Experienced AIken County Consumer Bankruptcy Law Firm
Is Bankruptcy Right For Me?
Is your financial situation looking bleak, due to situations out of your control, like unemployment or medical emergencies? You may be looking at stacks of bills, dealing with harassing calls from debt collectors, and maybe even having some of your wages taken out of your paycheck. It may seem like there’s no end in sight and no way to fix the problem. However, bankruptcy can be the answer.
Although many people are reluctant to file for bankruptcy, experienced bankruptcy lawyers can help walk you through the process and help you start over with a blank slate. The Law Offices of Andrew C. Marine in Aiken County understand the difficulty of this decision and are here to support you and help you make the best choice for your situation.
What is Bankruptcy?
Consumers can typically chose from two types of bankruptcy — Chapter 7 and Chapter 13. Chapter 12 bankruptcy is another option, but is reserved only for family farmers and fishermen. Speak to your bankruptcy attorney to find out more about Chapter 12.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the more common type of consumer bankruptcy and involves liquidating certain assets to pay back your creditors. The assets sold are called “non-exempt assets” and can be sold. These assets can include things like family heirlooms, vacation homes, cash, valuable collections, and more. Your exempt assets cannot be sold, so you can keep them. Exempt assets may include:
- Necessary clothing, furniture, and appliances
- Tools of your trade
- Public benefits, like Social Security or welfare
- Jewelry up to a certain value
Once you file for bankruptcy, creditors are no longer allowed to contact or harass you. Your debts are turned over to a trustee who handles the sale of your assets and then distributes the proceeds to your creditors. Your debts are then canceled.
Chapter 13 Bankruptcy
With Chapter 13 bankruptcy, your debt is reorganized into a manageable payment plan. You make payments over a period of three to five years, and at the end of that timetable your debts are erased. However, under Chapter 13 you cannot discharge debts like child support or alimony, judgments again you like drunk driving fines, or student loan debt.
There are pros and cons to each type of bankruptcy filing. Your bankruptcy attorney can work with you to decide which one is right for you.
Contact Our Aiken County Bankruptcy Law Firm Today
If you are considering filing for bankruptcy in South Carolina, contact the Law Offices of Andrew C. Marine. Allow us to help you work out a solution to your financial situation and start fresh. Call us today at (803) 810-0859.