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In these difficult economic times, many people who have always been financially stable are finding themselves in a surprisingly dire financial situation. If you feel you need protection from creditors through bankruptcy, whether it be a Chapter 7 (liquidation) or Chapter 13 (personal reorganization), I can guide you through the best course of action for you to take in your particular circumstances.
With twentyfive years of experience in bankruptcy law, offering a free consultation and reasonable, competitive rates, my bankruptcy knowledge can help you get back on the road to financial recovery.
Areas of Practice:
- Bankruptcy Problems
- Chapter 7
- Chapter 13
- Chapter 11
- Free Consultation for Bankruptcy
- Debt problems
In Most Cases In South Carolina:
Fact: You cannot go to jail for a basic debt.
Fact: You cannot be discriminated againt for filing a bankruptcy case.
There are four types of relief you can seek through the United States Bankruptcy Court
1. Chapter 13 is a program designed for individuals with regular income who will repay some or all of the debt owed creditors depending on the type of creditor, amount owed, age of claim and other factors. A plan is filed and will last three to five years depending on the kind of debt you have. For instance, a chapter 13 case is very helpful for one who is behind on their house payments, perhaps owes a car payment, may owe taxes and have credit card or other debt. A chapter 13 plan will be prepared that will cure the delinquent payments on the house, pay a portion or the whole debt owed for of the vehicle over time, pay some or all of the income taxes or other taxes
owed (depending on the nature and age of the taxes) and pay a certain percent of the amount owed unsecured creditors. (i.e. credit card debt, medical bills, etc.)
2. Chapter 7 is generally designed for those individuals who primarily have consumer debts, and all of your unsecured debts will be forgiven, such as credit cards, medical bills and other general unsecured debts. You are allowed to have a certain amount of equity in your home and vehicles so that a trustee cannot take your property to pay your creditors. You may also surrender your unwanted assets such as your home and vehicle (should you decide you cannot pay for these assets) and be protected from your creditors suing you.
3. Chapter 11 is a reorganization for a business or individual who has sizeable debt (usually upward of 1 million in debt). The provisions of this chapter are complicated and must be discussed in depth with my office. Suffice it to say that this chapter has been utilized by the major airlines, vehicle manufacturers and other large corporations in an effort to restructure and continue in business.
4. Chapter 12 is a program designed to permit family farmers and fisherman to repay their debts over time from future earnings and is similar to a chapter 13. The eligibility requirements are restrictive, limiting its use to those whose income arises primarily from a family-owned farm or commercial fishing operation.
Please note that the above summary of the provisions of the Bankruptcy Code are very general and designed to only give you a thumbnail sketch of each provision. In my consultation, which is free, it will take me approximately one hour to analyze your case to determine the best options for you. Remember, everyone's financial situation is different based upon your income, assets and other factors which I will need to discuss with you in great detail.
The following are the number of bankruptcy filings in the State of South Carolina:
2010 – 9,303 cases 2011 – 8,066 cases 2012 – 7,941 cases
2013 - 7,663 cases 2014- 7,322 cases 2015 through June -3,453 cases
(Source: Clerk of Court, US Bankruptcy Court, Columbia Division)