Protecting Your Loved Ones Preserving Your Assets

South Dakota Bankruptcy Lawyers

Providing Debt Relief Strategies for Debtors Throughout South Dakota

At times, circumstances beyond our control lead to lost income or excessive debt that threaten our financial security and legacy. The 2020 COVID-19 pandemic – and the government close down of our economy – has caused enormous damage to our community and nation. There is no shame in financially struggling during this difficult time.

Our South Dakota bankruptcy attorneys at Aspen Legacy Planning are committed to providing comprehensive legal services. We are familiar with the variety of financial and economic obstacles that commonly lead to bankruptcy. Whether you have lost your job or are overwhelmed by medical bills, we can help you understand your debt relief options. Our skilled lawyers can go over the types of bankruptcy available to resolve your situation.

Chapter 7 Bankruptcy Services

Is your goal is to wipe out your debts and get a fresh financial start? Filing for Chapter 7 bankruptcy might be the option for you. Many clients have come to us doubting that they can file for Chapter 7 bankruptcy. But if your income is less than the median income for your state, you might be eligible for this bankruptcy option.

However, you can’t file for Chapter 7 if you have had another bankruptcy case dismissed within the last 180 days. It is important to note that certain debts can’t be discharged under a Chapter 7 bankruptcy agreement. You will still be responsible for child support, alimony, or outstanding student loans or unpaid taxes.

Benefits of Chapter 7 bankruptcy include:

  • Fresh financial start
  • Protection against collection efforts
  • Protection against wage garnishment
  • Keep the wages you earn and property you acquire after filing
  • No minimum debt requirements
  • Cases are commonly discharged in about 3-6 months

Our attorneys who specialize in bankruptcy can provide a general overview of your options with a Chapter 7 filing. If you're facing credit card debt or debt from utility bills, reach out to our consumer bankruptcy attorneys right away.

Chapter 13 Bankruptcy Services

With Chapter 13 bankruptcy, you create a repayment plan for your creditors that covers some or all of your debts. Eligibility for Chapter 13 bankruptcy depends on whether your existing debt exceeds a specific amount.

Clients who are behind on their mortgage or facing foreclosure generally choose this option to obtain debt relief. Chapter 13 is also an option for clients who did not initially qualify for Chapter 7 bankruptcy.

Benefits of Chapter 13 bankruptcy include:

  • Keep your exempt and non-exempt property if you complete the payment plan
  • Reduce the amount of debt you owe
  • Protection against collection efforts
  • Protection against wage garnishment
  • Co-signers of the repayment plan are immune from creditor’s efforts
  • Protection against foreclosure
  • Extended time to pay non-dischargeable debts

Exempt Assets in South Dakota

When utilizing bankruptcy protection, you are allowed to keep certain assets, even in a Chapter 7 liquidation. South Dakota law and other federal “non-bankruptcy” exemptions provide you with protection of the following property and income sources:

  • Your home equity (up to 1 acre in town & 160 rural acres)
  • Qualified retirement accounts up to $1 million plus
  • Health and life insurance benefits at various amounts
  • Public employee pensions
  • Various specified personal property and clothing
  • Unemployment and workers compensation
  • Wages owed 60 days before filing needed for support of family
  • Food and fuel to last 1 year
  • Health aids professionally prescribed
  • Burial plots
  • Social Security, Civil Service and Veterans benefits
  • “Wild card” exemption of $5,000, to $7,000 for head of family

If you are married and filing together then it is generally possible to double the amount of state law exemptions.

Get in Touch with a Bankruptcy Lawyer at Our Rapid City Firm

The seasoned lawyers at our law firm know first-hand that bankruptcy is not a situation where one-size-fits-all. If you are considering filing for bankruptcy, consult with our experienced legal team to learn more about our personalized legal strategies.

Your bankruptcy case is unique and deserves close attention to every single detail to ensure your best interests are protected. But, as with other asset protection strategies, the longer you wait the fewer options you may have available. This can result in a greater threat to you and your family's security and legacy. Please reach out to our compassionate legal advocates today to get advice on bankruptcy law regarding your financial situation.

Speak to a lawyer at Aspen Legacy Planning. Call us today at (605) 610-4016 to request your no-obligation consultation.

  • No-Obligation Consultations

    We offer no-obligation in-person, telephone and video-conference consultations for your convenience.

  • 26+ Years of Legal Experience

    Our attorney has extensive experience in complex business, commercial and family legal issues.

  • Relationship Focused Services

    As your attorney and counselor, we put your interests first - treating you with respect, honesty and dignity.

Contact Us Today!

How to Reach Us (605) 610-4016 Main Office
909 St. Joseph Street, Suite 202
Rapid City, SD 57701 Map & Directions [+]

Northern Hills Office
540 Heritage Drive, Suite 4
Spearfish, South Dakota 57783
Map & Directions [+]
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