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Concerned Mother Raises Questions
One concerned Mother recently blogged a bankruptcy forum website about her son who had a car accident. He was found at fault in the accident, and his driver’s license was taken away. The party who the son was involved in the accident with filed a lawsuit against him and was awarded a judgment for $7000.
The state court of jurisdiction handling the lawsuit said the son could not get his driver’s license back until he paid the debt in full. The son is married, has four children, barely makes enough income to support his family of six, and needs the car to continue working. The people awarded the $7000 is demanding the payment in full or “forget it.” The Mother wants to know if the son filed a Chapter 7 bankruptcy, would he be able to have the debt of the judgment discharged by the bankruptcy? She also wanted to know if the judgment is discharged, could he get his license back?
Without more information from the woman about the son’s circumstances during the judgment phase of the lawsuit, it is almost impossible to provide good answers to her questions.
Exemptions from Bankruptcy Discharge
There are certain lawsuit judgments that are exempt from bankruptcy discharge. As an example of one, if a person is found guilty of having an automobile accident while under the influence of alcohol, the damages awarded in a lawsuit judgment cannot be discharged by a bankruptcy.
State laws might conflict with federal laws concerning losing your driver’s license for an automobile accident, so when it comes to an automobile accident judgment award during a federal bankruptcy case, some possibilities exist where a debtor filing bankruptcy might have those awards discharged. Since the federal law says the judgment award is forgiven, the debtor would have a good case to get his or her driver’s license back because the state awarded judgment would be satisfied by federal law.
If the son was under the influence of alcohol during the accident, he would not be able to have the judgment award discharged in a bankruptcy, but he could petition either the state or bankruptcy court to make out a reasonable plan to satisfy the award because of his financial hardships. Either a civil lawyer or bankruptcy lawyer could petition one of the courts to force the party who was awarded judgment to abandon their all or nothing stance concerning the $7000 award. In addition, a successful appeal to return the driver’s license due to his hardship might allow the son enough time and the transportation to pay the award off in a timely fashion.
Experience Recommended to Petition Hardship Cases.
Hiring a lawyer to petition the court for such a hardship case could be a cost prohibitive move for the son. He could petition either court Pro Se, but the complexity of his situation might make it hard for an inexperienced petitioner to win a hardship case. What the son mostly likely needs is an experienced lawyer.
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Some people question whether of not the mythological Chapter 20 is legal. The Chapter 20 is named for when a debtor files a Chapter 7 and then soon after files a Chapter 13. Adding the two numbers associated with the bankruptcy types give you the mythological name.
2005 Law Changes Common Practices
In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act to help control bankruptcy serial filing and abuse of the system. It used to be common practice for a debtor with few assets other than a homestead to file a Chapter 7 to get all of their unsecured debts discharged, and then to immediately turn around and file a Chapter 13 to strip any second liens on the mortgage of their home. That is when the use of the mythological term of a Chapter 20 for such practices became a popular description of the move.
The new bankruptcy law determined when a debtor can file for bankruptcy protection after once filing. Under the 2005 law, a debtor cannot file a Chapter 13 after the discharge of a Chapter 7 until four years has gone by. Some bankruptcy courts today are challenging the ability to strip a lien after in a Chapter 13 after debts have been completely discharged in a Chapter 7. These moves by the bankruptcy court make it near impossible to enjoy the benefits of a mythological Chapter 20.
Handling Primary and Secondary Liens in the Bankruptcy Process
When filing a Chapter 13 before filing a Chapter 7, the primary lien of a secured loan continues through the bankruptcy in tact, but secondary liens can be stripped to make the secondary loan an unsecured loan if the primary loan is more than the current value of the secured property. The debt of a secured loan can be discharged once the Chapter 13 plan has been finished.
The Legal Effects on a Chapter 20 by the New Law Changes
In effect, then, the mythological Chapter 20 in some bankruptcy courts is illegal and in others, the maneuver seems to be legal. The only problem today of trying to put the Chapter 20 concept in place is waiting the four years to be able to file the Chapter 13 and strip the secondary liens, and then finding a bankruptcy court who is willing to allow the practice. While waiting four years to file a Chapter 13, mortgage lien holders have plenty of time to petition the bankruptcy court to remove the stay and start the foreclosure process.
