Bankruptcy Lawyers in Horry County, SC
With Law Offices in Myrtle Beach, North Myrtle Beach, and Litchfield
Bankruptcy Lawyers in Horry County, SC
With Law Offices in Myrtle Beach, North Myrtle Beach, and Litchfield
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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
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Bankruptcy Lawyers in Horry County, SC
Bankruptcy is a legal process that can provide individuals and businesses with a fresh start by eliminating or reorganizing debt. While it is not an easy decision to make, bankruptcy can be a helpful solution for people facing overwhelming financial challenges. Whether you are an individual overwhelmed by personal debt or a business struggling to stay afloat, bankruptcy may offer relief. Understanding how bankruptcy works and how it can affect you is the first step toward making an informed decision about your financial future.
What is Bankruptcy?
At its core, bankruptcy is a legal procedure designed to help individuals and businesses who are unable to repay their outstanding debts. It provides a way to either eliminate or reorganize debts under the protection of the federal court system. There are different types of bankruptcy, each serving different needs. The two most common types for individuals are Chapter 7 and Chapter 13, while businesses often use Chapter 11 for reorganization.
Chapter 7 is often called a liquidation bankruptcy, where a debtor’s non-exempt assets are sold to pay off as much of the debt as possible. Any remaining debts are typically discharged, allowing the debtor to move on without the burden of financial obligations. On the other hand, Chapter 13 allows individuals to reorganize their debt, creating a payment plan over three to five years, after which remaining qualifying debts may be discharged.
For businesses, Chapter 11 allows for reorganization, where the business can continue to operate while working out a plan to pay off creditors over time. This type of bankruptcy is often used by larger businesses but can also benefit smaller companies.
How Does Bankruptcy Affect Individuals?
For individuals, filing for bankruptcy offers several benefits, particularly the potential for debt relief. One of the most significant advantages is the automatic stay, which halts creditor actions such as collection calls, lawsuits, and wage garnishments. This can provide immediate relief to those who are under constant pressure from creditors.
When it comes to Chapter 7 bankruptcy, individuals may lose some assets as part of the liquidation process, but they will typically retain essential property. Chapter 13 bankruptcy allows individuals to keep their property while making manageable payments over time. It can also help individuals prevent foreclosure on their homes and get back on track with missed mortgage payments.
However, it is important to remember that not all debts are dischargeable in bankruptcy. Certain obligations, like child support, alimony, and student loans, may not be eliminated. It is important to consult with a bankruptcy lawyer to understand which debts can be discharged and how the process will impact your unique financial situation.
How Does Bankruptcy Affect Businesses?
For businesses, bankruptcy is a way to avoid closing down while reorganizing and attempting to recover financially. Filing for bankruptcy under Chapter 11 allows a business to create a repayment plan for creditors. This gives the business time to stabilize, restructure its debts, and eventually return to profitability.
In some cases, businesses may choose Chapter 7 bankruptcy if they have no intention of continuing operations. In a Chapter 7 filing, the business is liquidated, and the proceeds are distributed to creditors. This may result in the end of the business, but it offers the opportunity for a clean break from overwhelming debt.
Whether a business decides to reorganize or liquidate, bankruptcy offers the chance to reduce debts and provide breathing room for business owners to focus on revitalizing their companies.
Why is it Important to Hire Our Bankruptcy Lawyers in Horry County, SC?
Navigating the bankruptcy process can be complex, and having a skilled bankruptcy lawyer by your side is crucial to ensure the process goes as smoothly as possible. Bankruptcy laws are intricate, and even a small mistake can lead to delays, additional costs, or complications with your case. A bankruptcy lawyer will be able to guide you through the process, helping you understand your options and make the best decisions based on your circumstances.
Our experienced bankruptcy lawyers in Horry County, SC, can help you understand the full scope of your financial situation, provide advice on which type of bankruptcy is best suited to your needs, and ensure that you meet all deadlines and requirements. Whether you’re an individual or a business, having professional legal guidance can make a significant difference in the outcome of your case.
Additionally, hiring a lawyer ensures that you can take advantage of any exemptions and protections available to you. Bankruptcy laws vary from state to state, and a lawyer familiar with South Carolina law can help you protect your assets and rights throughout the process.
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Common Mistakes People Make When Facing Bankruptcy
When dealing with bankruptcy, it’s easy to make mistakes that could affect your future. Many people in Horry County, SC, find themselves overwhelmed by the process and end up making decisions that complicate their case. Understanding these common mistakes can help you avoid costly errors and give you a clearer path to financial relief. If you’re facing bankruptcy, it’s important to work with experienced bankruptcy lawyers who can guide you through the process.
