In South Carolina, one can as easily get too overwhelmed by the same monetary difficulties as everyone else around, but the options available to individuals and small businesses to seek the same financial relief and rehabilitation exist. Bankruptcy legalities are a good remedy for the insolvent with a channel which gives them a window of opportunity to either restructure funds or start afresh. The topic of this article will be the different types of bankruptcy allowed in South Carolina and the general characteristics and criteria to determine if someone is eligible for them.
Chapter 7 Bankruptcy:
The Chapter 7 bankruptcy, which is also known as liquidation bankruptcy dispatches some of the non-exempt assets so that debts can be paid back to creditors. In South carolina the individuals and the business have the right to file for chapter 7 in case they are meeting the particular income requirements and passing the means test which is taking a part in the evaluation of their ability to repay the debts.
Technically most common bankruptcy is a type of insolvency which releases from most non-collateral debts consisting of credit card balances, medical bills to make a new beginning for the person declaring it. The question “can you file bankruptcy 3 times,”– is often asked. And yes, it is possible for an individual or an entity to file for bankruptcy more than once, even a bankruptcy under Chapter 7. In the end, that moment as well as other situation that led to the filings and the federal bankruptcy statute determinate an applicant’s chances of qualifying for discharge as well as the effects of precedent filings of a particular type.
Chapter 13 Bankruptcy:
The Chapter 13 bankruptcy is often known as the reorganization bankruptcy through which a debtor has the chance to repay his/her debts by means of a predetermined repayment plan that gets spread over a three to five years period. Different than in Chapter 7, filers are able to keep their possessions and to continue living with them as the court-approved planned payment schedule mandates. It is recommended to Chapter 13 for those people with a steady income, who have an intention of preventing a foreclosure of a property like homes or vehicles. In South Caroliny chapter 13 bankruptcy filers has to meet certain debt amount to qualify for change 13.
Chapter 11 Bankruptcy:
Chapter 11 which is the commonly used Bankruptcy law in America is mostly for businesses gives them a chance to restructure debts and keep operating to profitability. As a matter of fact this insolvency/financial restructuring enables companies to stay open and to pay back creditors in accordance with their plan. Chapter 11 offers more expense than some bankruptcy chapters and therefore can accommodate companies, small businesses and individuals, sometimes with millions of assets and liabilities, in their relief efforts.
Chapter 12 Bankruptcy:
The chapter 12 bankruptcy code was aimed at both family farm and fishermen who were a special class of these economic groups who were given special facilities for debt reorganization. It is just these types of bankruptcy that offer people the opportunity to maintain their assets get their finance in order by discharging debts through approved payments. In South Carolina, Chapter 12 of the bankruptcy code, offers the agriculture and fishing industry the means to sustain itself, in an event of failed operations.
Chapter 15 Bankruptcy:
Chapter 15 of the bankruptcy code handles those insolvency cases which involve debtors who have assets in more than one country or creditors who are located in a different nation with their arrears. It thus allows the cooperation of U.S. courts with foreign courts or representatives to conclude the cases with unclear international bankruptcy court proceedings. Chapter 15 proceedings in South Carolina involve entering foreign insolvency into registration and cooperative exploitation of efforts at recovery of assets and creditor distribution.
Every filing for bankruptcy in South Carolina is guided by its own specific mission and the measures it offers also vary from case to case. Choosing Chapter 11 or Chapter 12 for businesses is more appropriate in case the business is somehow too large to categorize as an individual, works in a specific industry, and has restructuring needs. It is very significant for creditors to analyze their financial status well and ask for the legal clarifications. Consequently, they will be able to know the most appropriate chapter of bankruptcy that highly fits their situation.
Being cognizant about the types of bankruptcy as well as the legal procedures and requirements associated with filing bankruptcy in South Carolina is an indispensable element in the process of filing bankruptcy in SC. One can find immeasurable value in working with knowledgeable bankruptcy lawyers. These professionals can help in maintaining compliance with state and federal laws while the debtor aims to achieve debt relief or to restructure under the bankruptcy process.
Contact our Bankruptcy Attorney
Contact our Bankruptcy Attorney at the Reed Law Firm, P.A., With Offices in Columbia and Florence, South Carolina to to understand the types of bankruptcy and what legal procedures and requirements involved in South Carolina foreclosure attorney.
