Charleston Bankruptcy Attorney
Is Bankruptcy Right for Me?
Bankruptcy can help you rebuild your financial situation. Once you file bankruptcy, you will receive immediate relief from creditors with the automatic stay. The automatic stay is a court order that may stop your creditors from many actions, including the following:
- Suing you
- Collecting on garnishments
- Sending you harassing letters or emails
- Temporary disconnection of utilities
- Repossession of cars or other personal property
- Seeking foreclosure
The automatic stay, in most cases, will last for your entire bankruptcy. This gives you time to put together an action plan. By working with your Charleston bankruptcy attorney you can begin to regain control of your finances.
What Are My Bankruptcy Options?
There are two types of bankruptcy available to individuals — Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Each type of bankruptcy can provide relief to debt related matters and apply under different circumstances. A Charleston bankruptcy attorney can help you decide what chapter might be best for you.
Chapter 7 Bankruptcy
Sometimes Chapter 7 is referred to as a “fresh start” bankruptcy. A Chapter 7 bankruptcy lasts several months and eliminates most types of debts, i.e., credit card and medical debt. In Chapter 7 you are required to list all your property and some of it might be subject to liquidation by the bankruptcy court to pay your creditors. However, many individuals get to keep everything they own. Certain types of debts cannot be eliminated in Chapter 7.
In order to qualify for Chapter 7 bankruptcy, you must pass the means test. The means test requires a detailed analysis and calculation of your last six months of income and household expenses vs the median averages for those similarly situated to your household size and local. Because these matters are complicated, you should discuss your Chapter 7 qualification with a Charleston bankruptcy attorney. Contact us at Steadman Law Firm today for a free consultation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a repayment plan to your creditors under the protection of the bankruptcy court. The repayment plan is based on your monthly income and required expenses. Everything extra most go into the repayment plan. In Chapter 13 you will likely get to keep all your property and most cases last five years. Chapter 13 is best for those that have extra income and do not qualify for Chapter 7, are trying to save a house from foreclosure or have significant tax debt. You must follow the plan through for the whole term, or you will not receive your legal discharge.
Our law firm can assist you in every step of the process, whether a Chapter 7 or Chapter 13 bankruptcy. Call to speak with a Charleston bankruptcy attorney today.
Can I File Bankruptcy If I Own a Charleston Business?
Yes. Chapter 11 is used for businesses that might need restructuring. Chapter 12 is for farm related businesses. Business bankruptcies are often complicated and require a high attention to detail. If you have a business or farm with significant debt, contact an experienced Charleston bankruptcy lawyer at Steadman Law Firm for more information.
How Do I Prepare for My Consultation With a Charleston Bankruptcy Attorney?
Preparation on your part will allow you to get the most out of your bankruptcy attorney consultation. You should make sure you set aside enough time for the meeting. Next, you will want to gather records that will help your bankruptcy lawyer best assess your situation and determine if bankruptcy is a good option for you. These include the following:
- Pay stubs or other evidence of all your pay
- List of all your monthly bills (e.g., utilities, food, insurance)
- List of all your debts, including credit cards and medical debt
- Most recently filed tax returns
- Copy of mortgage or lease
- Vehicle loan or lease
- If available, copy of your credit report
- Lawsuits, court notices, garnishments
- Foreclosure paperwork
- If you own a business, basic business records
- Bank statements from all accounts
- Retirement income or statements
- Life insurance policies
- Child support or alimony records
- Identification, as well as Social Security number
Get Relief From Your Debt Today With a Charleston Bankruptcy Attorney
Learn about your options and find out whether bankruptcy might be the right option for you. We’re here to help. A skilled Charleston bankruptcy attorney can answer your questions. Call us today for a free confidential consultation.