South Carolina Bankruptcy Lawyers

BankruptcyFiling for bankruptcy in South Carolina can be the most undesirous thing you would ever have to do and mostly, the stress and tension build up in such a way that you will not be able to take sound decisions for all the processes and procedures taking place. To help you out with this, a bankruptcy attorney will be able to help you manage all your personal or business debts that brought you to this very stage. With different laws, with regard to the bankruptcy filing, there’s a good chance that you will get a little downplayed in your efforts to either restart life with a renewed view or repay all your debts through mutually agreed mediums. Either way, it is essential that you rope in a sound and knowledgeable individual who can make heads or tails of the most beneficial way out for you and the government.

In this article, we will be particularly looking into most of the elements of bankruptcy and bankruptcy laws and how you can avail of the services of the best bankruptcy lawyers in South Carolina.

What is bankruptcy? What does bankruptcy mean to me now?

Essentially, the term bankruptcy is used to determine the social status of an individual or business of being completely bankrupt or without the funds to pay off basic necessities or bill amounts to bill collectors. In terms of the law, bankruptcy or filing for bankruptcy will encapsulate the legal proceeding wherein an individual or business who can’t pay their bills will seek a fresh start in different ways as prescribed by the law.

If you are currently facing bankruptcy in South Carolina, you have the right to file for bankruptcy under federal law, and all your bankruptcy cases will be then under the supervision of the federal court. You won’t have creditors seeking payments from you during this time, and you will be allowed time to recuperate from your debts.

What different types of bankruptcy should I consider?

There are 4 different types of bankruptcy cases that are prevalent in the federal law of South Carolina. They are as follows:

  • Chapter 7 bankruptcy South Carolina – Also known as straight bankruptcy. This type will allow the debtor to give up certain properties, which go beyond a certain limit (exemptions). This property will then be sold to pay the creditors behind you.
  • Chapter 11 bankruptcy South Carolina – Also known as reorganization. This type is mostly used by businesses or individuals who are buried in large debts.
  • Chapter 12 bankruptcy South Carolina – This type is strictly reserved for family farmers.
  • Chapter 13 bankruptcy South Carolina – Also known as debt adjustment. This type requires a debtor to chalk out and later flesh out a plan to pay creditor on a schedule using the debtor’s current income.

Which type of bankruptcy fits my case?

Pay attention to the following:

  • With Chapter 7 bankruptcy, you will be exchanging your debts with a certain limit of your own property, except for exempted property.
  • With Chapter 13 bankruptcy, you will be adjusting the adjustment through regular, scheduled payments via your income.

It is important that you pay close attention to these laws before you start filing for bankruptcy, or better still, ask your closest bankruptcy lawyer near South Carolina.

What can bankruptcy lawyers in South Carolina do for me?

Bankruptcy lawyers in South Carolina or bankruptcy attorneys in South Carolina can make the filing for bankruptcy much better an experience. They will ensure that you receive the best solution to your problems and even help you out cover your fees. They will offer the following services:

  • Understanding your case;
  • Gathering the necessary paperwork;
  • Filing in the plea for bankruptcy;
  • Satisfy all necessary requirements for either Chapter 7 or Chapter 13;
  • Oversee the allocation of a trustee to help you currently with the creditors.

What are the South Carolina bankruptcy attorney fees like?

With each case being different from another, South Carolina bankruptcy attorney fees normally fluctuate, and for someone pleading to get debt-free, you wouldn’t really be worried about these fees.

Since there are two bankruptcy types, the rates are as follows:

  • Chapter 7 bankruptcy – $306;
  • Chapter 13 bankruptcy – $281.

Push in the attorney fees and you have a figure close to about $3,000.

There is a lot of work that needs to be covered when you appoint a lawyer and their fees just seem to be justified, as they put in hours and hours of work into getting you the optimum solution to your bankruptcy woes.

Will you be able to own anything after bankruptcy?

As a matter of fact, yes, you will be able to own things after filing for bankruptcy. Many people have this misconception that it won’t be possible, but it is. You will be able to keep anything that you receive after the filing unless there are property settlements or insurance grants or family inheritance coming to you within 180 days of your act of filing. The proceedings will have to be paid to creditors if it doesn’t feature under exempt.

Status of debts after filing for bankruptcy

When you file for bankruptcy, you will be wiping off all your debts except for debts incurred on fraudulent and harmful or malicious basis or those debts that do not feature in your bankruptcy claim. Even other court-defined fees or fines, alimony or child support payments won’t be waived off and you won’t be getting the benefits of mortgage debts as well.

The state of South Carolina firmly looks at the federal law of bankruptcy in great detail and having a South Carolina bankruptcy lawyer or South Carolina bankruptcy attorney represent you at the federal court can be your safest and best way out. These individuals are highly dedicated to the cause and will provide you will all the necessary services that you require. Even counseling sessions can be arranged through these bankruptcy lawyers near South Carolina to get the best out of the case.

As mentioned before, each case is different and taking a standardized approach will not be too beneficial for you if you plan on being successful in your struggle to come out of such a tumultuous situation.

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