Our team understands the impact that debt can have on your personal and professional lives. When you work with a bankruptcy lawyer from our Spartanburg, South Carolina, office, they can examine your options and advise you on a plan of action for moving forward.
Bankruptcy allows you to file for relief from creditors, which can suspend their right to pursue collection actions. We know this is a difficult time for you in many ways and we work hard to make the legal process as stress-free as possible.
In This Article
What a Bankruptcy Lawyer from Our Firm Can Do
Trying to navigate bankruptcy proceedings on your own can be frustrating and time-consuming. Instead, let us guide you through the entire process. A bankruptcy lawyer from Farmer & Morris Law, PLLC, can:
- File your petition: To keep the legal process going as smoothly as possible, we can file all necessary forms on time and with the correct information.
- Advise you on which chapter to file under: There are several types of bankruptcy, and each one is designed for different people in different circumstances.
- Directly communicate with your creditors: Do not worry about speaking to your creditors directly. A lawyer from our office can serve as a middleman and relay all messages between you.
- Represent you at bankruptcy hearings: We can be a passionate and aggressive advocate for your rights.
- Gather all necessary paperwork: Our team can tell you what types of documents you are likely to need on hand and even request certain documents for you.
- File for relief: If a creditor violates your stay or discharge, we can take swift action to continue to protect your rights.
There is a lot to know about filing for bankruptcy. For example, bankruptcy only includes debt that existed upon your filing, meaning you are required to pay debts you incur during and after your case. Our team can make sure you are an involved, informed party in the proceedings by:
- Going over the process: We know that bankruptcy can be complicated. Our team will sit down with you to go over everything and answer every question you may have.
- Providing professional advice: When it comes time to make legal decisions, we can explain the pros and cons of each option so that you can do what is best for yourself and your family.
- Updating you regularly: Whenever there is a new development, we contact the client as soon as possible so that they have the maximum amount of time to decide how to react.
One of our bankruptcy clients, David, expressed appreciation for the “respect” and “remarkable patience” we showed during a difficult time in his life. Now we want to provide that same compassionate service to you.
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
Chapter 7 is sometimes known as the “liquidation chapter.” It is the only one of the four types of bankruptcy discussed here that does not require the creation of a repayment plan: you will no longer be responsible for repaying your debts included in the bankruptcy.
Per the Internal Revenue Service (IRS), an entity may qualify to file Chapter 7 if they are:
- An individual who cannot keep up with monthly debt payments
- A business that is preparing to go out of business
- In possession of any amount of debt
In order 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 many Chapter 7 cases, people do not have any non-exempt property and will be able to keep all of their assets.
Chapter 13 Bankruptcy
Unlike Chapter 7 cases, Chapter 13 filings are structured to allow you to reorganize your finances and repay creditors, with some portion of your debt being forgiven.
To proceed with a Chapter 13 case, you must:
- Develop a repayment plan with your creditors that outlines how and when you will pay your debts
- Be capable of meeting your payment plan obligations
- Show that you are willing to sell or surrender some assets to settle accounts with creditors, if necessary
Chapter 13 bankruptcy may be an ideal option if you experienced sudden debt because of a temporary financial issue, as it can give you the time you need to restructure your debt in a way that makes repayment possible.
Chapter 11 Bankruptcy
To qualify for Chapter 11, according to the IRS, you must show the court that:
- You are “an incorporated business” or an individual with too much debt to qualify for Chapter 13 bankruptcy
- You can come up with a feasible plan to repay your debts in a reasonable period of time
- You have made a reasonable effort to reorganize your finances
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 can proceed, you will need to present your financial strategy to your creditors, who will then review whether your plan is satisfactory.
We may have to go back and forth with your creditors multiple times until they approve of your plan. This is another reason why it is a good idea to seek legal help with your bankruptcy case: trying to handle such negotiations alone can be strenuous and require intimate knowledge of applicable laws.
Chapter 12 Bankruptcy
According to the United States Courts, Chapter 12 is reserved for fishermen and family farmers. It gives them a chance to design a plan for replaying their creditors within three years. This plan also must be approved by all creditors before it is set in motion.
If this is relevant to your situation, a bankruptcy lawyer from our Spartanburg office can review your situation and help you come up with an achievable repayment plan. We can 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.
Call for a Free Consultation
If you can no longer manage your bills or pay your debts, bankruptcy may be a realistic option to pursue. A lawyer from Farmer & Morris Law, PLLC, can review your finances, advocate for your rights, and file under the chapter that applies to your situation.
To learn more about how we can help you, call Farmer & Morris Law, PLLC, today at our Spartanburg, South Carolina office: (864) 582-1310.
Call or text 828.286.3866 or complete a Free Case Evaluation form