Bankruptcy Lawyers in Georgetown County, SC
With Law Offices in Myrtle Beach, North Myrtle Beach, and Litchfield
Bankruptcy Lawyers in Georgetown County, SC
With Law Offices in Myrtle Beach, North Myrtle Beach, and Litchfield
Do You Need Legal Help?
Reach Out to Our Attorneys
We Help You Fight Your Charges
Get Your Life Back on Track
Our Legal Team
We understand that the legal system is not set up in favor of defendants or plaintiffs. That is why we have shaped our entire practice to be client-centered and compassionate. Our lawyers take special care to explain the court process and ensure that clients feel heard and understood.
7 Critical Mistakes That Could Ruin Your Bankruptcy Case
Learn what you should and shouldn't be doing to help your bankruptcy case in South Carolina. Submit your information below to download our free PDF Guide.
During this most difficult period of time in my life, Margaret Evans and the staff assisted me during my divorce. I needed legal counsel which was provided professionally and efficiently. Thank you for your prompt and courtesy service to me.
- Mark Hafenbreidel
Made the home closing process quick and easy! We appreciated their quick and clear communications, especially since our closing was over the holidays.
- Alyssa Burke
Client Reviews
See what our clients have to say about our law firm and the people who are a part of it.
Bankruptcy Lawyers in Georgetown County, SC
Filing for bankruptcy is a serious decision that can have a significant effect on both individuals and businesses in Georgetown County, SC. While the process can provide relief from overwhelming debt, it is crucial to understand how bankruptcy works and how it can impact your financial future. Whether you are an individual facing personal financial challenges or a business struggling with mounting liabilities, understanding bankruptcy is the first step toward regaining control of your financial life.
How Bankruptcy Affects Individuals
For individuals, bankruptcy is often seen as a last resort to escape overwhelming debt. When people face mounting medical bills, credit card debt, or other financial burdens they can no longer manage, bankruptcy may offer a fresh start. There are two main types of bankruptcy that individuals can file for: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy, also known as liquidation, involves the sale of non-exempt assets to pay off creditors. In many cases, individuals may not have significant assets, meaning they can often discharge most of their unsecured debts, such as credit card bills and medical expenses. However, there are certain debts, like student loans and child support, that cannot be eliminated through Chapter 7.
On the other hand, Chapter 13 bankruptcy allows individuals to reorganize their debts and create a manageable repayment plan. Instead of liquidating assets, individuals can keep their property and pay back their debts over a three to five-year period. Chapter 13 is ideal for those with a steady income but who are unable to meet their current financial obligations.
How Bankruptcy Affects Businesses
Businesses, too, can file for bankruptcy when they are unable to meet their financial obligations. For small businesses in Georgetown County, SC, bankruptcy can offer a chance to restructure debts or liquidate assets to pay creditors. The two most common forms of business bankruptcy are Chapter 7 and Chapter 11.
Chapter 7 bankruptcy for businesses involves the liquidation of assets to repay creditors. For many small businesses, this may mean selling inventory, equipment, or real estate. However, once the business assets are liquidated, the business will typically cease operations.
Chapter 11 bankruptcy, on the other hand, is primarily used by larger businesses but can also be an option for small businesses that wish to continue operating while restructuring their debts. Under Chapter 11, the business can renegotiate contracts, reduce debt, and reorganize operations. This type of bankruptcy is more complex but can allow a business to remain open and restore its financial health over time.
The Importance of Hiring a Bankruptcy Lawyer
Navigating bankruptcy law can be difficult, especially for those who are unfamiliar with the legal process. A bankruptcy lawyer can guide you through every step of the process, ensuring that you understand your options and the consequences of your decisions. Whether you are filing as an individual or a business, a lawyer can help you determine which type of bankruptcy is best suited to your situation.
For individuals, a bankruptcy lawyer can help you identify which debts can be discharged and which cannot. They can also protect you from creditors who may be trying to collect debts inappropriately or aggressively. For businesses, a lawyer can assist in negotiating with creditors and creating a realistic repayment plan, helping you avoid liquidation if possible.
Choosing the right bankruptcy lawyer is crucial to ensure that your rights are protected, and you receive the best possible outcome. Our firm, McCutchen Vaught Geddie & Hucks, P.A., is dedicated to helping individuals and businesses in Georgetown County, SC, navigate the complex world of bankruptcy. We understand how overwhelming it can feel to face financial difficulties, but we are here to offer the guidance and support you need.
Related Blogs
Understanding the Differences Between Chapter 7 and Chapter 13 Bankruptcy
If you’re here, it’s likely because you’re facing tough financial challenges and need guidance. It’s [...]
Common Mistakes People Make When Facing Bankruptcy
Facing bankruptcy can be a difficult and overwhelming process. Many people in Georgetown County, SC, struggle with knowing what steps to take or what mistakes to avoid during this time. As experienced bankruptcy lawyers in Georgetown County, SC, we understand that every situation is unique, but there are common missteps that people often make when dealing with bankruptcy. Recognizing and understanding these mistakes can help protect your financial future.
