Positive Solutions in Difficult Times
A Skilled Myrtle Beach Bankruptcy Lawyer May Be Your Best Solution
If you live in the Myrtle Beach / Grand Strand area and are facing foreclosure, garnishment of wages, a judgement, or an unbearable amount of debt from medical bills, credit card bills, or other unexpected expenses, bankruptcy may be a viable solution. Clemmons Law Firm LLC Myrtle Beach, can offer the guidance and answers you need to a brighter financial future. Our team is prepared to act as your bankruptcy lawyers in Myrtle Beach, SC.
Benefits of Filing Bankruptcy in Myrtle Beach & Horry County, SC
1. Bankruptcy halts lender actions. The issuance of a bankruptcy “stay” is implemented as soon as you file for bankruptcy. The stay, or court order protects you and your belongings from harassing creditors. Filing for bankruptcy immediately stops creditors from:
- Calling you
- Suing you
- Putting your home in foreclosure
- Repossessing your vehicle
- Gaining or executing a judgement against you
2. Considering bankruptcy gives you a period of time to strategize your financial plan and work with the Clemmons Law Firm LLC to decide how you want to fight for your assets.
3. Filing bankruptcy allows you to find options to recover on late payments for your vehicle or home. You will have the Clemmons Law Firm LLC bankruptcy attorney on your team to decide if the property is worth keeping.
4. Eliminate debt you are unable to repay by filing bankruptcy. Clemmons Law Firm LLC will work diligently on your behalf to earn a successful bankruptcy case in court-gaining a discharge that eliminates your debt (subject to exceptions). With this discharge order, you do not have to repay qualifying debts and creditors are legally prohibited from collecting on these debts. Dischargable debts regularly include most unsecured debts outside of taxes, student loans, alimony and child support. In certain situations there are exceptions where taxes can also be eliminated.
5. You can reduce principal loan balances and interest rates by filing bankruptcy. In some situations, you may be able to file Chapter 13 bankruptcy and pay the fair market value on secured loans. That means, if you financed a car more than 910 days before your bankruptcy case, you may be qualified to lower the interest rate and pay back the fair market value of the vehicle, even if it is less than what you owe.
6. Bankruptcy can eliminate liens. We may also be able to remove the second mortgage lien if you are in a situation where your property is worth so little, that if sold, the second mortgage lender would not be paid off. The Myrtle Beach bankruptcy lawyers at Clemmons Law Firm LLC will work to allow you to avoid judgement liens, those liens filed against you by a creditor.
Types of Bankruptcy for Myrtle Beach Area Residents and Businesses
The four types of bankruptcy are named for their respective chapters in the United States Bankruptcy Code (http://www.law.cornell.edu/uscode/html/uscode11/usc_sup_01_11.html). The type of bankruptcy that you file depends on several factors, including whether or not you are an individual or part of a corporation.
Chapter 7 Bankruptcy
Is what most people mean when they say, “I’m filing for bankruptcy.” This is a liquidation bankruptcy, which means that the trustee sells off all non-exempt assets held by the debtor so that the debts can be repaid to the fullest extent possible. Individuals, corporations and partnerships are all eligible for Chapter 7 bankruptcies. The portion of the debt that can not be repaid through liquidation is discharged. Businesses generally try to avoid Chapter 7, because it is impossible to conduct business operations. Income generated after the bankruptcy filing is not a part of the bankruptcy-the debtor can keep it.
Chapter 11 Bankruptcy
Is the most complex bankruptcy filing and the one that most troubled businesses file (although some individuals may file it as well). In a Chapter 11 bankruptcy filing, the debtor continues to function, maintains ownership of all assets, and tries to work out a reorganization plan to pay off creditors.
In the past, a business had an almost unlimited amount of time to come up with their reorganization and payment plan. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 imposes a 120-day time limit. If the debtor has not submitted a plan within that period, creditors can submit their own plans.
Chapter 12 Bankruptcy
Is specifically for farm owners. The debtor still owns and controls his assets and works out a repayment plan with the creditors.
Chapter 13 Bankruptcy
Is like Chapter 11, but for individuals. The debtor retains control and ownership of assets. He also works out a three to five-year repayment plan. Some portion of the debt may be discharged, depending on the income of the debtor. There are also limits on the amount of debt involved.
Our team at Clemmons Law Firm LLC, Myrtle Beach, SC is ready to take on your case and help you decide how to best deal with debt that has become unbearable. Contact our team today to set an appointment for your free consultation.