If you’re a South Carolina resident and you’re tired of being overwhelmed by debt, hounded by creditors or stressed out by your finances, it may be time to take action.
You may have options when it comes to filing personal bankruptcy: Chapter 7 and Chapter 13.
Ask a local lawyer if either type of bankruptcy could get you out of debt and stop collections against you. Complete the free bankruptcy case evaluation form below to connect with a South Carolina bankruptcy lawyer near you.
Both types of bankruptcy may be used to stop mortgage foreclosure.
As soon as you file your bankruptcy case, an automatic stay takes effect. This stay prevents your creditors from taking any collection action against you during your case.
Because foreclosure is considered a kind of collection, it is prevented for the duration of your case.
Chapter 7 bankruptcy offers property protection in the form of South Carolina bankruptcy exemptions. These exemptions outline the property that cannot be sold during Chapter 7 cases. And, in most Chapter 7 cases there is no property sale.
Chapter 7 may go a long way to reducing your debt, too. In most cases, most or all of your unsecured debt – that is, debt from credit cards, medical bills, personal loans and the like – is entirely discharged and retired.
To file Chapter 7 bankruptcy you must meet qualifications based on your income. Speak with a local bankruptcy lawyer to see if you meet South Carolina requirements.
Chapter 13 bankruptcy, also known as “reorganization,” helps filers by allowing them to restructure their debts. Generally better for filers who have a steady income but suffered some unexpected financial setback, Chapter 13 bankruptcy involves making regular payments throughout the course of a three- to five-year repayment plan.
This repayment plan is created through the bankruptcy courts, and may reduce your total debt owed. It can also give you the breathing room you need by stopping old fines, frees and creditor harassment.
As you may have noticed, interpreting South Carolina bankruptcy law can be a bit tricky. Each case is unique, and you’ll want to make sure you don’t miss out on anything that could result in a debt discharge or reduction after filing bankruptcy.
That’s why so many people choose to get help from bankruptcy lawyers in South Carolina. Your bankruptcy lawyer can answer your questions and help you ensure the laws are working to help you.
To begin the process, all you need to do is fill out the free case evaluation form on this page or call us toll-free at 877-349-1309 and we’ll connect you as soon as possible.
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 South Carolina attorney about filing bankruptcy.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local South Carolina bankruptcy lawyer.
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