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Helpful Bankruptcy Resources

US Bankruptcy Court for the District of South Carolina
Chapter 13 Trustees' Web Page
South Carolina Bankruptcy Law Association
National Association of Consumer Bankruptcy Attorneys
American Bankruptcy Law Institute
FSA Student Loans Website

Bankruptcy Law in General

There are all sorts of myths, rumors and horror stories about bankruptcy that simply aren't true. Here is some very basic information about bankruptcy. You shouldn't rely upon this outline as legal advice, but we will be happy to answer your questions if you contact our office.

Bankruptcy is a means to address a debt problem and obtain a financial fresh start. The Bankruptcy Code is provided under Title 11 of the U.S. Code. You obtain bankruptcy protection by filing a petition under one of the different chapters of the code. Individuals usually file under chapter 7 or chapter 13. Chapter 11 is for businesses or individuals with very large debts. Chapter 12 is for farmers.

As soon as the petition is filed with the United States Bankruptcy Court you are protected from your creditors by the automatic stay. This means your creditors cannot call you, harass you, repossess your car or foreclose against your home. Once your case is successfully concluded, you receive a discharge of your debt; meaning your debt is eliminated and your creditors can never again pursue collection against you. The slate is essentially wiped clean. There are certain exceptions to the debts that may be discharged including alimony obligations, child support, certain student loans, etc. We can advise you whether the debts affecting your situation are dischargeable and the proper chapter to employ to achieve your goals.

 

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