Determining Which Bankruptcy is Right for You
In determining which bankruptcy is right for you, the complicated law changes have forced most Pro Se wannabe filers into having to consult with experienced bankruptcy lawyers in order to determine how the bankruptcy law changes have affected your situation. In addition, it is now important for you as a wannabe Chapter 20 filer to be familiar with which bankruptcy court will allow the concept to play out.
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Filing for bankruptcy protection is the Constitutional right of every American if the situation arises, but you are not born with the knowledge of the process. Filing bankruptcy is a learning experience and by the nature of the process, you will experience a variety of stress after filing.
Bankruptcy forums all across the internet provide illustrations galore of the stress related activities associated with filing for bankruptcy. Here are just some of the stress situations that can arise after filing bankruptcy:
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Stress about finding a good bankruptcy lawyer to represent your case. Many bankruptcy lawyers will give you a free first consultation to see if you and the lawyer are compatible for your particular situation. Here, the lawyer will evaluate your case and discuss his or her fee. Although the ordeal can be stressful, it is good to get several consultations before you choose a lawyer.
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Filling out your bankruptcy application forms can be stressful. There are a variety of detailed schedules and forms you must accurately fill out that must accompany your petition to file. Many bloggers on bankruptcy forums reveal how stressful this part of the process can be.
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The Creditor’s 341 Meeting can be stressful if you do not know what to expect. As the bankruptcy filer, you are required to attend the Creditor’s 341 Meeting. This meeting is an opportunity for your creditors to meet with you face to face and ask questions directly to you relating to the debt you owe them. Most of the time, most creditors will not even bother to attend the meeting, and it is rare when they do. Your lawyer should be with you at the meeting, and the bankruptcy court trustee usually asks you some standard questions. It is also a time for the trustee to give you further instructions for completing the bankruptcy. Most of these meetings last less than 15 minutes.
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Adversarial proceeding can often be stressful events during a bankruptcy. A creditor, bankruptcy trustee, or yourself can challenge what one side or the other is doing during the process. The adversarial proceeding is a legal process that must be formally petitioned to the bankruptcy court judge, to be heard, and to be decided upon by a binding decision. These proceedings can provide tense and stressful moments during a bankruptcy, but they are the exceptions to the rule for simple bankruptcies with little or no assets.
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Presumption of abuse cases in a Chapter 7 bankruptcy can often be very stressful. Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005 to primarily deal with serial filers and abuse of the bankruptcy system. A creditor and trustee can challenge your filing a bankruptcy for potential abuse on a variety of charges. It is up to you to legally defend the presumption if one is filed. These can be very stressful to the first time filer.
One of the best ways to avoid so much stress for a first time filer is to hire an experienced bankruptcy attorney to help you with your particular situation.
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Community Property Defined
Community property can be defined as a marital property system providing for the creation of a marital estate whereby the assets included in the estate are managed and jointly owned by the individuals married.
The marital property regime, or community property, has been established in civil law in some states in the United States and is associated with common law in other states. The idea of community property carries the idea of equal asset ownership.
Non community property states attempt to divide up the assets of the marital estate depending on who made the contributions of the assets to the estate. Ideally, each asset found in a non community marital regime can be determined as to who owns the property in the case of a divorce within the marriage.
Whether of not a marriage is a community property marriage or a non community property marriage has an influence of the bankruptcy process if either or both of the marital participants file for bankruptcy.
Authority in Dealing with Community Property and Bankruptcy
Federal bankruptcy laws are the primary source of authority for filing a bankruptcy, but the federal laws cannot supersede state community property laws after the fact. A decree made by a state judge on community property cannot be overridden by a decree of a federal bankruptcy judge if the state judge made the decision prior to a client filing bankruptcy or was not privy to the bankruptcy.
An Illustrated Event Where Both Laws Collide
An example of that actually happening recently occurred when a wife was awarded the non community property of the car which was in the husband’s name. The husband still owed money on the car.
The husband, who didn’t challenge the divorce, filed for Chapter 7 bankruptcy protection before the divorce decree went forward. The divorce court was not aware of the where the husband was when notification of the decree went out. The bankruptcy judge was not aware of the divorce decree, and when the bankruptcy closed, the debt on the automobile was discharged.
