Are you considering filing for bankruptcy, either as an individual or a business? A Boiling Springs bankruptcy lawyer from our firm can make the process easier to navigate. We may even be able to suggest less drastic alternatives to bankruptcy.
Deciding to file for bankruptcy and the filing procedure itself are both challenging and complex tasks. Let our firm help you determine the best way forward and implement the plan on your behalf.
There Are Multiple Bankruptcy Types
If you have started researching bankruptcy, you have likely already noticed that there are multiple types, called “chapters,” of bankruptcy that you can apply to file. The U.S. Courts provide an overview of common chapters and what type of petitioner each is designed for. Our team handles the following chapters:
- Chapter 7: This is often the most advantageous type of bankruptcy. Petitioners are allowed to keep all of their nonexempt assets. Since most people do not have any nonexempt assets, this means you would most likely keep everything you own while eliminating your debts.
- Chapter 11: Individuals, married couples, and businesses of all sizes may file Chapter 11. Doing so gives them extra time and tools to reorganize their finances and pay back what they owe. As it is the most expensive and complex form of bankruptcy, it is generally used by medium and large corporations who need time to restructure their debt.
- Chapter 12: In most cases, only family farmers and fishermen can file for Chapter 12. It is a somewhat simplified form of bankruptcy meant to increase access to the bankruptcy process.
- Chapter 13: Chapter 13 is available by individuals and married couples who have regular income and can restructure their debts to repay some of it over a period of time. Chapter 13 can also have specific benefits to help people save their homes from foreclosure and save vehicles from repossession.
While it might be possible to change your bankruptcy filings after the fact, your case may proceed much more smoothly if you pick the right chapter the first time. Farmer & Morris Law, PLLC can review both your situation and the different chapters to ensure you make the smartest possible choices.
All bankruptcy chapters except for Chapter 7 require petitioners to submit a repayment plan to their creditors and the applicable court. The repayment plan:
- Must include reasonable steps that the petitioner will take to repay at least part of their outstanding debt over the next few years
- Must be approved by the court over any objections of creditors
- Will usually allow the discharge of any remaining debt after you have satisfied the conditions of the plan
Our bankruptcy lawyers know how to craft a repayment plan that benefits you and meets your creditors’ approval. The sooner we can get started on your case, the more time we have to study your situation and develop a strategy that helps you get back on your feet as soon as possible.
Our Boiling Springs Bankruptcy Lawyers Can Help
Our board-certified bankruptcy attorneys and their staff have the experience and the legal know-how to guide people just like you through the bankruptcy process while mitigating damage to your finances and credit score. Here is how our team operates:
- Analyzing your case: You can call at any time and get a free, no-obligation case review. A member of our staff will tell you if and how we can help within a few minutes.
- Advising you about your options: It can be difficult to decide what chapter of bankruptcy best suits your needs, or even if you should file for bankruptcy at all. We can help you make this critical decision.
- Collecting paperwork: Filing for bankruptcy involves submitting many forms, as well as paperwork regarding your financial history. We can tell you what paperwork you will need and how to get it, and then we can submit it on your behalf.
- Representing you at meetings: For example, we can attend meetings with your creditors and the judge to present your repayment agreement.
- Being available to you: If you ever have a question or concern about your case, we encourage you to call at any time. Our team will respond as quickly as we can.
John, one of our bankruptcy clients, was more than satisfied with our bankruptcy legal services. “Caleb [Farmer] did everything that I could possibly have expected and more,” even years after the fact. At Farmer & Morris Law, PLLC, we can provide you with a bankruptcy lawyer who genuinely cares about you and your future.
What Are Dischargeable Debts Under Bankruptcy?
One critical factor that will determine whether you should file for bankruptcy is what type of debt you have. Certain types of debt may be discharged – or eliminated – when you file for bankruptcy; others will not be, and you would still be responsible for paying those debts. Examples of non-dischargeable debt are listed at 11 U.S.C. § 523. They include:
- Student debt or scholarships: Money you were given to help pay for your education is not a dischargeable debt.
- Alimony and child support: Bankruptcy does not exempt you from supporting your children or former spouse.
- Restitution: If a court sentenced you to repay the victim(s) of a crime you were convicted of, you still need to pay that money.
- Tax debt: Many types of tax debts are not discharged in bankruptcy, however some older income tax debts of individuals may be discharged if they meet certain criteria.
Special exceptions and circumstances may affect the non-dischargeable status of these items. For example, your student debt may be discharged if “excepting such debt… would impose an undue hardship on the debtor.” One of our bankruptcy attorneys can help you to better understand such exceptions.
Call Today to Get Bankruptcy Help
A bankruptcy lawyer from Farmer & Morris Law, PLLC, can take charge of your Boiling Springs, South Carolina, case. Contact our Spartanburg office today by calling (864) 582-1310. We take our mission very seriously and do everything possible to help South Carolina residents improve and secure their financial futures.