South Carolina Bankruptcy Lawyer
Serving Charleston, Berkeley, Dorchester, Colleton, Beaufort, Horry Counties
If you are having trouble keeping up with your bills and may be facing foreclosure or repossession action, bankruptcy may be the right solution to get you back on the right path. At the Steadman Law Firm, P.A., our bankruptcy lawyer works with clients throughout the Lowcountry to find the debt relief solution that meets their needs.
Our bankruptcy lawyer can help you file for Chapter 7 and Chapter 13 or provide alternative solutions if bankruptcy is not right for you. We will take the time to help you understand all your options and give you all the information you need to choose the right solution. Contact our office today to schedule your initial consultation.
Bankruptcy – An Overview
Bankruptcy is a legal vehicle that provides relief to individuals and businesses in serious financial trouble and protects their creditors to the extent possible. Generally, the bankruptcy process assesses the debtor’s assets and liabilities and provides a structure within which the debtor is allowed to keep some, and in most cases, all property and ordered to satisfy as many eligible debts as possible, according to an order of priority established by law. Remaining debts are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and most tax debt.
The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, divorce or illness.
In such cases, filing bankruptcy may be the right answer. If you are facing serious financial challenges, contact Steadman Law Firm, P.A. in North Charleston, S.C., to schedule a consultation with an experienced bankruptcy lawyer who can help you assess your legal options.
Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), Bankruptcy Reform Law Requirements
In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the new requirements BAPCPA imposes on a bankruptcy debtor is to receive credit counseling from an approved credit counseling agency before the bankruptcy filing and the debtor is subject to a “Means Test” to determine if you are properly in bankruptcy.
Surviving the Emotional Effects of Bankruptcy
No matter what circumstances ultimately led to filing bankruptcy, both the practical and the emotional impact on the debtor will be enormous. Confronting the emotional and psychological issues surrounding bankruptcy and reaching an understanding and acceptance of the situation are essential to rebuilding and maintaining a successful financial life.