Consumer Bankruptcy Lawyers in North Charleston, South Carolina

Find the right Consumer Bankruptcy attorney in North Charleston, SC

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt discharged. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in South Carolina will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local North Charleston, South Carolina before you file.

Chapter 7 Bankruptcy in North Charleston, South Carolina

There are 2 main types of consumer bankruptcies in North Charleston, South Carolina: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in North Charleston, South Carolina is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in North Charleston, South Carolina

Chapter 13 Bankruptcy in North Charleston, South Carolina is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each individual case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in North Charleston, South Carolina

The answer to this question depends heavily on your individual situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy attorney in North Charleston, South Carolina. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in North Charleston

North Charleston offers residents a wonderful quality of life! It has affordable living, great dining and entertainment, charming attractions, and no parking meters!

Some popular sites include the North Charleston and American LaFrance Fire Museum and Educational Center, The Charleston Area Convention Center Complex, the North Charleston Coliseum, the Christmas Lighting Festival and Parade, the annual Arts Festival, weekly Farmers Markets, and the Golf Club at Wescott Plantation.

North Charleston is seen as South Carolina's "retail leader" attracting many small businesses and boutiques. To serve these businesses, the city is home to many attorneys that practice law in various areas. These attorneys ensure excellent personalized legal services to protect both local businesses and residents.

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