Summerville Bankruptcy Attorney
When you are bogged down by mounting debt, you may feel defeated and intimidated when creditors come knocking. But with the help of a Summerville bankruptcy attorney, you can learn about your legal rights and regain control of your financial situation. The Steadman Law Firm represents clients in need of assistance with debt-related matters.
Is Bankruptcy the Solution for Me?
If you have overwhelming debt, bankruptcy can help you rebuild your finances. When you file for bankruptcy, the court orders an automatic stay to stop your creditors from taking various actions, including the following:
- Suing you
- Collecting on garnishments
- Harassing communications
- Temporary disconnection of utilities
- Repossessing your personal property
- Seeking foreclosure
For most cases, the automatic stay will remain in effect through the entirety of the bankruptcy proceedings, providing you time to develop an action plan. Your Summerville bankruptcy attorney can discuss your options with you and then figure out which is best for your situation.
There are two bankruptcy types individuals may file: Chapter 7 and Chapter 13. Both of these can provide you with debt relief, but they apply under different circumstances. A Summerville bankruptcy attorney can review your circumstances, as well as help you determine the best course of action for you.
Chapter 7 Bankruptcy
Chapter 7 is a liquidation bankruptcy for both individuals and businesses. It provides you with a “fresh start” by eliminating most debts, usually the unsecured debt, such as credit card or medical debt. Chapter 7 requires you to provide a list of your property. Your nonexempt property may be liquidated to pay your creditors. There are certain types of debts that Chapter 7 cannot eliminate, such as mortgages, car or student loans and tax debt.
To qualify for Chapter 7 bankruptcy, you must pass a means test. The test compares your last six months of disposable income and household expenses to the median averages for similarly situated households in similar locations. An experienced Summerville bankruptcy attorney can help you navigate the complex Chapter 7 qualification process and proceedings.
Chapter 13 Bankruptcy
Chapter 13 is a reorganization bankruptcy for individuals only. It is intended for debtors with a regular income who are able to repay a portion of their debts through a repayment plan. A Summerville bankruptcy attorney can help you craft a manageable repayment plan acceptable to the creditors and court so that you can repay your debt in workable monthly payments at an extended period of three to five years. You are permitted to retain all of your property, including nonexempt assets. However, in exchange, you pay back all or a portion of your debts. Chapter 13 is for those who make too much money to qualify for Chapter 7, as well as for debtors who are able to make monthly payments to catch up on their missed payments or to pay off nondischargeable debts, like child support arrears or alimony.
A knowledgeable Summerville bankruptcy attorney can help you through every step of the bankruptcy procedures. We will give you the best opportunity to feel secure in your finances.
What If I Have a Business?
If you want to file for bankruptcy on behalf of your business, you may file for bankruptcy under Chapter 7, to liquidate the business, or Chapter 11 to restructure your business. If your business is related to farming, you may file under Chapter 12. Filing for bankruptcy on behalf of a business can be complicated and therefore often requires being meticulous. If your business or farm has significant debt, a skilled Summerville bankruptcy attorney can help.
Preparing for Consultation With a Summerville Bankruptcy Attorney
To get the most out of your free consultation with Steadman Law firm, come prepared. Not only should you set enough time aside for the consultation, but you should also gather records so your Summerville bankruptcy attorney can provide you with an accurate assessment of your situation and help you determine whether filing for bankruptcy is your best option. These documents may include the following:
- Pay stubs and other evidence of your income
- List of your monthly bills (e.g., utilities, insurance, food)
- List of your debts, including credit cards, loans, alimony or child support
- Recently filed tax turns
- Copy of your mortgage or lease
- Vehicle loan or lease
- Copy of your credit report
- Lawsuits, court notices or garnishments
- Foreclosure paperwork
- Business records
- Bank statements
- Retirement income or statements
- Life insurance policies
Start the Road to Financial Recovery With a Summerville Bankruptcy Attorney
If you are burdened with overwhelming debt, contact the Steadman Law Firm to speak with an experienced Summerville bankruptcy attorney to learn more about bankruptcy as well as to discuss the best options for you. For a free, confidential consultation, call 843-800-2589 today.