South Carolina Bankruptcy Credit Counseling
Bankruptcy Credit Counseling and Paperwork
Before you can file for either Chapter 7 or Chapter 13 Bankruptcy in the state of South Carolina you will need to do a couple of things. Under the 2005 Bankruptcy Act, it is required that you complete an online pre-bankruptcy credit counseling course that has been approved by the U.S. Trustee before you can file. Its really more of a formality and takes about an hour. The following links to a list of the Approved South Carolina Bankruptcy Credit Counseling Agencies.
You also should start getting all your paperwork together such as proof of current income, monthly expenses, and debts owed. You also should have the last 2 years income tax returns and documents for any real estate, cars, or any other property you own. Utilizing my 16 years of experience as a bankruptcy attorney I will help you get the ball rolling.
Bankruptcy Property Exemptions in South Carolina
Many people do not realize that filing for bankruptcy does not automatically mean they must give up all of their possessions. Under federal and state laws, paying creditors through bankruptcy affects only nonexempt assets. Many possessions, such as your primary house, your car and other personal belongings, are exempt up to a certain dollar amount. In fact, most people keep the majority of, if not all, their assets when filing for bankruptcy. If you have an outstanding debt owing on your vehicle, and you wish to keep it, as your bankruptcy attorney, I can obtain a reaffirmation agreement and file it with the bankruptcy court, allowing you to keep your vehicle. In most cases, 401k funds and qualified retirement accounts are fully exempt assets and you are able to keep all the monies in these accounts. Learn more about exemptions here.
File for Bankruptcy
Once this has all been taken care of your experienced Charleston South Carolina bankruptcy lawyer will prepare all of the documents necessary to proceed with either the Chapter 7 or Chapter 13 bankruptcy filing.