Do You Qualify For Chapter 7 Bankruptcy?

Qualifications for Chapter 7 Bankruptcy in South Carolina

When it comes to bankruptcy, there are two main options: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves the discharge of most unsecured debt, while Chapter 13 is a debt reorganization and consolidation. Not all unsecured debts are forgiven but many are. Often debts such as credit card, medical debts, and finance loans are discharged in a Chapter 7. In addition, Chapter 7 in some situations discharges income taxes after three years. Common questions we often receive from clients are (1) is there an income limit for Chapter 7 bankruptcy and (2) can you file online?

Not everyone qualifies for Chapter 7 bankruptcy. If your family income is above a certain level or you have assets that you cannot afford to lose, Chapter 13 maybe your best option.  To determine if you are eligible, your local bankruptcy attorney from the Stone Law Firm will need to know your income, debt, assets and household size. They will then calculate your median state income and, if it is below the median, you will typically be able to file for Chapter 7. Many people who are underemployed or unemployed may qualify for Chapter 7 bankruptcy. If you do not qualify for Chapter 7, you may be able to file for Chapter 13 bankruptcy instead.

As to question number two (2), yes there is online filing for Chapter 7 bankruptcy but most likely you will need a bankruptcy attorney to file online. There is expensive software and you will need an account with Pacer to file. I highly recommend that if you are considering filing online, you use a bankruptcy attorney.

If you are considering bankruptcy, it is important to work with a qualified and experienced attorney. At the Stone Law Firm, we work primarily with bankruptcy cases and have been helping residents of Columbia, Florence, Greenville and the surrounding areas. Our team is dedicated to easing your financial stress and helping you find financial freedom. In addition, we take pride in not forcing or talking clients into filing bankruptcy if there are other options available. There are other options to dealing with debt that we can discuss at your initial consultation. Your best interest is our number one concern. If you would like to learn more, please feel free to contact us to schedule a consultation and learn more about which type of debt solution may be right for you.

- Stone Law Firm