Find a Bankruptcy Lawyer in Greenwood, South Carolina

Find the right Bankruptcy attorney in Greenwood, SC

In Greenwood, South Carolina, bankruptcy is a judicial process in which the debts of a person or business can be eliminated 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 efficient 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 relieved 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 Greenwood, 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 difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Greenwood could prove invaluable.

Types of Bankruptcy in Greenwood, South Carolina

In Greenwood, 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 Greenwood, South Carolina will be similar anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

Under Chapter 13 bankruptcy in Greenwood, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Greenwood Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Greenwood

Greenwood is a city in Greenwood County, South Carolina. It is the county seat of Greenwood County, and has a population of about 23,000 people. Greenwood, South Carolina is home to the annual Festival of Flowers, which happens in early June. The festival is sponsored by a local company, Park Seed Corporation, which is one of the largest gardening concerns in the world. The festival shows of the abundant flowers of the area, as well as flower arrangements. Furthermore, it features jazz concerts, airplane flights for children, food from around the globe, a dog show, and a classic car show.

In July, Greenwood hosts the Festival of Discovery, which focuses on the folklore, culture, and traditions of the region, and features cookoffs, music, and other events.

Greenwood is home to several large corporations, which are major employers for the area, including Fujifilm, Milliken Textiles, andmajor offices of PepsiCo.

Given the diversity of the business community in Greenwood, South Carolina, it should be apparent that there are plenty of skilled and sophisticated Greenwood, South Carolina attorneys who can handle any legal problem that you might be facing.

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