Unfortunately for the filing husband, the divorce court judge found him in contempt of court when he failed to make the discharged payments for the car. It is at this point the husband began learning the process on the order of events. The wife had kept the car, and it was in the state in which she filed divorce. The wife thought the husband would pay for the car since she won it in divorce court, and the husband thought the loan on the car was discharged in bankruptcy. An arrest warrant was sent out for the husband in the state the wife resided.
What About The Third Party?
On top of that to complicate matters further, neither courts gave consideration to the lien on the vehicle. Liens are not discharged in bankruptcy, and the lien holder had the right after the bankruptcy closed to repossess the car, the true owner.
On the other hand, it would be interesting to see how it eventually played out concerning how the divorce court judge handled the lien.
When Laws Get Complicated, Get you a Bankruptcy Lawyer
When you mix community property with bankruptcy, the laws get complicated. That is why it is wise to have a bankruptcy lawyer on your side when you file such a complicated case.
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It is bad enough when the economy turns down, the price of your residence gets upside down in comparison to your financial obligation to a mortgage payment, your mortgage payment lender refuses to cooperate with you on a modification or refinance of your original loan, but when you start to get into trouble with a closed community which has homeowner association fees, you just don’t know what trouble really is, until a scam on that association takes place.
Scam Illustrated
If you don’t believe me, ask Wanda Murray who once thought buying a retirement condominium in “Sin City” was a great idea. The idea she and her husband, who had worked and lived in the cold east while saving for retirement years all their lives, should buy a condominium in a closed gated community and then expect to spend time living a full life under the Nevada sun without the worry of working on a yard or home, is not a novel idea. The homeowner association seemed like the perfect approach to retirement and a reasonable financial obligation for the effort.
Wanda and her husband bought their dream retirement in 2002, but it was not long before their dream retirement turned into a nightmare. The entire homeowner association they purchased into became subject to an organized scam. By 2008, the association was eventually bankrupted by the organizers of the scam, committing over 8 million dollars of borrowed money, all in the name of the association, to businesses owned and operated by the same scam artists and their cohorts. Without realizing it, Murray and husband’s financial obligation was getting deeper.
Murray served on the homeowner association board and was an eye witness to all the shenanigans pulled by the scam artists. Eventually, the FBI investigated the scam and is currently prosecuting the perpetrator. The FBI stepping in was a good thing, but it may not be enough to thwart the financial obligation left behind.
Murray and husband moved out the gated community in 2008 and are currently living in a nearby development. They had to let their dream home slip into foreclosure, both vowing to stay away from a homeowner association in the future.
Homeowner Association has Effects on Bankruptcy
Homeowner association fees can be discharged in bankruptcy, but the fees can continue on through and after the bankruptcy process. So in effect, Murray and her husband might still have a financial obligation to the homeowner association in the form of fees and their portion of any of the debts made by the homeowner association while the scam artists were in control. Technically, until they can get their names legally untangled from the ownership of the condominium, their financial obligation might be for paying the fees and their portion of debt, even if they were to file bankruptcy. One exception to this fact is that if the homeowner association goes bankrupt, the debtors then might have the debts discharged.
Starting the foreclosure process does not automatically release a homeowner from certain financial obligations. Paying homeowner association fees and other association obligations only pass with the transfer of title or a release of the obligation by the homeowner association.
A homeowner association financial obligation can be discharged by bankruptcy up until the close of the bankruptcy. All new homeowner association obligations after the close of a bankruptcy are legal obligations you are expected to pay until the transfer of title takes place.
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The Future of 2012 Financial Prediction
According to recent news reports, some speculators are predicting the future of 2012 is going to be the year of bankruptcy. The speculators are looking to pick up bankrupt businesses for pennies on the dollar.
American and European Debt Crisis
What is driving the saliva to flow in these scavengers is the shakiness of the United States debt crisis. Risky companies that were able to borrow money from investors these past several years at unusually low interest rates will most likely get cut off when the crisis kicks into full gear.
The United States is already 15 trillion dollars in debt, and currently, the income taken in by the United States in taxes will not even pay the interest on the debt crisis. These facts will most assuredly drive interest rates up in the near future.
