Find a Bankruptcy Lawyer in Beaufort, South Carolina

Find the right Bankruptcy attorney in Beaufort, SC

In Beaufort, South Carolina, bankruptcy is a judicial process in which the debts of a person or business can be absolved or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is sometimes more economically proficient than requiring the debtor to pay off everything they owe. Of course, one should never view bankruptcy as a "get out of debt free" card, allowing someone to be absolved of their obligation to pay their debts just because they don't want to. It is meant to serve as a lifeline, preventing unmanageable debt from resulting in complete financial ruin. Accordingly, it is best treated as an option of last resort, because it can carry with it significant negative consequences, which must be weighed against the possible benefits. For example, filing for bankruptcy can severely damage a person's credit rating.

Accordingly, it might be a good idea to consult with a Beaufort, South Carolina bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Beaufort could prove invaluable.

Types of Bankruptcy in Beaufort, South Carolina

In Beaufort, South Carolina, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Beaufort, South Carolina will be similar anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and varied classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other recognized bankruptcy scheme used by consumers in Beaufort is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the contracts that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Beaufort Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Beaufort lightly. Before making any such decision, it would be highly advisable to contact an accomplished Beaufort bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Beaufort

The city of Beaufort is the county seat of Beaufort County in South Carolina. Beaufort is situated on Port Royal Islands, in the Sea Islands and Lowcountry areas. Sometimes the city is confused with a city of the same name in North Carolina- the two have the same spelling but are pronounced differently.

Beaufort is known for its scenery and historic feel. Many of the buildings located there are done in antebellum style architecture. It is the second oldest city in the state and boasts a population of about 13,000. The downtown historic district is where much of the original Beaufort settlement can still be found. Other neighborhoods include the Pigeon Point, West End, Spanish Point, and Battery Creek areas.

Tourism has become the main focal point of the Beaufort economy. The city's hotel and bed breakfast scene thrives due to visitors seeking beach vacations, golfing areas, and watersport opportunities.

Lawyers in Beaufort usually visit the Beaufort Municipal Court when filing claims. Many Beaufort, South Carolina lawyers are members of the Beaufort County Bar Association as well as the South Carolina Bar Association. Beaufort lawyers specialize in a variety of legal fields and practices.

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