As experienced bankruptcy lawyers in South Carolina, we are committed to helping individuals and businesses navigate the complex state and federal bankruptcy laws. Our team at Farmer & Morris Law, PLLC, provides personalized legal support to help you find relief from debt, protect your assets, and secure a path to financial freedom.
Why Choose Bankruptcy?
Bankruptcy provides individuals and businesses with an opportunity to eliminate or restructure debt under the protection of the federal court system. It’s a legal process that offers a chance for a fresh start, but the decision to file for bankruptcy should not be made lightly. Many individuals and families struggle with overwhelming medical bills, credit card debt, mortgage arrears, and other financial obligations that they are simply unable to keep up with.
Some of the most common reasons people file for bankruptcy include:
- Job loss: Losing a job, especially without sufficient savings, can quickly lead to overwhelming debt.
- Medical bills: Unexpected medical expenses can quickly spiral out of control, especially if you are uninsured or underinsured.
- Divorce: The financial strain of divorce can lead to significant debt, especially when it involves dividing assets and obligations.
- Business failure: Small business owners may need bankruptcy protection if their business faces financial distress.
- Economic downturns: Natural disasters, recessions, and other economic factors can make it difficult to stay afloat financially.
While bankruptcy may seem daunting, it can offer a solution to your financial problems, allowing you to make a fresh start. At Farmer & Morris Law, PLLC, we are here to help you explore your options and find the bankruptcy solution that’s right for your unique situation.
South Carolina Bankruptcy Locations
At Farmer & Morris Law, PLLC, we are committed to providing comprehensive bankruptcy legal services across various locations in South Carolina. Our experienced attorneys are dedicated to assisting clients in navigating the complexities of bankruptcy law to achieve financial stability. We proudly serve the following areas:
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Types of Bankruptcy in South Carolina
There are several types of bankruptcy available under federal law, each designed to address different financial situations. Our attorneys will guide you through the process of determining which type of bankruptcy is best suited for your needs. The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Businesses may also file for Chapter 11 bankruptcy, which involves restructuring the business’s debts.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common form of bankruptcy for individuals in South Carolina. Also known as “liquidation bankruptcy,” it allows individuals to discharge most unsecured debts, such as credit card debt, medical bills, and personal loans.
- How it works: In Chapter 7 bankruptcy, a trustee is appointed to oversee the case and determine which assets, if any, can be liquidated to repay creditors. South Carolina’s exemption laws protect certain assets from being liquidated, such as your home, car, and retirement accounts, making it possible to retain these assets while discharging your debts.
- Eligibility: To qualify for Chapter 7 bankruptcy, you must pass the “means test,” which assesses your income and expenses. If your income is below the median income for a household of your size in South Carolina, you likely qualify for Chapter 7.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often referred to as “reorganization” bankruptcy because it allows you to keep your property and pay off your debts over time, usually in three to five years. Chapter 13 bankruptcy is ideal for individuals who have a regular income and can afford to repay some or all of their debts over time.
- How it works: In Chapter 13, you propose a repayment plan to the court that outlines how you will repay your debts. The repayment plan is based on your income and your ability to pay. After completing the repayment plan, any remaining eligible debts are discharged.
- Eligibility: There are limits on the amount of debt you can have in Chapter 13 bankruptcy. As of 2023, the debt limits are $2,750,000 for secured debt and $465,275 for unsecured debt. If your debts exceed these limits, Chapter 13 may not be an option.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is primarily used by businesses, but individuals with very high levels of debt may also file for Chapter 11. It allows the debtor to reorganize their debts and continue operating while repaying creditors over time.
- How it works: The debtor submits a plan of reorganization that must be approved by creditors and the court. Chapter 11 can be complex and is typically more expensive than Chapter 7 or Chapter 13, so it is best suited for larger companies or individuals with substantial assets.
How Can a Bankruptcy Lawyer Help?
Navigating the bankruptcy process can be overwhelming, but you don’t have to do it alone. An experienced bankruptcy lawyer from Farmer & Morris Law, PLLC can help you in the following ways:
1. Determine the Best Bankruptcy Option
We will work with you to understand your financial situation and determine whether bankruptcy is the right solution for you. If it is, we will help you choose the bankruptcy chapter that best suits your needs, whether it’s Chapter 7, Chapter 13, or even Chapter 11.
2. Guide You Through the Bankruptcy Process
Filing for bankruptcy involves a number of steps, including preparing paperwork, attending hearings, and following deadlines. Our attorneys will guide you through every step of the process, ensuring that you comply with all legal requirements and that your case proceeds smoothly.