Not Understanding The Different Types of Bankruptcy
One of the most common mistakes people make when filing for bankruptcy is not understanding the different types available. There are different chapters in bankruptcy law, such as Chapter 7 and Chapter 13, each with its own rules and benefits. Many people are unsure about which type to choose and end up making a decision that doesn’t best suit their needs. Choosing the wrong chapter can delay the process or make it more complicated than necessary. Consulting with bankruptcy lawyers in Horry County, SC, is the best way to make sure you’re choosing the right path for your situation.
Failing to List All Debts And Assets
Another mistake people often make when filing for bankruptcy is failing to list all their debts and assets. Some may forget to include certain debts or may try to hide assets in the hopes of protecting them. However, bankruptcy filings require full disclosure, and failure to provide accurate information can result in your case being dismissed or even criminal charges. It’s important to be honest and complete when listing your debts and assets to avoid legal complications down the line. An experienced bankruptcy lawyer can help you gather the right documents and ensure everything is listed correctly.
Trying to File Without Legal Help
Filing for bankruptcy on your own can seem like a good idea to save money, but it can end up costing you more in the long run. Many people who attempt to file without legal help miss important steps or misunderstand the laws, leading to mistakes that can harm their case. Bankruptcy is a complex legal process, and even small errors can have lasting effects. It’s always a good idea to work with skilled bankruptcy lawyers in Horry County, SC, to ensure that everything is handled properly from the start.
Waiting Too Long to File For Bankruptcy
Some people put off filing for bankruptcy because they are afraid of the process or don’t know if it’s the right time. However, waiting too long to file can make the situation worse. If you wait until your debts become unmanageable or creditors start taking legal action against you, it may be too late to avoid serious consequences like wage garnishments or lawsuits. The sooner you take action, the sooner you can get relief from your financial burdens. By calling our firm to schedule an appointment, you can take the first step toward a fresh financial start.
Failing to Budget And Plan For The Future
Even after filing for bankruptcy, many people forget the importance of budgeting and planning for the future. Bankruptcy is just the beginning of rebuilding your finances. Without a solid plan in place, it’s easy to fall back into old habits that led to the financial struggles in the first place. Working with our bankruptcy lawyers in Horry County, SC, doesn’t just help you with the legal side of things; it can also provide you with the support you need to build a brighter financial future.
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Bankruptcy Lawyers in Horry County, SC Client Story
This client story is for educational purposes only.
George had always worked hard. For years, he kept his head down, doing everything he could to provide for his family. But suddenly, life threw him a curveball. A medical emergency drained his savings, and the bills kept piling up. Soon, the weight of debt was more than he could carry. Every month, he felt like he was sinking deeper, and he didn’t know where to turn.
He tried everything—cutting back on expenses, borrowing from friends, and even skipping payments. But no matter what he did, the mountain of debt didn’t get smaller. George began to feel hopeless. The phone calls from creditors were endless, and the fear of losing everything was starting to feel real. He couldn’t sleep at night, and the stress was taking a toll on his health.
One day, a friend told George about Lawyer Margaret Evans at McCutchen Vaught Geddie & Hucks, P.A. in Horry County, SC. They said she had helped people in similar situations and could show him a way out. George was skeptical at first. He didn’t know much about bankruptcy, but he was desperate for a solution. So, he decided to give Margaret a call.
From the moment they spoke, George felt a sense of relief. Margaret was kind, patient, and really listened to his story. She didn’t judge him or make him feel bad about his situation. Instead, she offered a clear plan to help him understand his options. Margaret explained that bankruptcy wasn’t the end of the road—it could actually be the first step toward a fresh start.
George trusted Margaret and decided to move forward with her help. Together, they worked through every part of the bankruptcy process. Margaret took care of all the details, guiding George step by step. She made sure he understood everything along the way, answering his questions and putting his worries to rest.
When the day finally came for George to see his bankruptcy case resolved, he felt like a heavy weight had been lifted from his shoulders. The creditors stopped calling, and for the first time in a long time, he could breathe easy. With Margaret’s help, George was able to wipe away the debt that had been holding him back and begin a new chapter of his life.
Now, George is focused on building a stable future for his family. He feels a sense of freedom he hadn’t experienced in years, and he’s grateful to Margaret for being the guiding light that helped him through the darkest time of his life.
Frequently Asked Questions About Bankruptcy
If you’re considering filing for bankruptcy, you likely have many questions about the process, what to expect, and how it will affect your future. Below, we’ve provided answers to some of the most common questions our clients ask. If you have any additional questions, feel free to reach out to our team of Bankruptcy Lawyers in Horry County, SC for more information.
What is bankruptcy, and how can it help me?
