Bankruptcy Lawyers in South Carolina
With Law Offices in Myrtle Beach, North Myrtle Beach, and Litchfield
Bankruptcy Lawyers in South Carolina
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 South Carolina
Bankruptcy is a legal process that allows individuals and businesses to seek relief from overwhelming debt. It can provide a fresh start by either eliminating certain debts or creating a repayment plan. However, it is important to understand how bankruptcy works and how it can affect your financial future. Whether you are an individual struggling with personal debt or a business facing financial hardship, understanding bankruptcy can help you make informed decisions about your next steps.
What Is Bankruptcy?
Bankruptcy is a legal procedure that offers individuals or businesses relief from debts they are unable to repay. When you file for bankruptcy, you are essentially asking the court to help you manage your debts in a way that is more manageable. For individuals, there are different types of bankruptcy, including Chapter 7 and Chapter 13, while businesses can file under Chapter 11. Each chapter offers different forms of debt relief and has its own set of rules and requirements.
Chapter 7 bankruptcy is often referred to as a liquidation bankruptcy. In this process, certain assets may be sold to pay off creditors. Chapter 13 bankruptcy allows individuals to reorganize their debts and create a manageable repayment plan, typically lasting between three to five years. Chapter 11 is mostly used by businesses, allowing them to continue operations while reorganizing their debts.
How Bankruptcy Affects Individuals
For individuals, filing for bankruptcy can have a profound effect on your financial life. Bankruptcy provides a way to get rid of or reorganize your debt, but it also impacts your credit score and financial standing. A Chapter 7 filing can discharge most unsecured debts, like credit card balances and medical bills, offering individuals a chance to start fresh. However, not all debts are eligible for discharge, and you may still be responsible for child support, alimony, or certain taxes.
Bankruptcy can also help prevent foreclosure, repossession, or wage garnishment. It offers a legal way to halt creditor actions and give you the breathing room you need to regain control over your finances. However, bankruptcy also remains on your credit report for several years, making it harder to secure loans or obtain new credit.
How Bankruptcy Affects Businesses
Businesses that file for bankruptcy do so in order to reorganize their debts and continue operations. Filing for Chapter 11 bankruptcy allows businesses to remain in control of their day-to-day operations while developing a repayment plan to pay off creditors over time. This type of bankruptcy helps businesses avoid liquidation and stay afloat, allowing them to reorganize their finances.
For businesses that are unable to recover, Chapter 7 bankruptcy may be the solution. This form of bankruptcy liquidates the business’s assets to pay off creditors, and the business will cease to operate. It is a challenging decision, but bankruptcy offers a legal framework for businesses to manage debts and make necessary changes.
Why You Need a Bankruptcy Lawyer
Navigating the bankruptcy process can be complex and overwhelming. It’s crucial to have a bankruptcy lawyer who understands the legal system and can guide you through every step. Bankruptcy lawyers in South Carolina have the experience necessary to evaluate your financial situation, explain your options, and help you determine the best course of action.
A skilled bankruptcy lawyer can help you understand which type of bankruptcy is best for you or your business. They can also provide advice on how to protect your assets during the process and help ensure that your case is handled correctly, avoiding costly mistakes. With the proper legal guidance, you can take control of your financial future.
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Mistakes People Make When Facing Bankruptcy
Facing bankruptcy can be one of the most challenging times in someone’s life. Many people make mistakes during this process, often out of fear or confusion. At McCutchen Vaught Geddie & Hucks, P.A., we understand how overwhelming it can be. Our team of bankruptcy lawyers in South Carolina are here to guide you through the process and help you avoid common pitfalls that could negatively affect your case.
Failing to Seek Legal Help Early
One of the biggest mistakes people make is waiting too long to seek help. Many individuals believe they can handle their bankruptcy on their own or think they can wait until things get worse. However, without the proper legal guidance, mistakes can happen that make the situation even more difficult. Bankruptcy law can be complex, and the decisions you make early on can have a significant impact on your future. Consulting with an experienced bankruptcy lawyer in South Carolina early in the process can help you understand your options and avoid costly mistakes.
Not Fully Disclosing Financial Information
Another common mistake is failing to disclose all financial information when filing for bankruptcy. Some individuals believe that leaving out certain assets or debts might help them, but this is a dangerous move. Hiding financial information can lead to serious consequences, including the dismissal of your case or even legal penalties. It is crucial to be completely transparent about your financial situation so that your bankruptcy process can move forward smoothly. Our bankruptcy lawyers in South Carolina will ensure that all necessary information is disclosed and that you are following the law properly.
Not Understanding The Types of Bankruptcy Available
Not everyone is eligible for the same type of bankruptcy. There are different chapters of bankruptcy, such as Chapter 7 and Chapter 13, and each comes with its own rules and requirements. Many people make the mistake of assuming that one type of bankruptcy is the right choice for them without fully understanding the differences. This can lead to missed opportunities or a bankruptcy process that doesn’t resolve their financial problems. By working with our bankruptcy lawyers in South Carolina, you will gain a clear understanding of which type of bankruptcy is best for your situation.
