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Bankruptcy

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Commencement of a bankruptcy case creates an estate. The estate technically becomes the temporary legal owner of all the debtor's property. It consists of all legal or equitable interests of the debtor in property as of the commencement of the case, including property owned or held by another person if the debtor has an interest in the property. Generally speaking, the debtor's creditors are paid from nonexempt property of the estate.

In South Carolina, as in other states, the commencement of a bankruptcy case results in the creation of a bankruptcy estate, which is a central concept in bankruptcy proceedings. This estate becomes the temporary legal owner of the debtor's assets and includes all legal or equitable interests of the debtor in property at the time the bankruptcy case is filed. The estate may also include certain property that the debtor has an interest in, even if it is held by someone else. The purpose of the estate is to ensure that the debtor's nonexempt assets are distributed to creditors in accordance with the provisions of the Bankruptcy Code. South Carolina has its own set of exemptions that determine which of the debtor's assets are protected from being sold for the benefit of creditors. These exemptions are outlined in the South Carolina state statutes and are in addition to any federal exemptions that may apply. The process is overseen by a bankruptcy trustee, who administers the estate and liquidates nonexempt assets to pay the creditors.

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Bankruptcy

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South-Carolina State Code

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Bankruptcy

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