If you are struggling with managing your debt, you may be considering filing for bankruptcy. Filing for bankruptcy in Union can help you regain control of your finances, stop creditors from contacting you about your debt and work toward a better financial future. However, the process can be complex, so there are specific rules and deadlines you will need to know.
At Farmer & Morris Law, PLLC, we can help you navigate the process of filing for bankruptcy in South Carolina. A Union bankruptcy lawyer from our firm will work with you to ensure you are following the required procedure and understand what is happening with your case every step of the way.
In This Article
- How We May Be Able to Help with Your Bankruptcy Filing
- Understanding the Process of Filing for Bankruptcy in South Carolina
- Determining Which Type of Bankruptcy Is Right for You
- Debts You May Be Able to Discharge in Your Bankruptcy
- Some Assets May Be Exempt in a South Carolina Bankruptcy
- Contact Farmer & Morris Law, PLLC, Today for Help with Your Bankruptcy
How We May Be Able to Help with Your Bankruptcy Filing
Our bankruptcy attorneys help Union residents carefully prepare their cases and follow the federal law requirements and South Carolina’s local court rules. If you would like help with your bankruptcy filing, our lawyers can assist by:
- Listening to the details of your case and providing advice
- Explaining the different types of bankruptcy available, such as Chapter 7 and Chapter 13
- Helping you determine the right chapter to file based on your specific needs
- Discussing the different types of debt to determine if your debt is dischargeable
- Providing insight on the types of property that may be exempt in your case, such as your home or your vehicle
- Ensuring you complete all paperwork accurately to prevent possible delays
- Working with you to meet the specific filing deadlines the U.S. Bankruptcy Court District of South Carolina requires
- Determining filing-related tax considerations
- Serving as your advocate through the bankruptcy filing process
We represent individuals and small businesses in Union in Chapter 7 and Chapter 13 bankruptcy filings. Additionally, we handle Chapter 11 reorganization bankruptcy and Chapter 12 bankruptcy for family farmers. Our bankruptcy lawyers can help regardless of your specific needs.
For a free legal consultation with a bankruptcy lawyer serving Union, call 828.286.3866
Understanding the Process of Filing for Bankruptcy in South Carolina
The process of filing for bankruptcy can be complex. Because of the long-term financial outcomes possible, it is essential to take the time to understand the legal issues involved. In addition, there are procedural requirements and specific forms to consider. Judges of the United States Bankruptcy Court for the District of South Carolina can decide any matter related to your bankruptcy, including whether to discharge specific debts.
Although most of the bankruptcy process happens outside of court, handled by a trustee, you will still need to attend at least one formal meeting with your creditors. A bankruptcy attorney from our legal team can work with you at each stage and represent your interests during your case.
Union Bankruptcy Lawyer Near Me 828.286.3866
Determining Which Type of Bankruptcy Is Right for You
Generally, individuals and small businesses in Union will file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, depending on their specific income, assets, and debts. Understanding the differences between each type can help you better determine which chapter may be right for you.
Chapter 7 Bankruptcy for Debt Liquidation
In Chapter 7, a court-appointed trustee assumes control over your nonexempt assets to sell them to pay your creditors. However, most people filing Chapter 7 bankruptcy in Union do not have any nonexempt assets, meaning you may be able to discharge all your debts and retain all your assets.
To be eligible to file for Chapter 7, you will need to pass a means test to prove your income does not exceed a certain threshold. You will also need to prove you cannot pay your creditors. Once you complete your bankruptcy case, your debts are usually discharged within a few months, and you are no longer personally liable for those debts. Our bankruptcy lawyers can help you determine whether Chapter 7 bankruptcy is suitable for your specific situation.
Chapter 13 Reorganizes Your Debt
In Chapter 13, you must adhere to a court-approved repayment plan for three to five years. Your payment plan allows you to catch up on missed payments and non-dischargeable debts. However, you will need to complete all payments before your debt is discharged. You may want to file Chapter 13 if you have specific assets you want to keep or if your income exceeds the Chapter 13 filing limits.
You will make your payments to your creditors through your court-appointed trustee. Your payment amounts are determined by expected income during the plan. We can explain the benefits and drawbacks of Chapter 13 and Chapter 7 based on your current situation and needs.
Debts You May Be Able to Discharge in Your Bankruptcy
Generally, you may be able to discharge the following debts:
- Credit card debt
- Medical bills
- Personal Loans
- Utility bills
- Some tax debts
However, there may be some non-dischargeable debts depending on your case’s circumstances. Additionally, there may be types of debt you can discharge under Chapter 13 that you may not be able to discharge under Chapter 7. However, under Chapter 13, your debts are not discharged until you complete your payment plan.
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Some Assets May Be Exempt in a South Carolina Bankruptcy
Some property is exempt from sale in a Chapter 7 bankruptcy or included when determining your Chapter 13 bankruptcy plan. According to S.C. Code Ann. § 15-41-30, some of the common bankruptcy exemptions include:
- Up to $63,250 in home equity under the homestead exemption
- Up to $6,325 in value of a nonexempt property under the wildcard exemption
- $6,325 in cash if not using the homestead exemption
- Up to $5,050 in personal property
- Up to $6,325 of equity for your vehicle
- Tax-exempt retirement accounts
- Up to $1,900 for tools you need to work
Your court-appointed trustee will review all your exemptions, so it is essential to abide by the rules for property exemptions. Our bankruptcy lawyers serving Union will ensure you receive all available exemptions that South Carolina law allows in your case.
Contact Farmer & Morris Law, PLLC, Today for Help with Your Bankruptcy
If you want help determining your bankruptcy options, the legal team at Farmer & Morris Law, PLLC, is here to help. We can answer your question, explain the process, and provide legal representation at every stage. Call us at (828) 286-3866 to learn more about your options for filing bankruptcy in Union.