5:06 p.m. - 2010-06-05
Filing for Bankruptcy in South Carolina
Generally, individuals think more than twice before filing a bankruptcy application. One of the reasons is the disgrace that they and their family members would carry once they are declared bankrupt. Apart from this, after declaration of bankruptcy, their credit standing drops and they find it hard to get new loans. Some financial advisers suggest that before filing the application, youl should explore all possible avenues to liquidate the loan. The application for bankruptcy should be filed only as a last resort.
Normally individuals are allowed to file bankruptcy application under Chapter 13. In the year 2005, the bankruptcy law has been amended and the procedure for considering the application has been made more difficult. This has been done to ensure that only those who are really in a financial mess would derive benefit from the bankruptcy law. The attorney who pleads for the individual has to exercise more caution in filing the application. Applications can be filed under Chapter 7 only if the income of the individual is more than the median of the State. If it is not so, then the individual will have to file it under Chapter 13.
A Greenville SC bankruptcy attorney will take the time to listen and understand your situation and answer any questions you have. Some mayeven offer payment plans. Filing bankruptcy is not cheap, so think carefully before proceeding. Many Greenville SC Bankruptcy attorneys charge on average $1,000-$2,000. And most are willing to work with you on payment plans.
When applications are filed under Chapter 13, the court will normally allow to clear the debt, perhaps 3-5 years. This is only to ensure that the individual would make all efforts to liquidate his assets or find some appropriate ways to raise necessary funds to clear the debt. During this period, the creditors are not allowed to contact the debtor unnecessarily.
The bankruptcy Act as amended in 2005 aims to reduce frivolous applicants approaching the court. This is aimed only to help the genuine applicants who are really in distressed financial condition. The Greenville SC Bankruptcy attorney will have to suitably advise his client about the pros and cons of filing the application under Chapter 13 of the Amended Bankruptcy Act.
0 comments