What will kick the bankruptcies into full gear is having to refinance the stressed bonds and the stocks of buyout debt coming due in 2012. Combine these facts with the previous three years of investments showing risk fatigue, and you have a recipe for defaults to follow.
Three Industries Heavily Leveraged
Some experts are predicting that the gaming industry, entertainment industry, and the oil services industry will be the most affected by the debt crisis and rising interest rates because they have been heavily leveraged industries. Some experts have suggested as much as 25% of the gaming, entertainment, and oil service’s debt will be coming due in 2012. If they cannot restructure or refinance their stocks and bonds, the end result will be bankruptcy for many of them.
If what these economic experts are saying is true, look for an even more sluggish economy in the United States in the future of 2012, because the past few years the gaming, entertainment and oil service industries have been the backbone of any type of good news concerning employment and company profit. A rash of bankruptcies within theses industries in 2012 might have another enormous affect on the overall employment health within the United States.
Individual American Worker Depends on Healthy Industry
More downturns in the already existing sluggish economy and the future of 2012 certainly may be looked back on as the year of bankruptcy. As industry sectors in the United States thrive so does the individual workers who support the industries, but when the industries begin to struggle with such things as default and bankruptcy, unemployment is always a result. Unemployment is one of the largest contributing factors for individuals to file for bankruptcy.
What You May Have to if the Industry You Work for Defaults in 2012
If you are dependent on the gaming, entertainment, or oil services industries for employment, or if you are dependent on any other industry that is heavily leveraged, the future of 2012 might be a time you will have to face making financial decisions concerning bankruptcy.
If you lose your job and get caught up in bankruptcy, bankruptcy laws can be very complicated. You will most likely need a bankruptcy lawyer to help answer any questions you might have on bankruptcy laws and how they apply in your particular situation. Contact a bankruptcy attorney in your area.
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Bankruptcy is all about taking advantage of your Constitutional right to end all your bad financial relationships while protecting what assets you can in order to make a fresh new financial start. There are a wide range of bankruptcies an individual can take advantage of to protect his or her assets. Here is the bankruptcy spectrum for protecting individual assets.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is for an individual with an income below the median income for a family the same size living within the same state. If your income is more than the median income, you can still file a Chapter 7 bankruptcy is you can pass the Means Test.
Your assets are protected in a Chapter 7 by state and federal exemption laws when the bankruptcy court appointed trustee liquidates your assets to pay off your unsecured debtors. Normally, these assets are enough to help you and your family with a fresh new financial start over.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is designed for an individual who has an income that surpasses the median income for the same sized family in the state in which you currently live. When you cannot pass the Means Test, this type bankruptcy might be an option for you.
Here, all of your non-exempt assets can be protected as well as your exempt assets. A 3 or 5 year plan is devised to pay all or a portion of your unsecured debts with your monthly disposable income. With a 100% plan, you can virtually keep all of your assets if you desire.
Chapter 12 Bankruptcy
A Chapter 12 bankruptcy is a voluntary bankruptcy designed for farmers and fisherman who make a steady income off their prospective endeavors. This type of bankruptcy allows the debtor to establish a plan to pay off all or part of its unsecured debts over an established period of time.
The non-exempt and exempt assets are protected from the creditors as long as the bankruptcy is in force. There are special exemptions for this type of bankruptcy.
Chapter 11 Bankruptcy
A Chapter 11 bankruptcy is used primarily for an individual in a business, and it is very similar to a Chapter 13. The main difference is that in a Chapter 11, a trustee can run the daily business operations of the business if there has been a cause shown where the debtor should not run the business an longer.
In a Chapter 11 bankruptcy, all the assets remain with the business and under the direction, discretion, and handling by the one currently running the business.
The personal assets of the individual filing a Chapter 11 bankruptcy are protected as long as the bankruptcy is in process and they were not used as secured collateral for starting the business.
The bankruptcy spectrum runs long, and it involves a very complex web of bankruptcy laws. Deciding which bankruptcy is right for you is a complicated decision that may require the help of a bankruptcy lawyer. Let us help you find a bankruptcy attorney in your area.
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Is Bankruptcy Reform Fair?
There is no doubt, since the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005(BAPCPA), bankruptcy reform has made filing for bankruptcy much more costly, but is it a fair bankruptcy reform?
