Consumer Bankruptcy Lawyers in Spartanburg, South Carolina

Find the right Consumer Bankruptcy attorney in Spartanburg, SC

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. 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 eventually decide that they are outweighed by the benefits. Bankruptcy is a formation of federal law, and goes through federal courts. Therefore, the process governing bankruptcy in South Carolina will be roughly the same as it is everywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Spartanburg, South Carolina before you file.

Chapter 7 Bankruptcy in Spartanburg, South Carolina

There are 2 typical forms of consumer bankruptcies in Spartanburg, South Carolina: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 involves liquidation of part 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 typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the appropriate property is sold, and the funds transferred to the creditors, the dischargeable debt is absolved. Some forms of debt, however, can't be excused in Chapter 7 Bankruptcy in Spartanburg, South Carolina. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be excused, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Spartanburg, South Carolina

Chapter 13 Bankruptcy in Spartanburg, South Carolina is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each distinct case. Chapter 13 does not absolve any debt, but it creates a new payment plan that should give the debtor some breathing room. Typically, all of the debts are consolidated into 1 periodic payment. While this may make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

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

This depends entirely on the facts of your specific case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Of course, you should always seek the counsel of an accomplished local Spartanburg, South Carolina bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Spartanburg

Spartanburg describes itself as "historically southern, culturally modern." The city is located near the Blue Ridge Mountains. It has a pleasant climate and a population of around 40,000. It is specifically located at the I-26 and I-85 junctions, making it nearby to the beach, mountains, and resorts!

Popular sites include the Spartanburg Little Theater at the Chapman Cultural Center, Duncan Park, Spartanburg County Museum of Art, Spartanburg Memorial Auditorium, Tony White Theatre and Twichell Auditorium. Downtown is also filled with great shopping and dining!

The legal force also has a presence in Spartanburg because many attorneys have established successful practices here. These attorneys are very experienced in their respective fields and focus on provide excellent legal services to local residents and businesses.

All in all, Spartanburg is a charming city to both live in and visit!

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