Bankruptcy is a legal process that helps individuals or businesses who are unable to pay their outstanding debts. It provides a way to either discharge some or all of your debts or create a repayment plan, depending on the type of bankruptcy you file. The goal is to offer you a fresh financial start while ensuring creditors are treated fairly.
What types of bankruptcy are available to individuals?
There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
Often referred to as “liquidation bankruptcy,” Chapter 7 allows for the discharge of most unsecured debts, such as credit card balances and medical bills. Some of your assets may need to be sold to pay creditors, but many people are able to keep their property through exemptions.
Chapter 13 Bankruptcy
This type of bankruptcy allows you to create a repayment plan to pay off your debts over three to five years. It is ideal for individuals who have a steady income but need time and structure to catch up on past-due debts.
Will I lose all my property if I file for bankruptcy?
In many cases, individuals filing for bankruptcy can keep most, if not all, of their property, especially if they file for Chapter 7 and qualify for certain exemptions. The property you can keep depends on your state’s exemption laws and the specific circumstances of your case. Our Bankruptcy Lawyers in Horry County, SC can help you understand what property is protected in your situation.
How will bankruptcy affect my credit?
While bankruptcy will have an impact on your credit score, it does not mean you will never be able to rebuild your credit. In fact, many people who file for bankruptcy find that they are able to start rebuilding their credit within a few years, as their debts are discharged or restructured. Filing for bankruptcy can provide relief from overwhelming debt, which can improve your overall financial health over time.
Will bankruptcy stop creditor harassment?
Yes, once you file for bankruptcy, an automatic stay is put in place, which halts most collection actions, including creditor phone calls, wage garnishments, and lawsuits. This gives you time to work through the bankruptcy process and provides immediate relief from the stress of dealing with creditors.
How do I know if bankruptcy is the right option for me?
Determining whether bankruptcy is the best option depends on your unique financial situation. If you are overwhelmed by debt and see no way out, bankruptcy could offer a fresh start. However, it’s important to evaluate all of your options before making a decision. A consultation with one of our Bankruptcy Lawyers in Horry County, SC can help you understand if bankruptcy is right for you and what alternative solutions may be available.
How long does the bankruptcy process take?
The length of the bankruptcy process depends on the type of bankruptcy you file. Chapter 7 bankruptcy typically takes about three to six months to complete, while Chapter 13 bankruptcy can take three to five years due to the repayment plan. Your Bankruptcy Lawyers in Horry County, SC can provide you with an estimated timeline based on your specific case.
Will bankruptcy discharge all of my debts?
Bankruptcy can discharge many types of debt, but not all. For example, most unsecured debts, such as credit card bills, medical bills, and personal loans, can be discharged. However, certain debts like student loans, child support, and alimony payments are typically not dischargeable in bankruptcy. Our team can help you determine which of your debts can be discharged or restructured.
How much does it cost to file for bankruptcy?
The cost of filing for bankruptcy varies depending on the complexity of your case, the type of bankruptcy you file, and the lawyer fees associated with it. Generally, the court filing fees are fixed, but lawyer fees can vary. At McCutchen Vaught Geddie & Hucks, P.A., we offer affordable, transparent pricing, and we’ll discuss all potential costs with you upfront, so you can make an informed decision.
What happens after I file for bankruptcy?
Once you file for bankruptcy, your case will be assigned to a trustee who will oversee the process. In Chapter 7, the trustee will sell any non-exempt assets and distribute the proceeds to creditors. In Chapter 13, you’ll follow the repayment plan outlined in your bankruptcy filing. After your case is complete, any eligible debts will be discharged, giving you a fresh financial start.
Reach Out For Guidance in Your Financial Journey
If you are facing financial challenges and uncertain about your next steps, McCutchen Vaught Geddie & Hucks, P.A. is here to help. Our team of experienced bankruptcy lawyers in Horry County, SC, understand the stress and confusion that can come with financial difficulties. We have helped many people navigate the bankruptcy process and get back on their feet, and we are ready to assist you through this challenging time.
Take The First Step Toward Financial Relief
No matter how complicated or overwhelming your financial situation may seem, you do not have to face it alone. Our team is committed to providing you with clear, understandable guidance every step of the way. We will take the time to listen to your concerns, assess your circumstances, and help you determine the best course of action for your financial future. Whether you are considering Chapter 7, Chapter 13, or another option, we will explain your choices in a way that makes sense and helps you move forward with confidence.
Contact McCutchen Vaught Geddie & Hucks, P.A. Today
If you are ready to take control of your financial situation, we encourage you to reach out to our firm. Call us today to schedule an appointment with one of our bankruptcy lawyers in Horry County, SC. We will work closely with you to develop a plan tailored to your unique needs and goals, helping you find the relief you deserve. Don’t wait any longer to get the guidance you need—contact us now and take the first step toward a brighter financial future.
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.