A Chapter 7 Bankruptcy is called a straight/ liquidation Bankruptcy. It is pretty quick, approx 90 days from filing to discharge (forgiveness). A Chapter 7 Trustee reviews/ investigates a Debtor’s assets to determine if any of the assets are worth liquidating for the benefit of the Debtor’s creditors. Because most Debtors’ assets are usually exempt, there may not be a liquidation of the Debtor’s assets. These cases are called “no-asset cases.”
In order to qualify for Chapter 7, a Debtor must pass the means test which determines whether a Debtor’s income is above median (makes too much money to qualify for Chapter 7). If a Debtor is above the median income, the Debtor might need to file for Chapter 13 Bankruptcy to reorganize the debts. The other reasons why a Debtor should file for Chapter 13 Bankruptcy rather than Chapter 7 are because (1) to protect non-exempt assets at risk of liquidation; and/ or (2) the Debtor is behind on payments on a secured asset, such as a mortgage on a house or car payment that the Debtor wants to keep. In those situations, a Debtor might file Chapter 13 to reorganize the debts.
If you have questions about whether Chapter 7 Bankruptcy is right for you, give us a call. We are certified specialists in Bankruptcy Law and focus our practice on assisting individuals and businesses that need debt relief, including Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, debt settlements, reorganizations and workouts and other options. We will work with you to develop and implement your individualized plan for debt resolution. We are passionate about creating innovative effective legal solutions to resolve the financial problems of our clients. We call this “Giving You Peace of Mind.”
Our Process
You will have a free initial consultation where we will review your history, your financial situation and your options.
If you choose to move forward with a bankruptcy filing, you can anticipate a certain procedure in a Chapter 7 case, which is set forth as follows:
1. We will meet with you at a free consultation to discuss your history and where you are financially and your options. If you want to move forward, you will pay the retainer and costs that will be fully explained to you. Your attorney will then meet with you to pull your credit and review the paperwork required.
2. Our office will prepare your bankruptcy paperwork (known as schedules). The bankruptcy schedules are detailed listings of your assets, liabilities, budget and financial affairs. We will work with you to make sure that the schedules are complete and accurate so your case goes as smoothly as possible.
3. Your attorney will meet with you to thoroughly review and sign the schedules and file your case with the Court.
4. Shortly after the schedules have been filed with the Court, you will receive the time and date of your Meeting of Creditors (“MOC”). You and your attorney will meet to thoroughly prepare you for the MOC. We will discuss where to go, when to be there, what to wear, what to bring and what will be asked of you. Your attorney will be with you at the MOC.
4. You should receive a discharge 60 days after your MOC.
5. After you are granted a discharge, you will meet with your attorney for an Exit Conference where we will review where you have been, where you are and where you plan to go from a financial standpoint.
Your attorney is with you every step of the process; and we will give you tools to help you achieve a successful financial future. We call this giving you “Peace of Mind”.
South Carolina median income levels
Full list of South Carolina Bankruptcy Exemptions
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