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The idea of regulations and rules is to even the playing field for all the active interactions of players in a game. If we see our daily financial interactions in a similar way, that our lives are made up of American citizens interacting financially with one another, it should not be such a stretch to see us as players in a game of consumption where we compete against one another for survival and supremacy within a given group.
In this scenario, the group is the greater United States, and supremacy involves the American Dream of obtaining wealth and status in life. In our pursuit of happiness through obtaining the American Dream, without rules and regulations to provide law within the competition, we would all be subject to chaotic developments in obtaining our goals brought on by aggressive competitors. The Archbishop of Ireland once said, “Law is order in liberty, and without order liberty is social chaos.”
Bankruptcy Reform is Costly
The BAPCPA was enacted into law because a certain group of American citizens thought the playing field between creditors and debtors had tilted to give the debtors too big an edge in the bankruptcy process. This bankruptcy reform in law focused on the abuse of debtors using the bankruptcy process as a means to escape their duty to pay their debts. Many felt like serial abuse occurred in the frequency of filing bankruptcy. To even the playing field, Congress passed the law mandating a Means Test to qualify for filing a Chapter 7 bankruptcy and for determining how long a Chapter 13 plan was to be made.
The new regulations have come under recent criticism because with all the new laws comes additional costs of administering them. According to a news article published in USA Today and posted on December 22, 2011, “consumers now pay as much as 55% more since the 2005 bankruptcy reform was passed.” Additional costs come in the form of higher attorney fees, court costs, increased paperwork, and added steps like required counseling before and after filing bankruptcy.
Is Not Making the Reforms More Costly in the Long Run?
A certain rank in both bankruptcy professionals and citizenry think the new law is excessive and too costly, but are they fair? Bankruptcy reform or any other kind of reform may be costly, but shouldn’t the real question be, “Is not making the reforms more costly in the long run?”
Bankruptcy laws were never designed to allow deadbeats and criminals to have a loop hole in order to beat their debts. On the other hand, they were designed to allow an honest debtor a chance at a new beginning through forgiveness and a fresh new start.
Bankruptcy reform should be all about providing a balanced approach in dealing with creditors and debtors. If the bankruptcy reform costs more money to provide the even playing field, so be it. This writer thinks this type of effort is not only fair but necessary in providing a stable economy.
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Prior to the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, before filing for bankruptcy, many people would move to another state that had a more generous homestead exemption than the one they were living in. The new law has much stricter requirements as to which state’s home exemption you can use. However, if you live in a state that allows the choice of federal exemptions, then you can choose the federal exemptions regardless of how long you were living in the state. With personal bankruptcies still on the rise in 2011and the housing crisis causing thousands of homes to be upside down, understanding homestead exemptions is critical if you plan on filing for bankruptcy any time soon.
This personal bankruptcy story was posted on the internet in February of 2011 as comments in a bankruptcy discussion: “I’m new here so not sure if I’m in the right place but I live in nw Indiana.
We are getting ready to file bk soon. We cannot afford to live in this home any longer. It is mortgaged with no equity and lost 30% of it’s value due to the economy. Our business closed and we tapped all savings and credit cards and have not been able to open a successful business or find gainful employment. We have a previous home that has no mortgage. We used to live there about 4 years ago.
We owe about $15k in property tax there. We plan to move back to our previous home that is being rented now…We’d like to use our previous home for the homestead exemption. Does anyone know how long we have to live there to claim it as our primary residence?”
The debtor in this personal bankruptcy illustration has questions about how long she must live in a residence to claim a homestead exemption. The federal exemption for a homestead is limited to $125,000 if the property was acquired within the previous 1215 day (3.3 years). The cap is not applicable to any interest transferred from a debtor’s previous principal residence. The value of the state homestead exemption is reduced by any addition to the value brought about on account of a disposition of nonexempt property made by the debtor during the 10 years prior to the bankruptcy filing. An absolute $125,000 homestead cap applies if either: the court determines that the debtor has been convicted of a felony demonstrating that the filing of the case was a abuse of the provision of the Bankruptcy Code; or the debtor owes a debt arising from a violation of federal or state securities laws, fiduciary fraud, racketeering, or crimes or intentional torts that caused serious bodily injury or death in the preceding 5 years.
