Declaring bankruptcy—or even just considering doing so—is a difficult and emotionally fraught decision. You could benefit from the advice of our lawyer in Spartanburg County, who can help you make the right financial decision for yourself and your family.
By allowing a personal injury lawyer in Spartanburg County from Farmer & Morris Law, PLLC, to manage your case, you would have 24/7 access to a dedicated legal team who can explain your options and help you avoid some of the common pitfalls and drawbacks of filing for bankruptcy.
What Types of Bankruptcy Cases Can Our Spartanburg County Lawyers Take?
Farmer & Morris Law, PLLC, is proud to be able to help clients file for any of the four main types of bankruptcy, which are described below:
Chapter 7 Bankruptcy
According to the U.S. Courts, Chapter 7 requires the applicant to sell off all of their “nonexempt” assets to help pay down what they owe. The good news is that most people do not have any nonexempt assets. This means you could retain all your assets and eliminate or reduce your debt at the same time.
Chapter 11 Bankruptcy
This type of bankruptcy is generally reserved for businesses and corporations. As with most types of bankruptcy (except for Chapter 7), Chapter 11 applicants have to come up with a plan to repay at least some of their debt. This plan is subject to the approval of the court and the applicant’s creditors.
Chapter 12 Bankruptcy
Struggling family farmers and fishermen can apply for Chapter 12 bankruptcy. Again, per the U.S. Courts, Chapter 12 is less complex than other forms of bankruptcy, making it more accessible to the people who need it.
Chapter 13 Bankruptcy
Under Chapter 13, debts are restructured into a payment plan. Doing so would allow you to stop any in-progress foreclosures and give you some extra time to pay back your debt while typically allowing for some of your debt to be forgiven.
How Our Attorneys Handle Bankruptcy Filings in Spartanburg County
In addition to being stressful, the process of filing for bankruptcy can be very complex and time-consuming. Farmer & Morris Law, PLLC, is always happy to handle everything for our clients, including:
Explaining Your Bankruptcy Options
With so many types of bankruptcy to consider, it is best not to file until you have consulted our bankruptcy attorney. We can tell you which type of bankruptcy best applies to your situation and may do the most to help you get back on firmer financial footing.
Telling You What Bankruptcy Can and Cannot Do
Bankruptcy will not discharge all debts. Which debts are exempt may vary depending on which Chapter you are filing under: for instance, mortgage payments are usually discharged under Chapter 7, but the situation is more complex under Chapter 13.
It is important that you understand the benefits and limitations offered by each Chapter. When you talk to our firm about the source of your financial distress, this can help us determine what kind of bankruptcy is right for you.
Filing Your Bankruptcy Application
With us by your side, you can be absolutely sure that you are selecting the right forms, providing the right answers, and submitting your paperwork to the correct locations all throughout your case.
Once our Spartanburg County bankruptcy lawyer files your case, we can continue to represent you to the other parties. This could include appearing in court on your behalf and submitting any additional evidence or materials the court requests.
Providing Reassurance Throughout Bankruptcy Proceedings
We know that many people feel embarrassment or shame when they come to us to discuss the possibility of filing bankruptcy. There is no need to feel bad: our firm understands that financial problems can hit anyone at any time, and there is nothing wrong with asking for help.
The team at Farmer & Morris Law, PLLC, can provide judgment-free assistance whenever you want it.
Do You Really Need to File for Bankruptcy in Spartanburg County?
The only way we can answer that question is by sitting down with you to discuss your financial situation. You should know that there are several alternatives to bankruptcy that are available in some cases. These could save you a great deal of time, money, and trouble.
Potential alternatives that Farmer & Morris Law, PLLC, can discuss with you include:
Negotiating With Your Spartanburg County Creditors
The people you owe money to may not want you to declare bankruptcy any more than you do: a bankruptcy filing could mean they never get their money back.
An attorney from our firm can meet with your creditors and see if they are open to adjusting your pay schedule or amount of debt.
Speaking to a Credit Counselor About Bankruptcy Alternatives
Per the Consumer Financial Protection Bureau (CFPB), a credit counselor is someone who is specially trained to help people manage their finances and deal with money troubles. It is possible that a counselor can help you come up with a plan that does not involve bankruptcy—or they can confirm that bankruptcy is the best option for you.
Waiting a Little Longer Before Filing Bankruptcy
Encountering any serious financial problem can be scary. It is natural that you want to deal with it as quickly as you can, but sometimes, acting too fast can make things worse. In some cases, if you can ride out the worst of your troubles, you can find a way to start repaying your debt without going through bankruptcy.
Bankruptcy is not without its downsides. As useful as it is, you do not want to experience these negative consequences if you do not have to do so. Let our firm take you through your options so you can feel confident in your ultimate choice.
We Serve Bankruptcy Clients in Spartanburg County and Beyond
To get a free consultation, call Farmer & Morris Law, PLLC, at any time. Our Spartanburg County bankruptcy lawyer is eager to learn more about your situation and get to work on helping you and your family. With our compassionate, actionable guidance, you could soon be on your way to a stronger financial future.