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If you are considering bankruptcy, a Cherokee County bankruptcy lawyer from our firm will assess your situation and offer critical guidance. For example, we can help you identify the type of bankruptcy most beneficial to you – or discuss whether a bankruptcy alternative might be more fitting for your situation.
Bankruptcy is a challenging and often emotional process, but you do not have to handle this matter alone. We apply our experience and expertise to our clients’ cases so they receive the support they need to get through it. Our team can discuss your options and what our attorneys can do for you when you call for a complimentary consultation.
What Are My Bankruptcy Options?
If you are having trouble paying your debts, then bankruptcy is just one option that can help you get back on your feet.
An Overview of Bankruptcy Chapters
There are multiple types, or chapters, of bankruptcy available to those who are struggling financially. Our law firm handles the following types of bankruptcy cases:
- Chapter 7: Applicants itemize their assets and debts and may have to liquidate certain assets to settle their debts. In most cases, however, individuals and small businesses owners can eliminate their debts without selling any of their assets.
- Chapter 11: This chapter is designed to help businesses (especially larger businesses) reorganize their finances. Fees tend to be higher in Chapter 11 cases than in other types of bankruptcy.
- Chapter 12: Family farmers and fishermen can apply for bankruptcy under this chapter, which is less complex than the other chapters.
- Chapter 13: This is a good option for those who have the ability to repay some of their debt or who expect their financial situation to improve soon and just need a little extra time to repay debts.
In all chapters except Chapter 7, the applicant must submit a reasonable plan for paying back part of their debt over the course of several years. After that time, all remaining debt is eliminated. However, the plan must receive approval from all creditors before it is implemented.
Bankruptcy Alternatives
Bankruptcy is not suitable for everyone, especially if you have not yet explored other ways of managing your finances. Our attorneys can discuss your situation and help you figure out if you might benefit from any of the following alternative options:
- A “wait and see” approach: It is easy to get nervous and want to take immediate action when your financial future is at stake. However, sometimes the best option is to wait a while and see if things improve on their own.
- Credit or debt counseling: According to the Consumer Financial Protection Bureau (CFPB), a trained counselor may be able to help you regain control of your finances.
- Speaking directly with your creditors: Your creditors may not want you to go bankrupt any more than you do because that could mean they lose money. In some cases, they may be willing to negotiate a new loan agreement with you.
If any of these options seem viable for your situation, we will advise you as such. Otherwise, our team can help you move forward with the bankruptcy process.
Our Bankruptcy Attorneys Serve Cherokee County
A lawyer from our firm can help you with your Cherokee County bankruptcy case. We will manage your entire case on your behalf, which involves taking charge in the following areas.
Bankruptcy Case Evaluation
Do you know for certain that bankruptcy is your only option? Would you like advice from a legal team that can set you on the path to financial stability? Our firm will:
- Review your case at no cost to you
- Provide an assessment within minutes
- Place you under no obligation whatsoever – you are free to do whatever you like with the information we provide
Members of our team are standing by to provide you with immediate assistance when you call.
Financial Paperwork
As the U.S. Courts explain, filing for bankruptcy involves submitting a great deal of paperwork, including but not limited to:
- A petition to file for bankruptcy
- Documentation showing your financial history
- A repayment plan (if applicable)
A bankruptcy attorney from Farmer & Morris Law, PLLC, can help you figure out what documents you need, fill out all necessary forms, and submit everything in a timely manner.
Advising
It is not always easy to figure out which financial option provides the most benefit and least risk for you, your family, and your business. Our team can help you make these decisions by:
- Meeting with you to discuss your case, review the materials you have, and ask questions about your situation
- Keeping you informed about your case’s progress every step of the way
- Giving you every opportunity to ask questions about the bankruptcy process, your options, and so on
- Helping you make decisions, such as what bankruptcy chapter you should file under
Representing You in Bankruptcy Hearings and Meetings
To file for bankruptcy, you must get permission from the appropriate court. Then you have to meet with your creditors to come to a new arrangement. This process will usually go smoothly. If not, we may have to take your case to court and argue for your rights before a bankruptcy judge.
We can protect your rights and interests by:
- Communicating with your creditors on your behalf
- Responding to requests for documentation and providing that documentation to whoever asks for it
- Meeting with your creditors to present your repayment agreement or negotiate better terms for the repayment of your debt
- Representing you in court and other meetings, including your 341 meetings
Necessary Evidence in Bankruptcy Cases
Filing for bankruptcy is a very serious step, so the court and your creditors will want to see evidence showing that you truly have no alternatives. Such evidence may include:
- Documents regarding your personal and professional assets, like mortgages on any property you work or live in
- Your business’s financial records
- Loan agreements
- Bank statements
- Proof of credit counseling
- Proof of past attempts to reorganize or balance your finances
Our lawyers can help you build a solid case by telling you where to find all necessary forms of evidence. This, in addition to our advice and representation, can give you confidence and make the bankruptcy process go much more smoothly.
We Help South Carolina Bankruptcy Clients Like You
Our team at Farmer & Morris Law, PLLC, would be happy to provide you with a bankruptcy lawyer serving Cherokee County to help with your case. Call our office today at (828) 286-3866 to find out more.
