Correct. The statute specifically states that if no homestead exemption is claimed then a person can claim up to a $5000 exemption on liquid assets if it is a non-consumer based loan. There is no limit if it had been a consumer based loan.

The following statutes are what control the exemptions in SC:

Consumer exemptions
http://www.scstatehouse.gov/code/t37c005.php
http://www.scstatehouse.gov/code/t37c001.php

Non-consumer exemptions
http://www.scstatehouse.gov/code/t15c041.php

Most people don't understand that there are two exemptions, consumer and non-consumer.

The only other ways to avoid it is through a corporate entity or through a bankruptcy.


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