If medical bills, unemployment, underemployment, failed business ventures, or divorce leave you with an overwhelming amount of debt, bankruptcy can be the financial lifeline you need.
Do not hesitate to get help in the face of potentially crippling debt. There is no shame or embarrassment in taking advantage of filing for bankruptcy. It exists to help individuals, small business owners, and corporations relieve the stress, frustration, and anxiety of impossible-to-overcome debt loads.
A Gaffney bankruptcy lawyer can help you to understand the type of bankruptcy that applies to your case, the filing process, and the benefits of a fresh financial start that bankruptcy can provide. Call Farmer & Morris Law, PLLC at (828) 286-3866 to speak with a member of our client intake team today.
Types of Bankruptcy
Although bankruptcy offers the chance to get rid of overwhelming debt and the opportunity to start building a new financial future, there are different types of bankruptcy. In accordance with United States Bankruptcy Court – District of South Carolina, these include Chapters 7, 11, 12, and 13.
For a free legal consultation with a bankruptcy lawyer serving Gaffney, call 828.286.3866
Chapter 7 Bankruptcy
Those who file Chapter 7 bankruptcy typically do not have nonexempt assets, in which case all qualifying debts are discharged, and they are able to retain all their assets. Chapter 7 bankruptcy also does not have any debt limitations to comply with. At the end of the filing process, all qualifying debt is discharged.
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Chapter 11 Bankruptcy
Chapter 11 bankruptcy allows debtors to reorganize their debt into a manageable repayment plan. They are often able to retain control of their assets, and in some cases can convert to Chapter 7 bankruptcy. Like with Chapter 7 bankruptcy, there is no debt limit when filing Chapter 11 bankruptcy.
Chapter 12 Bankruptcy
Chapter 12 bankruptcy is reserved for family farmers. While it does have certain debt limitations, those who file for Chapter 12 bankruptcy are able to negotiate a favorable plan for gradual repayment of their debt load. A court-appointed trustee will oversee and assist with debt repayment and farming operations.
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Chapter 13 Bankruptcy
Those who file for Chapter 13 typically have steady income but overwhelming debt. They are able to maintain their property and set up manageable payment schedules based on anticipated future earnings. Once the court approves a repayment plan, debts that cannot be fully discharged are paid gradually, and many previously defaulted debts are relieved.
The debt load and income of individuals, small business owners, corporations, and farmers might mean each qualifies for more than one type of bankruptcy. To get help determining which type of bankruptcy best fits your financial circumstances, call (828) 286-3866 to reach the bankruptcy filing team at Farmer & Morris Law, PLLC.
Know Which Debts Are Dischargeable With Bankruptcy
Dischargeable debts are those the court can completely eliminate. After a bankruptcy discharge, you are absolved of legal responsibility for the discharged debt and never have to pay it back.
Some types of bankruptcy will include non-dischargeable debt that cannot be eliminated by the court. These debts vary from case to case and might include:
- Spousal support after a divorce
- Child support payments
- Certain types of tax debt
- Student loan debt
It can be difficult to determine which debts are dischargeable and which are non-dischargeable. Our team will work hard to help you understand the difference and decide which option is best for you.
Benefits of Bankruptcy Protection
Administrative Offices of the U.S. Courts maintain that discharged debts are no longer your personal responsibility. Debt collection efforts must stop once creditors are notified that you have begun bankruptcy proceedings, and debt collection phone calls and letters must also stop. If you are ready to experience the personal, financial, and stress relief of bankruptcy, contact our team today for help understanding the process of filing for bankruptcy.
Get Help Completing The Bankruptcy Filing Process
While you are legally able to file bankruptcy on your own, a Gaffney bankruptcy lawyer can make the process easier to understand and complete. In South Carolina, the filing process includes:
- Collecting and completing the packet containing a plethora of necessary forms
- Compiling a list with the names and contact information of each of your creditors
- Understanding and selecting the right bankruptcy Chapter
- Choosing the right filing location to mail or personally deliver the required forms
- Paying the fees that are applicable to the type of bankruptcy you file
In addition, you attend court hearings, submit tax returns, complete financial management classes or counseling sessions, and wait for the final discharge of your debts or approval of your repayment plan. Our team can help you navigate this process, understand and complete filing forms, and keep you aware of your bankruptcy status on each step of the journey.
Call a Gaffney Bankruptcy Lawyer to Begin the Process
Overwhelming debt can feel insurmountable – in some cases, it is insurmountable. That is why we work so hard to provide financial relief to people and businesses who simply need a chance to start anew.
When you are ready to give yourself a new financial start, contact Farmer & Morris Law, PLLC. Call (828) 286-3866 to speak to a client representative and get started on the road to financial recovery.