If you feel like you're permanently in debt, if you feel like you're being harassed by creditors, you may want to speak with a South Dakota bankruptcy attorney.
Understand the bankruptcy process and its consequences before you make decisions that could have a long term affect on your financial health. A South Dakota bankruptcy attorney can explain your rights and options before you act, as well as provide you with additional bankruptcy information specific to your case.
If you're tired of nasty phone calls and plucking demand letters out of the mailbox, talk to a South Dakota bankruptcy attorney now. To speak with a lawyer near you, call 877-349-1309 or fill out the below form.
Most people think of bankruptcy as liquidation of their property. In reality, that portrayal is a misconception and oversimplification.
Under Chapter 7, a bankruptcy trustee does sell your non-exempt assets to pay off as much of your debt as possible and discharges as much of your debt as possible.
What you may not realize is that each state, including South Dakota, has specific Chapter 7 bankruptcy exemptions which may protect much of your property - including your home, car and other household items - from liquidation.
Learn more about South Dakota bankruptcy laws.
Most people who file Chapter 7 bankruptcy have few non-exempt assets, so the trustee does not liquidate assets. A few of your debts cannot be discharged. Non-dischargeable debts include back taxes, alimony, child support and student loans. But other debt relating to credit cards, payday loans and medical bills may be discharged.
Chapter 13 bankruptcy actually allows you to hold on to most of your assets, like your house and your car, even if you have outstanding debt on the property.
Under Chapter 13 bankruptcy, the bankruptcy trustee works with you and your creditors to create a repayment plan based on your ability to pay. The bankruptcy trustee weighs your income against your living expenses and debts. If you have sufficient income, you're allowed to make regular payments on some of your secured debts, retaining the associated property. Often people who have sufficient income to pay their regular bills and living expenses but have been dealt a financial catastrophe find relief under Chapter 13.
Take the first step back to financial independence by speaking with a South Dakota bankruptcy attorney today. To get in touch with a local attorney, call us toll free at 877-349-1309 or fill in your ZIP code below:
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.