Bankruptcy

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Life happens and sometimes it may leave you in financial debt. The purpose of bankruptcy is to help debtors return to financial health. There are a lot of misconceptions about bankruptcy. Schedule an initial consultation to learn if bankruptcy can be a solution for you.

   

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Chapter 7

  

A Chapter 7 (Straight Bankruptcy) liquidates the debtor's assets so that they can be distributed to creditors. Sounds scary but in reality most debtor's do not loose any assets when they file for bankruptcy. South Carolina allows certains exemptions for assets that are protected during the bankruptcy. 

 

We understand that financial stress brings fear and embarrassment. Here we do not judge and will treat you with respect during this process. Please call our office to schedule an initial consultation.

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Chapter 13

  

In a Chapter 13 bankruptcy the debtor typically keeps their assets in exchange for a payment plan to pay some of his debts. The payment plan is based on future income.

learn if bankruptcy can be a solution for you. 

Common Bankruptcy Questions

  

What type of bankruptcy is best for me? 

It depends. No two situations are the same. Most of the time debtors file a Chapter 13 or Chapter 7. If have credit card debt, or medical bills, you may be eligible to file Chapter 7 bankruptcy to discharge your unsecured debts. If you want to prevent foreclosure or keep your car and possessions, Chapter 13 might be your best option. Contact The Howze Law Firm to see what option is best for you.


Can I file without my spouse?

It depends on whose name the debt is in. If the majority of the debt is in both spouses' names and only one files bankruptcy, the other partner is at risk of being pursued by their creditors for payment. In effect, it will be as if no petition was filed.


Can creditors continue to call me after I file for bankruptcy?

Generally, once a debtor files for a Chapter 7 bankruptcy, creditors cannot continue to call. The creditor must also stop all collection actions including foreclosure proceedings and lawsuits.



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