Find a Bankruptcy Lawyer in North Myrtle Beach, South Carolina

Find the right Bankruptcy attorney in North Myrtle Beach, SC

In North Myrtle Beach, South Carolina, bankruptcy is a judicial process in which the debts of a person or business can be excused or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically feasible than requiring the debtor to pay off everything they owe. Remember, though, that bankruptcy should not be viewed as a proper way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the possible benefits.

Therefore, it is advisable to consult with an experienced North Myrtle Beach, South Carolina bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a North Myrtle Beach bankruptcy attorney cannot be replaced.

Types of Bankruptcy in North Myrtle Beach, South Carolina

There are three basic bankruptcy schemes that are most commonly used in North Myrtle Beach: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in North Myrtle Beach, South Carolina will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is fulfilled, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

Under Chapter 13 bankruptcy in North Myrtle Beach, 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 prolonged period of time, thus 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 Chapter 11 bankruptcy can be used by individuals, it is almost always 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 authorized by a vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a North Myrtle Beach Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of applying for bankruptcy in North Myrtle Beach cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a North Myrtle Beach bankruptcy attorney beforehand.

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Life in North Myrtle Beach

North Myrtle Beach, South Carolina is a city located on the Atlantic coast, on Horry County. As of the year 2000, North Myrtle Beach has a population of about 11,000 people.

The area now comprising North Myrtle Beach, South Carolina was first explored by Europeans when the Spanish reached the area in 1514. Blackbeard's pirates set up camps and outposts in the area in the 1700s, contributing to the area's storied history.

North Myrtle Beach is a very popular resort town, serving tens of thousands of visitors each year.

North Myrtle Beach is right on the Atlantic coast, and features miles of beautiful beaches, and warm waters for swimming in during the summer months.

Needless to say, tourism is a crucial component of the economy of North Myrtle Beach, South Carolina. There are many businesses in the city that support the tourism industry, including hotels, restaurants, and souvenir retailers.

If you live in North Myrtle Beach, South Carolina, and need an attorney, it's very likely that you'll be able to find one who's right for you. North Myrtle Beach, South Carolina lawyers can handle just about any legal issue they're faced with. If you need legal advice, you should contact a North Myrtle Beach, South Carolina lawyer immediately.

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