Whether you are out of work, living paycheck to paycheck or just up to your neck in loans most people at some point have flirted with the idea of ditching their debt.

The reasons for filing bankruptcy vary but over 30% of the bankruptcy cases filed are a result of job or income loss. 37 % of the filing are due to medical and job-related reasons. The reality of bankruptcy is that it’s a complicated legal process that will destroy your credit score.

Bankruptcy laws have become more complicated and new reforms that went into effect in 2005 makes it harder to qualify for bankruptcy and even excludes certain people from filing Chapter 7 completely.

These new reforms require that people filing for bankruptcy must go through credit counseling within 6 months prior to filing for bankruptcy. The exceptions to this would be in the case of lack of qualified agencies to provide counseling and certain emergencies.

How do you know whether to file a Chapter 7 or 13 bankruptcy?

The decision to have debts forgiven under Chapter 7 or to formulate a plan for repayment under Chapter 13 is made after careful attention is given to the types of debts owed, the property owned, and the income of the Debtor. Every situation is different and should be analyzed by a bankruptcy attorney.
Learn more about the specifics of Chapter 7 and Chapter 13 bankruptcy.

At Stone Law Firm, we’ve seen first-hand how bankruptcy helps relieve financial problems from honest, hard-working people. When you take that first step in getting help from a bankruptcy attorney, you can start planning your future. Always remember that you are not alone in this. There are many other people dealing with a financial crisis and struggling with keeping their home, car and paying off debt. If you are facing these same types of problems, we can help.

Stone Law Firm is a bankruptcy and debt relief attorney located in Irmo, SC. We represent clients in the Columbia, SC and Florence, SC areas. Call us for a free consultation at:

Columbia area: 803-407-6565

Florence area: 843-679-2001

Also see Chapter 7 Bankruptcy Chapter 13 Bankruptcy