3. Protect Your Assets
One of the most common concerns about bankruptcy is the fear of losing property. In Chapter 7 bankruptcy, certain assets may be sold to pay creditors, but South Carolina’s exemption laws protect many of your personal belongings. Our attorneys will help you understand which assets you can protect and how to minimize any potential loss.
4. Stop Debt Collection Efforts
Once you file for bankruptcy, an automatic stay goes into effect, which halts most debt collection efforts. This includes stopping harassing phone calls, wage garnishments, foreclosure proceedings, and other collection activities. We will help ensure that you can experience peace of mind as your bankruptcy case progresses.
5. Ensure Accurate Filing
Bankruptcy filings require extensive documentation, including details about your income, expenses, assets, and debts. Any mistake or omission could delay your case or even result in dismissal. At Farmer & Morris Law, PLLC, we handle all aspects of the filing to ensure that everything is accurate and complete.
6. Post-Bankruptcy Guidance
Even after your bankruptcy case is resolved, our attorneys can continue to assist you. We can help you rebuild your credit, create a budget, and take steps toward achieving financial stability once again.
Common South Carolina Bankruptcy Lawyer Questions
Navigating bankruptcy in South Carolina can be complex, and it’s natural to have many questions about the process. Understanding the different types of bankruptcy, eligibility criteria, and potential impacts on your financial future is crucial. This guide addresses common inquiries to help you make informed decisions and explore the debt relief options available to you.
How Many Times Can You File Bankruptcy in South Carolina?
There is no strict limit on how many times you can file for bankruptcy in South Carolina, but there are mandatory waiting periods between filings. If you previously filed for Chapter 7, you must wait several years before filing again. The waiting period differs depending on whether you are filing for Chapter 7 or Chapter 13 and whether your previous case was discharged. A South Carolina bankruptcy attorney can help you determine when you are eligible to file again and explore alternative debt relief options.
How Much Does a Bankruptcy Attorney Cost in South Carolina?
The cost of hiring a bankruptcy attorney in South Carolina varies based on the complexity of your case, the type of bankruptcy you are filing, and the attorney’s experience. Chapter 7 cases generally have lower legal fees than Chapter 13, which requires a structured repayment plan. Many attorneys offer free consultations, and some provide payment plans to make the process more affordable. Speaking with a South Carolina bankruptcy lawyer can help you understand your options and costs.
Types of Bankruptcy in South Carolina
There are different types of bankruptcy available in South Carolina, depending on your financial situation. Chapter 7 bankruptcy allows individuals to eliminate unsecured debts through asset liquidation, while Chapter 13 bankruptcy sets up a structured repayment plan over several years. Businesses struggling with financial difficulties may consider Chapter 11 bankruptcy, which allows for debt reorganization while continuing operations. Each type has specific eligibility requirements and benefits, so consulting a bankruptcy attorney can help you determine the best option for your situation.
What Is the Average Cost to File Bankruptcy in South Carolina?
The cost to file for bankruptcy in South Carolina includes both court filing fees and attorney fees. The total amount varies depending on whether you file for Chapter 7 or Chapter 13, with Chapter 13 generally being more expensive due to its repayment structure. While some filers may qualify for fee waivers or payment plans, it’s best to consult with a South Carolina bankruptcy attorney to get an estimate based on your specific circumstances.
Why Choose Farmer & Morris Law, PLLC?
At Farmer & Morris Law, PLLC, we pride ourselves on providing compassionate, knowledgeable, and effective legal representation to individuals and families throughout South Carolina. Our team understands the emotional and financial toll that debt can take, and we are committed to helping you achieve a brighter future.
When you choose our firm, you can expect:
- Personalized Legal Services: We take the time to understand your specific financial situation and offer tailored solutions that meet your needs.
- Experienced Bankruptcy Attorneys: With years of experience in bankruptcy law, our attorneys are well-versed in both state and federal bankruptcy procedures.
- Transparent, Honest Advice: We will explain all your options and help you make informed decisions about your financial future.
- Affordable Legal Fees: We offer competitive rates and work with clients to find payment arrangements that suit their budget.
Take the First Step Toward Financial Freedom
If you are struggling with overwhelming debt, Farmer & Morris Law, PLLC is here to help. Contact us today to schedule a consultation with one of our experienced bankruptcy attorneys. Let us guide you through the bankruptcy process and help you achieve the fresh start you deserve.