Bankruptcy Attorneys in Barnwell County, SC

Are You Looking for a Bankruptcy Lawyer in Barnwell County?

Deciding To File For Bankruptcy

Simply making the decision that you may need to take control of your finances is a difficult one. There are many options for reigning in out-of-control money issues, and bankruptcy is only one of them. Moreso, it’s confusing. How do you know, as a consumer, the distinctions between the different types of bankruptcy? If you do choose bankruptcy, you should know what you are getting into.

This is where it’s crucial you contact an experienced bankruptcy law firm. A sympathetic yet efficient attorney will take control of your finances, walk you through the process of filing for bankruptcy, and steer you back onto the road to financial freedom.

A Basic Bankruptcy Overview

The most important thing to remember about bankruptcy is that it no longer has the social stigma it once did. Today’s financial climate is unstable and many people are finding themselves in debt due to situations due to unforeseen circumstances. In many cases, those filing for bankruptcy aren’t people who can’t control their spending — they are simply victims of today’s unfortunate real estate and unemployment climate.

If you are considering filing for bankruptcy in Barnwell County, you should know the difference between Chapter 7 and Chapter 13.

Chapter 7 is the most straightforward and simple type of bankruptcy. It wipes out the majority of your debt — with exceptions like student loans, child support, alimony and tax debts. However, you must pass a means test to qualify for Chapter 7, based on your income and living standards in your area. A trustee sells off your non-exempt possessions to pay off your creditors. Three to four months later, the court discharges all your debts and you can start rebuilding your credit.

Chapter 13, on the other hand, is a repayment plan that lasts three to five years. You pay one consolidated payment to a trustee. After the period is over, the court discharges your debts, and you are free to begin rebuilding your credit.

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.

Debtors in Barnwell County need to Contact Our 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.