Economic recessions, medical problems, unemployment, and disability can cause significant financial hardships that make it impossible to pay off your debts.
Bankruptcy allows you to file for relief from creditors, which can suspend their right to pursue collection actions. Individuals and businesses are both eligible to file for bankruptcy. There are multiple bankruptcy chapters that you can file under, all of which will vary depending on the specifics of your situation.
At Farmer & Morris Law, PLLC, we understand the impact financial burdens can have on your personal and professional lives. When you work with a Spartanburg bankruptcy lawyer, they can examine your options and advise you on a plan of action for moving forward.
To learn more about what this could mean for your situation, call (864) 582-1310.
What a Bankruptcy Lawyer Can Do For You
Your lawyer will render services based on the details of your situation. You may have a business that is struggling due to various economic setbacks. You may have experienced a variety of personal issues that threaten your family’s well-being.
What bankruptcy chapter you are filing under will play a large role in the legal proceedings. For example, if you are filing for Chapter 7 bankruptcy, you will probably be able to retain all of your assets.
A Spartanburg bankruptcy lawyer can:
- File your petition
- Advise you on which chapter to file under
- Directly communicate with your creditors
- Represent you at bankruptcy hearings
- Notify creditors of your bankruptcy status
- File for relief if a creditor violates your stay or discharge
Bankruptcy only includes debt that existed upon your filing, meaning that you are required to pay debts you incur during and after your case.
To explore your bankruptcy options during a free consultation, call Farmer & Morris Law, PLLC today at (864) 582-1310.
For a free legal consultation with a bankruptcy lawyer serving Spartanburg, call 828.286.3866
Bankruptcy Chapters You Can File Under
Our legal team wants to do what we can to help put your finances back on track. We help individuals and small businesses file cases under Chapter 7 and Chapter 13. Additionally, we can help you file under Chapter 11 reorganization bankruptcy, as well as under Chapter 12, if you are a family farmer.
Chapter 7 Bankruptcy
When you file for Chapter 7 bankruptcy, this is sometimes known as the “liquidation chapter.” Depending on your situation, you may be unable to pay off your debts. To settle your financial obligations, your non-exempt property will be liquidated by the trustee handling your case. The proceeds will then be distributed amongst your creditors. However, in the large majority of Chapter 7 cases, people are able to exempt and keep all of their property.
From there, certain debts may be discharged. Yet, based on your situation, these details may or may not apply to you. To learn more, call Farmer & Morris Law, PLLC at (864) 582-1310.
Chapter 13 Bankruptcy
Unlike Chapter 7 cases, Chapter 13 filings are structured to allow you to reorganize your finances and pay off creditors, with some portion of your debt being forgiven. During a Chapter 13 case, you develop a repayment plan with your creditors that outlines how and when you will pay your debts.
To proceed with a Chapter 13 case, you must show the court that you are capable of making your payment plan obligations. Although some filers may simply need time to catch up on their payments, others may need to sell some assets to settle accounts with creditors.
Working with a Spartanburg bankruptcy lawyer can help you create a pragmatic and realistic payment plan based on your current income. Chapter 13 bankruptcy may be an ideal option if you experienced sudden debt because of a temporary financial issue and can give you the necessary time to restructure your debt in a manner that makes repayment possible.
Chapter 11 Bankruptcy
If you are filing under Chapter 11, your lawyer will sit down with you and organize a plan of action for repaying your creditors. However, before you are able to proceed, you will need to present your financial strategy to your creditors, who will then decide whether or not your plan is satisfactory. You and your legal team may have to go back and forth with your creditors multiple times until they approve of your plan.
Chapter 12 Bankruptcy
According to the United States Bankruptcy Court in the District of South Carolina, Chapter 12 is reserved for “individuals, corporations, or partnerships who qualify as family farmers… a certain portion of the debtor’s income must come from the operation of a farming business.”
If this is relevant to your situation, you and your Spartanburg bankruptcy lawyer must create a plan with the intention of paying back your creditors based on your future income. It also must be approved by your creditors before the plan is set in motion. Your lawyer will also work with a Chapter 12 trustee, whose job is to monitor the progression of your farm’s revenue while the case moves through the legal process.
Spartanburg Bankruptcy Lawyer Near Me 828.286.3866
Call Farmer & Morris Law, PLLC Today
When unemployment or a major life event makes it impossible to manage your bills and debt, bankruptcy may be a realistic option to pursue. Working with a Spartanburg bankruptcy lawyer can review your finances, advocate for your rights, and file under the chapter that applies to your situation. Additionally, an attorney ensures that your assets are protected from creditors, which can prove challenging without legal assistance.
To learn more about how we can help you, call Farmer & Morris Law, PLLC today at (864) 582-1310.