Chapter 7 Bankruptcy Attorney
A Chapter 7 bankruptcy allows you to wipe away most or all of your unsecured debts and get a fresh start – debt-free. Please note that this does not apply to your secured obligations such as a mortgage or car loan or even some tax debts. When you file Chapter 7 you do not have to restructure your debt like in some other forms of bankruptcy, instead, your unsecured debts are literally forgiven by your creditors. If you have become overwhelmed with credit card bills, medical bills, or other unsecured debts, Chapter 7 could give you the chance to reclaim financial stability. Our South Carolina chapter 7 bankruptcy attorney has the experience and skills to help you achieve this at Stone Law Firm.
Who can file for Chapter 7 Bankruptcy?
There are certain qualifications that you must meet in order to file Chapter 7. Some of these qualifications include:
Current Monthly Income – If your income is too high, you may not file a Chapter 7 bankruptcy petition. If your income calculated over the six-month period prior to filing bankruptcy is more than the median income, you may not be eligible to file a Chapter 7 case. This is known as the “Means Test.” Call us to speak with a local bankruptcy attorney for more details. Visit the US Department of Justice’s website to learn more.
Monthly Disposable Income – If you have disposable income every month, the Judge may want you to file Chapter 13, which allows you to restructure your payment plans with your creditors and pay back a portion of your debt over a five-year period.
Recent Bankruptcy Filing – If you filed a Chapter 7 bankruptcy case within the last eight years and received a Discharge of those debts, you will not be able to file a new Chapter 7 bankruptcy case again until the eight years pass. A Chapter 13 bankruptcy could still be an option if you are experiencing financial struggles, including a car repossession or foreclosure or debt collection. The waiting period is only four years to file a Chapter 13 bankruptcy after a Chapter 7 Discharge.
Contact an experienced bankruptcy attorney today.
Most people who file Chapter 7 do not lose any of their assets because SC state law protects or exempts all of their assets. But if your assets are worth more than the exemptions, you may want to consider Chapter 13 to protect your assets.
COMMON CHAPTER 7 QUESTIONS
We often hear the same questions in our office. The most common Chapter 7 questions we see:
• Do I qualify for Chapter 7 in SC?
• What’s the difference between Chapter 7 and Chapter 13?
• What is the median income for Chapter 7 in SC?
• Do Chapter 7 bankruptcies get denied?
• What assets do you lose in Chapter 7?
• What are the cons of filing Chapter 7?
• What is the minimum amount of debt for Chapter 7?
• Are student loans Dischargeable in Chapter 7 bankruptcy?
• Does Chapter 7 wipe out or clear medical debts?
• Can Chapter 7 bankruptcy wipe out credit card debt ?
• How soon can I file for Chapter 7 again?
• How long does Chapter 7 bankruptcy stay on your credit report?
• Does Chapter 7 bankruptcy forgive or discharge student loan debt?
• Who are the Chapter 7 Trustees in South Carolina?
* Issues to avoid before filing Chapter 7 bankruptcy
* Are tax debts forgiven or wiped out in a Chapter 7 bankruptcy?
* Where is the Bankruptcy Court located? South Carolina Bankruptcy Court locations and addresses in Columbia, Greenville, and Charleston.
* Chapter 7 bankruptcy attorney Youtube Video.
If you want to know the answers to the above questions or you have other Chapter 7 bankruptcy questions, we can do that with a free consultation.
If you feel overwhelmed because of high debt balances and are unable to pay your monthly bills, filing Chapter 7 may be the fresh start that you need. There are requirements you must meet and our South Carolina chapter 7 bankruptcy lawyer, Daniel Stone, will be happy to discuss your individual situation with you.
When you hire Stone Law Firm, you can rest easy knowing that the counsel you receive is backed by over 20 years of experience. Every case we take is examined with care and great attention to detail, and we help clients find the solution that works best for their specific situation.
We serve clients all over South Carolina with office locations in Columbia, Florence, Rock Hill, Charleston and Greenville. If you are looking for an experienced chapter 7 bankruptcy attorney in SC, contact us today to learn how we can help you with your debt! Call (803) 407-6565 or request an appointment using our online form.