South Dakota Bankruptcy Lawyers

Debt Relief is Asset Protection

Our lawyers at Aspen Legacy Planning are committed to providing comprehensive legal services for a variety of legal matters, including bankruptcy. Life is hard. 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 that. We truly empathize with our clients because we are familiar with the variety of financial and economic obstacles that commonly lead to bankruptcy. Whether you are in debt because you have lost your job or because you’re being overwhelmed by past-due medical bills, our skilled lawyers can determine which bankruptcy option best suits your situation.

Chapter 7 Bankruptcy Services

If your goal is to wipe out your debts and get a fresh financial start, then 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 bankruptcy 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. So if you owe child support or alimony, or if you have outstanding student loans or unpaid taxes, you will still be responsible for such obligations.

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

Chapter 13 Bankruptcy Services

With the Chapter 13 bankruptcy option, 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, as well as 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 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, you need to consult with our experienced legal team to learn more about the personalized legal strategies we devise for each case we take on. 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, resulting in greater threat to you and your family's security and legacy. Please reach out to our compassionate legal advocates today to get advice regarding your financial situation.

To speak to a lawyer at Aspen Legacy Planning, please give us a call today at (605) 610-4016 to request your no-obligation consultation.

Grateful for Thoroughness and Professionalism
“My wife and I both knew we needed to update our wills, power of attorney information, and medical directive instructions. Fortunately for us, I was able to hear one of your presentations on estate planning ...the options you discussed helped me decide that we should be more proactive. Your process to develop the best estate planning strategy for us seemed straightforward and relatively uncomplicated. I thank you for taking the necessary time to answer the myriad of questions I constantly had. The thoroughness of your work, coupled with the professionalism you and your staff demonstrated, made us feel confident in your professional services. We both developed a very comfortable feeling working with you and your staff. You most graciously walked us through the various intricacies and options to best help us plan for protecting ourselves now and in the future. Thank you, Stephen and Aspen Legacy Planning.”

Tom and Diana, Clients
We feel we have received excellent service & look forward to many years working together with updates and questions.
“Our Family contacted Stephen J. Wesolick on the advise of our financial advisor. We have been working with Mariah Bloom, Stephen J. Wesolick, and Stephanie East at Wesolick's Spearfish office on our Estate Planning. They have been extremely knowledgeable & always making the plan that we wanted. We visited the Wesolick's Rapid City office and were assisted by Lisa Wesolick, Stephen, Mariah & Stephanie. Aspen Legacy Planning has given us all the time we asked for and needed. They all know what they are doing. We mostly dealt with Mariah & Stephen, we feel we have received excellent service & look forward to many years working together with updates and questions.”

John Rost
Highly Recommend Aspen Legacy Planning
“I had the pleasure of meeting Stephen and Lisa Wesolick at a meeting shortly after moving to Rapid City with my husband. We had created a Living Trust in another state and knew we needed to update to meet South Dakota requirements. I approached Stephen after the meeting, obtained his business card and we made the appointment. Stephen and Lisa could not have made us more comfortable in their office. They and their staff are very friendly, kind, helpful, and knowledgeable in what they do. They are never too busy to take a call or address any concern. I would highly recommend the Aspen Legacy Planning to anyone who needs to establish a trust and will.”

Carla, Client