Failing to Seek Legal Guidance Early
One of the most common mistakes individuals make is waiting too long to reach out for legal help. Some people believe they can handle the process on their own or that it’s too late to get assistance once they start falling behind on payments. However, delaying the decision to contact a bankruptcy lawyer can lead to more complications down the road. Filing for bankruptcy involves many legal steps, and making even a small error in your paperwork or timing can result in your case being dismissed. By reaching out early, you can receive advice tailored to your specific situation and avoid costly mistakes.
Not Fully Understanding The Types of Bankruptcy
Another common mistake people make is not understanding the different types of bankruptcy available. There are multiple options, such as Chapter 7 and Chapter 13, and each one has specific rules, requirements, and consequences. Some individuals mistakenly assume that one type of bankruptcy is the right fit for their situation without taking the time to fully understand the details. Choosing the wrong type could result in a longer, more complicated process or a missed opportunity for debt relief. With the guidance of bankruptcy lawyers in Georgetown County, SC, you can be sure that you are making the right choice for your circumstances.
Hiding or Failing to Disclose Assets
A serious mistake that people often make is trying to hide or fail to disclose certain assets when filing for bankruptcy. The bankruptcy process requires full transparency about your financial situation. If you attempt to hide assets or mislead the court, it could result in your bankruptcy case being denied, or worse, legal consequences. Full disclosure of your assets is crucial to ensure that the bankruptcy process works in your favor. Bankruptcy lawyers in Georgetown County, SC, can help you navigate the process without risking these serious mistakes.
Accumulating More Debt Before Filing For Bankruptcy
Some individuals make the mistake of continuing to take on more debt even when they are considering bankruptcy. This can be especially harmful if you are using credit cards or taking out loans to pay off existing debts. Accumulating more debt just before filing for bankruptcy can raise red flags for the court, and it may make it more difficult to discharge certain debts. If you are considering filing for bankruptcy, it is important to stop using credit cards and taking on more debt until your case is resolved. Consulting with a bankruptcy lawyer can help you avoid this costly mistake.
Not Considering The Impact on Credit
It’s also important to consider the long-term impact bankruptcy can have on your credit. While bankruptcy can offer relief from overwhelming debt, it can also lower your credit score and affect your ability to borrow money in the future. However, not considering this impact is a mistake. Understanding how bankruptcy will affect your credit can help you make more informed decisions. Our Bankruptcy lawyers in Georgetown County, SC, can help you plan for life after bankruptcy and provide guidance on how to rebuild your credit moving forward.
Bankruptcy Videos
How do you know what would type of Bankruptcy is right for you?
How does filing for Bankruptcy affect my ability to borrow in the future?
What is bankruptcy, and how does it work in South Carolina?
What is some of the benefits of Bankruptcy to a client?
Bankruptcy Lawyers in Georgetown County, SC Client Story
This client story is for educational purposes only.
Henry sat at his kitchen table, surrounded by bills that seemed to grow taller every day. He’d worked hard his entire life, but somehow, the debts just kept piling up. The car loan, medical bills, credit cards—all felt like chains wrapped around his ankles. Every time he thought about getting ahead, something else went wrong. He was sinking, and he didn’t know where to turn.
One day, he walked into McCutchen Vaught Geddie & Hucks, P.A., feeling hopeless. The weight of his financial struggles made his shoulders heavy, and he couldn’t shake the feeling of shame. It was a place he had never imagined being. He didn’t know how to fix his situation. That’s when he met Margaret Evans.
From the moment Margaret sat down with him, Henry felt a shift. She didn’t make him feel embarrassed about his debt. Instead, she listened carefully, understanding everything he had been going through. Margaret calmly explained that he wasn’t alone and that there was a way out. She helped him understand the bankruptcy process and how it could be the first step toward a fresh start.
With Margaret’s help, Henry filed for bankruptcy, a decision that at first felt overwhelming. But Margaret guided him step-by-step, making sure he understood what each form meant and what to expect. It wasn’t easy, but every day, Henry felt a little more relief as he followed her advice.
Months later, Henry stood outside of the courthouse, a weight lifted from his shoulders. He could breathe again. His debts were gone, and he felt free from the constant stress that had controlled his life for so long. He had a chance to rebuild, and he couldn’t believe it.
Henry often thinks back to the moment he walked into McCutchen Vaught Geddie & Hucks, P.A. The person he was when he first came in—frightened, anxious, and defeated—felt like a distant memory. And he knows that it was because of Margaret Evans that he was able to leave all that behind.