The state you use for your exemptions is: the state you lived in for the 730 days (2 years) before filing; or if you did not live in a single state in the previous 2 years you use the state where you lived the majority of the 180 period preceding the 2 year period; or if the preceding renders you ineligible for any exemptions then the debtor is allowed to choose the federal exemptions.
In the case of the debtors in our illustration, they have lived in Indiana for the previous 4 years. That means most likely they cannot go back to their former out of state residence to claim their exemption. Since they currently live in Indiana, a state that does not allow federal homestead exemptions, their homestead exemption is $17,600 of equity (husband and wife may double exemption). The $35,200 is all the husband and wife can protect concerning the two houses. Since they are upside down on their mortgage in Indiana, that house most likely will not be sold. The out of state house most likely will be sold and after the $15,000 back taxes are paid, what is left will be divided up between the homeowner, who gets the first $35,200 (if joint owned), and unsecured creditors, who will get the remainder of the proceeds of the sell. Of course, closing costs, which will include all the costs to sell the home, will be taken out when the house is sold.
Bankruptcy laws can be complicated, and common sense indicates you will probably need a bankruptcy lawyer in order to properly understand how these complex laws may apply in your situation. If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan area of Indianapolis, Indiana, contact us today. We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.
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Former President Thomas Jefferson, the author of the Declaration of Independence, although born into one of the wealthiest families in North America, was deeply in debt when he died. Jefferson’s trouble began when his father-in-law died, and he and his brothers-in-law quickly divided the estate before its debts were settled. It made each of them liable for the whole amount due, and that turned out to be more than they expected. Jefferson sold land before the American Revolution to pay off the debts, but by the time he received payment, the paper money was worthless amid the skyrocketing inflation of the war years. British General Cornwallis ravaged Jefferson’s plantation during the war, and British creditors resumed their collection efforts when the conflict ended. Jefferson suffered another financial setback when he cosigned notes for a relative who reneged on debts in the financial Panic of 1819. Only Jefferson’s public stature prevented creditors from seizing Monticello and selling it out from under him during his lifetime. After his death, his possessions were sold at auction. In 1831, Jefferson’s 552 acres were sold to James T. Barclay for $7,000.
Whether you live in or around Greenville, Spartanburg, or Anderson, South Carolina, whether you are rich or famous, poor or infamous, or even if you are the former President of the United States, bankruptcy can occur to anyone for a variety of reasons. It can happen to you.
Bankruptcy is defined as a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Any event like a loss of job, illness, or divorce can cause you to face a bankruptcy. The fault can lie with a partner or an outside source, but if you do not have the income to pay your living expenses and all your creditors within a five year period, more than likely you are bankrupt.
The Associated Press claims that bankruptcies filed in the US in 2009 totaled 1.4 million, which includes both businesses and individuals. That would be a 300% increase since 2006. In South Carolina, there were 9,750 cumulative filings, up 15% from 2008. The trend knows no state boundary.
There are two types of bankruptcies- voluntary and involuntary. An involuntary bankruptcy occurs when a creditor forces you into bankruptcy by filing for legal proceedings, but the most common bankruptcy is the voluntary type where a business or an individual realizes their predicament and files for proceedings.
An individual can file either a chapter 7 or a chapter 13 bankruptcy. A chapter 7, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. A chapter 13, commonly called a wage earners plan is available to individuals, and it enables those with regular income to develop a plan to repay all or part of their debts.
If you have an income and qualify for a chapter 13, there are certain advantages for filing one. These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief. Filing a chapter 7 will not afford you these various opportunities listed. So, if you have assets you want to keep, you currently have an income, and you want to try to pay your creditors as much as what is reasonable, you may want to consider filing a chapter 13 bankruptcy. But, if you do not have many assets, you do not have a mortgage, you just want to get out from under the burden of your debts, and you qualify, you may want to consider filing a chapter 7 bankruptcy.
If you have found yourself facing the fact your income will not support your living expenses and current bills, you may have to consider filing for bankruptcy. After all, it can happen to you. If this is the case, please consider allowing a bankruptcy lawyer to properly help you understand how these complex laws may apply in your situation. If you have determined that bankruptcy can and has happened to you, and you live in or around Greenville, Spartanburg, or Anderson, South Carolina, contact us today and we will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.
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