South Dakota Bankruptcy Laws

Real property, including mobile home if larger than 240 square feet and registered in the State at least 6 months prior to filing bankruptcy, of unlimited value; but cannot exceed 1 acre in a town or 160 acres elsewhere. Sale proceeds are exempt for 1 year after sale up to $30,000 (up to $170,000 if a widow, widower, or over 70 years old and not married). Spouse or child of a deceased owner may also claim exemption. Cannot include gold or silver mine, mill, or smelter.

Personal Property

All debtors may claim clothing; food and fuel to last 1 year; bible and books up to $200; pictures; church pew; burial plot; $4,000 of any personal property; $6,000 if head of family;  cemetery association property.

Wages

Earned wages owing 60 days prior to filing for bankruptcy, needed for support; wages of prisoners in work programs.

Pensions

Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person; public employees; city employees; ERISA-qualified benefits up to $1,000,000 of income and distribution.

Public Benefits

Crime victims' compensation; public assistance; unemployment compensation; workers' compensation.

Tools of the Trade

No specific tools may be kept other then what fits under the personal property listed above (such as fuel).

Insurance

Life insurance proceeds if beneficiary is surviving spouse or child up to $10,000; health benefits up to $20,000; endowment or life insurance policy, proceeds or cash value up to $20,000; annuity contract proceeds up to $250 per month; life insurance proceeds if policy prohibits use to pay creditors; fraternal benefit society benefits.