Frequently Asked Questions About Bankruptcy
If you are considering filing for bankruptcy, you likely have a lot of questions. The decision to file can feel overwhelming, but understanding the process and your options can help you make informed choices. Below are some common questions people have when thinking about bankruptcy. Our team of experienced Bankruptcy Lawyers in Georgetown County, SC, are here to guide you every step of the way.
What is bankruptcy?
Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay a portion of their debts under the protection of the federal bankruptcy court. It offers a fresh start for those overwhelmed by financial burdens, providing relief from creditor actions like collection calls, lawsuits, and wage garnishments.
How do I know if bankruptcy is right for me?
Determining whether bankruptcy is the right solution depends on your financial situation. If you are struggling with significant debt that you are unable to repay and your financial future feels uncertain, bankruptcy may provide the relief you need. It’s important to consult with a Bankruptcy Lawyer in Georgetown County, SC, to explore all of your options and make an informed decision based on your specific circumstances.
What are the different types of bankruptcy?
There are primarily two types of bankruptcy for individuals: Chapter 7 and Chapter 13. Chapter 7, often referred to as liquidation bankruptcy, allows for the discharge of most unsecured debts, such as credit card bills and medical expenses. Chapter 13, on the other hand, involves creating a repayment plan to repay all or part of your debts over a period of three to five years. A Bankruptcy Lawyer in Georgetown County, SC, can help you understand which type may be best suited to your needs.
Will bankruptcy erase all of my debts?
While bankruptcy can eliminate many types of debts, there are some exceptions. For instance, most student loans, child support, alimony, and certain tax debts cannot be discharged through bankruptcy. It is essential to review your debts with a qualified lawyer to determine which debts can be eliminated and which will remain.
How will bankruptcy affect my credit?
Bankruptcy will have a significant impact on your credit score and will remain on your credit report for several years. However, for many people, bankruptcy is a way to stop the cycle of overwhelming debt and start rebuilding their financial future. With the right financial habits, it is possible to improve your credit over time after a bankruptcy discharge.
What should I expect during the bankruptcy process?
The bankruptcy process begins with filing a petition with the court, followed by a meeting of creditors where you will answer questions about your financial situation. If you file for Chapter 7, the court will appoint a trustee to sell any non-exempt property to pay creditors. In Chapter 13, you will submit a repayment plan for court approval. Throughout the process, your Bankruptcy Lawyer in Georgetown County, SC, will guide you, ensuring you understand each step.
Will I lose my property if I file for bankruptcy?
In Chapter 7 bankruptcy, certain assets may be sold to help repay your creditors, but South Carolina law offers exemptions that may protect some of your property, such as your home, car, and personal items. In Chapter 13, you may be able to keep your property while making monthly payments according to your repayment plan. Your lawyer will review your situation to help you understand what property you may be able to keep.
How long does bankruptcy take?
The timeline for bankruptcy depends on the type of case you file. A Chapter 7 case can take a few months to complete, while a Chapter 13 case can take three to five years to finalize due to the repayment plan. Your Bankruptcy Lawyer in Georgetown County, SC, will provide a clearer timeline based on the specifics of your case.
Can I file for bankruptcy more than once?
It is possible to file for bankruptcy more than once, but there are limitations on how often you can file and receive a discharge of debts. If you have filed previously, the time between cases can affect your eligibility for discharge. Your lawyer can help you understand whether you qualify for another bankruptcy filing.
Get The Support You Need From Our Experienced Bankruptcy Lawyers in Georgetown County, SC
If you are struggling with overwhelming debt and facing the uncertainty of financial difficulties, you do not have to navigate this challenging situation alone. McCutchen Vaught Geddie & Hucks, P.A. is here to provide you with the support and legal guidance you need. Our team of bankruptcy lawyers in Georgetown County, SC, understand the impact that financial hardship can have on your life. We are committed to helping individuals and families take control of their financial future.
Take The First Step Toward Financial Relief
Taking the first step toward addressing your financial situation can be overwhelming, but it is a crucial decision. Whether you are considering bankruptcy or exploring other options, having the right legal advice is essential to understanding your rights and making informed decisions. At McCutchen Vaught Geddie & Hucks, P.A., we are here to listen to your concerns and work with you to find the best solution for your circumstances.
Reach Out to Our Firm Today
The road to financial recovery can seem long, but with the guidance of the right bankruptcy lawyer, it is possible to overcome these obstacles and start fresh. If you are facing financial difficulties in Georgetown County, SC, don’t hesitate to contact McCutchen Vaught Geddie & Hucks, P.A. today. Our dedicated team is ready to meet with you and discuss your case in detail.
Call us today to schedule an appointment with one of our skilled bankruptcy lawyers. We are here to help you regain control of your financial future and guide you through every step of the process.
I have used this law firm for years. Not only are they professional but very personal and compassionate. Everyone there has been such a blessing in times when I needed it the most. Gene Vaught has been my attorney for the past 24 years and has always gone above and beyond in any and every way. So thanks y’all and keep up the great work.