Get Bankruptcy Answers From A Lexington County Law Firm
Are You Thinking About Filing For Bankruptcy?
In Lexington County and throughout South Carolina, many people just like you are struggling with their finances. It doesn’t make you a bad or irresponsible person. Sometimes things simply spiral out of our control due to unforeseen circumstances. You may find yourself living with stress and anxiety, stacks of unpaid bills, and the phone ringing off the hook from bill collectors. You don’t have to live like this.
Many of us feel like there’s a stigma attached to filing for bankruptcy, but it’s time to put that myth to rest. Living with impossible debt is a worse alternative. The sympathetic and experienced bankruptcy attorneys at the Law Offices of Andrew C. Marine understand your difficulties and can look over your finances and help you make the best decision to get a fresh start. Contact us today.
Chapter 7 and Chapter 13 Consumer Bankruptcy
After consulting with an attorney representing debtors in Lexington County attorney, you’ll learn which type of bankruptcy is right for you. Consumers typically choose between two types — Chapter 7 or Chapter 13. (Chapter 12 bankruptcy is another option, but is reserved only for family farmers and fishermen. Talk to your lawyer to find out more about Chapter 12 if you feel it applies to you.) Following is a very brief overview.
Chapter 7 Bankruptcy
The more common type of bankruptcy, Chapter 7 involves liquidating some of your assets in order to pay back your creditors. After filing for bankruptcy, creditors must stop contacting you. A trustee gathers certain assets — typically you are able to keep many assets, including your car and home — and sells them to pay back your creditors. Your debts are then discharged.
Chapter 13 Bankruptcy
Chapter 13 consolidates your debt into a manageable payment plan over a period of three to five years. If you make your payments on time, at the end of that period your debts are erased. 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, as well as eligibility requirements. Your bankruptcy attorney can work with you to decide which one is right for you.
Debtors in Lexington 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.