credit insurance policy is not exempt); disability or illness benefits; life insurance proceeds from a policy for a person you depended upon which is needed for support; life insurance dividends, interest, loan, cash, or surrender value from a policy for a person you depended upon up to $4,275.
38-38-330 - Fraternal benefit society benefits.
38-63-40 - Accident and disability benefits; Group life insurance proceeds' cash value not to exceed $50,000.
38-63-50 - Life insurance proceeds if policy prohibits use to pay creditors.
Miscellaneous
33-41-720 - Business partnership property.
Wildcard
15-41-30(A)(7) - Up to $5,350 for any property from unused exemption amounts.

In general, once a claim is in existence, it is too late to do anything with non-exempt assets, as transferring these can be deemed a "fraudulent transfer" and reversed.

I think this is what you wanted to know. If not, please let me know.

Thank you.

Customer: replied 2 years ago.
Thank you. Our main concern is
1)IRA and
2)IRA ROTH and
3) SEP
Each separately as an issue. Once we receive the reply, of course we will accept answer and paypal has already paid. Thank you!
Expert:  cfortunato replied 2 years ago.
The IRA, Roth IRA, and SEP IRA are all three exempt from collection - because of South Carolina Stat. 15-41-30.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 3 other Bankruptcy Law Specialists are ready to help you

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