Local and Experienced Bankruptcy Attorney, Serving Upstate South Carolina
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Bankruptcy Filing in South Carolina
The idea of filing for bankruptcy can be upsetting, especially if you are unclear about how bankruptcy works and what you have to do. If you find yourself in this situation, choose a local, experienced attorney to guide you through the process and make it as smooth as possible.
Bankruptcy is a very detailed process. And it is possible to lose assets, including real estate, vehicles, and your tax refund. Additionally, bad faith related to bankruptcy may cause serious consequences. For this reason, it is best to consult an expert in the field to explain and streamline the filing process.
Your attorney will prepare a substantial document (around 60 pages in length) which the Court requires. This document discloses up to 10 years of your financial history, including all assets, expenses, and income.
You will have to attend a hearing at the Bankruptcy Court where, under Oath, you will answer questions about this document. You will be asked whether you prepared and reviewed the document with your attorney and whether you signed them yourself before they were filed.
Attorney Malinda M. Pennington is committed to working directly with you on your case, explaining everything you need to know, and making sure that you are prepared for the Court hearing. Don’t settle for anything less than a well-respected, local attorney to plan your bankruptcy strategy and ensure everything goes well during your bankruptcy case.
Discharge Medical Debt
Discharge Repossessions
Discharge Finance Companies & Personal Loans
Stop Foreclosures
Stop Repossession
Stop Wage Garnishment
Handle Tax Debt & Liens
FAQ
Most frequent questions and answers
Chapter 7 means that the trustee appointed by the trustee will look for assets above a level called “exemptions” to pay your creditors. I will make sure that your property is protected before you file or let you know if it’s not. Chapter 7 takes 90 days, once the case is filed.
Chapter 13 bankruptcy is a reorganization bankruptcy. This means that you propose a plan to repay a percentage of your debts over three to five years. The percentage you must pay depends on your secured debt, your income, and your equity in property.
There is no one-size-fits-all answer to this question. You and your attorney will have to review your financial situation and propose a plan that is best for you.
In most cases, the answer is yes. You can keep your car if your vehicle equity is below the exempt amount. We will analyze your vehicle equity during your initial phone consultation and while I’m preparing your case to make sure that it’s protected.
Absolutely. We have a substantial homestead exemption for your primary residence in South Carolina. During our first call, we will review your home equity to ensure that it is protected. If your home equity is above the exemptions, but you still need bankruptcy protection, we can review Chapter 13. In Chapter 13, the value of your home above the exemptions will affect how much the trustee expects you to pay to creditors.
No, you will not go to jail if you file for bankruptcy. Bankruptcy is a civil proceeding, and you cannot be arrested or jailed for failure to repay your debts. However, there are some criminal penalties associated with bankruptcy fraud, so it is important to speak with an attorney if you are considering filing for bankruptcy.
If you have already defaulted on your debt, your credit score will likely go up in the year following your bankruptcy. This means that you will likely have an easier time using credit after your discharge. While your credit score will be higher once your debt is discharged, the bankruptcy will increase your loan interest rate for 8 – 10 yrs.
You will receive the Chapter 7 discharge approximately 90 days from the case filing date. In Chapter 13, you receive a discharge of your debt after you have completed the 36 to 60 month repayment plan.
The amount of time that your bankruptcy will take depends on you. Chapter 7 attorneys are restricted from collecting certain fees after the case is filed, so those fees must be collected before filing. Generally, we prepare your case at the pace that you’re paying the basic attorney’s fees and costs. In comparison, Chapter 13 plans are 36 – 60 months plans. They’re a big commitment, and it’s important that you understand the length of the commitment before filing. Please schedule a call to discuss this more. 844-322-6932
