What is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy can help individuals with regular income come up with a plan to repay all or part of their debts. A Chapter 13 Bankruptcy, often referred to a "Reorganization" allows the Debtor to repay creditors (anywhere from 1% to 100%, depending on the Debtor’s financial situation) over a 3 to 5 year plan period. If you have questions about whether Chapter 13 is right for you, set up a free consultation with one of our experienced attorneys. We focus our practice on helping individuals and businesses find debt relief, including Chapter 7, Chapter 11, Chapter 13, debt settlements, reorganizations and workouts, and other options.
Reasons to file Chapter 13 in South Carolina
Common reasons for filing Chapter 13 Bankruptcy instead of Chapter 7 Bankruptcy might be: (1) you make too much money to file Chapter 7 Bankruptcy; (2) you have non-exempt assets at risk of liquidation in 7; and/ or (3) you are behind on payments on a secured asset that you wants to retain, such as a mortgage or car payment. If you are facing foreclosure or repossession, Chapter 13 can help you catch up the payments and retain your assets.
The Chapter 13 Bankruptcy Process
- Free consultation to review your history, your financial situation, and options.
- Pull credit and prepare Bankruptcy paperwork.
- File case and required forms with the court.
- Prepare for and attend the 341 Meeting of Creditors.
- Make your plan payments and receive your debt discharge in about 3–5 years, depending on length of plan.
How a Bankruptcy Attorney Can Help
A South Carolina bankruptcy lawyer can help you:
- Develop and implement your plan for debt resolution
- File paperwork correctly and meet deadlines
- Represent you in court and protect your assets
Need Help Filing Chapter 13 in South Carolina?
Contact an experienced bankruptcy attorney today for a free consultation. Understand your options and take control of your financial future.