Ignoring Creditors After Filing
Once you file for bankruptcy, an automatic stay goes into effect, which temporarily stops creditors from pursuing collections. However, some individuals make the mistake of ignoring creditors or avoiding communication even after the automatic stay is in place. This can cause unnecessary complications and delays. It is important to follow the proper legal procedures and communicate with your creditors appropriately during the bankruptcy process. Our team can assist you in ensuring that all steps are taken correctly to protect your rights.
Thinking Bankruptcy Will Solve Everything
While bankruptcy can provide a fresh start and relieve you from overwhelming debt, it is not a solution to all financial problems. Many people mistakenly believe that bankruptcy will erase all types of debt, but there are exceptions. Certain debts, such as child support, alimony, and some tax debts, are not dischargeable in bankruptcy. Understanding what bankruptcy can and cannot do is crucial. At McCutchen Vaught Geddie & Hucks, P.A., we will help you understand the full scope of what bankruptcy can do for you and how to make the most of this process.
Not Considering The Long-Term Effects
Bankruptcy is a significant financial decision that can have long-term effects on your credit and financial future. Some individuals make the mistake of focusing only on short-term relief without considering the long-term consequences. It’s important to understand how bankruptcy will affect your credit and how long it will take to rebuild after the process is complete. Our bankruptcy lawyers in South Carolina will guide you through the steps to help you plan for your future and work toward rebuilding your financial health.
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Bankruptcy Lawyers in South Carolina Client Story
This client story is for educational purposes only.
Adam sat at his kitchen table, staring at a pile of bills. The letters, all from credit card companies and loan officers, seemed to mock him. No matter how hard he tried, it felt like his debt was growing faster than his paycheck could keep up. His heart raced, and a lump formed in his throat as the weight of it all seemed impossible to escape.
He’d tried everything—cutting back on expenses, picking up extra work, even asking family for help. But the bills kept coming. Late fees. Interest charges. His life was being swallowed by the overwhelming pressure of debt, and he didn’t know where to turn.
One day, while talking to a friend, Adam mentioned how trapped he felt. That’s when his friend told him about Margaret Evans, a kind and thoughtful bankruptcy lawyer in South Carolina. “She helped me when I was in a similar situation,” his friend said. “She really knows how to guide you through it.”
It wasn’t an easy decision for Adam to make. Admitting he couldn’t handle his financial troubles on his own felt like admitting failure. But the idea of getting a fresh start kept pushing him forward. He called Margaret Evans’ office and made an appointment.
From the very first meeting, Adam knew he had found someone who truly cared. Margaret didn’t judge him or make him feel like he was in the wrong. Instead, she listened to his story with patience and understanding. She explained his options and laid out a plan that would help him clear his debt and start over.
Over the next few months, Margaret worked tirelessly to help Adam through the bankruptcy process. Every time he felt nervous or unsure, she reassured him, always ready to answer his questions. She guided him step by step, making sure he understood what was happening and how to take control of his situation.
Finally, after what felt like a long road, Adam’s bankruptcy was approved. The relief he felt was overwhelming. No more harassing phone calls. No more worrying about bills he couldn’t pay. He had a clean slate, a chance to rebuild, and the peace of mind he had been desperately seeking.
Adam couldn’t believe how much Margaret’s support had changed his life. She didn’t just help him with the legal process; she gave him hope. Thanks to her, he was able to move forward with a fresh start and the courage to rebuild his life.
Frequently Asked Questions About Bankruptcy
If you’re considering filing for bankruptcy, it’s natural to have many questions about the process. At McCutchen Vaught Geddie & Hucks, P.A., our team of Bankruptcy Lawyers in South Carolina are here to provide clarity and guide you through every step. Below are some of the most commonly asked questions and helpful answers to help you make informed decisions about your financial future.
What is bankruptcy, and how does it work?
Bankruptcy is a legal process that allows individuals or businesses facing overwhelming debt to either eliminate or repay a portion of their debts under the protection of the federal court system. The goal of bankruptcy is to provide a fresh start while ensuring creditors receive fair treatment. Depending on the type of bankruptcy you file, you may be able to discharge certain debts or reorganize your finances to make repayment more manageable.
What types of bankruptcy are available?
There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13. Chapter 7 bankruptcy allows for the liquidation of non-exempt assets to pay off creditors, often resulting in a discharge of remaining debts. Chapter 13 bankruptcy, on the other hand, involves creating a repayment plan to pay back all or part of your debts over a three- to five-year period.
Will bankruptcy eliminate all of my debts?
Not all debts are eligible for discharge in bankruptcy. For example, student loans, child support, alimony, and certain tax debts are typically not dischargeable. However, bankruptcy can help you eliminate or reduce many other types of unsecured debt, such as credit card balances and medical bills.
How will bankruptcy affect my credit?
Bankruptcy will have a negative impact on your credit score, but it’s important to keep in mind that it can be a step toward rebuilding your financial health. While it can stay on your credit report for up to 10 years, the relief you gain from eliminating or restructuring your debt may help you improve your financial situation over time. Many people find that they are able to rebuild their credit more quickly after filing for bankruptcy than they would have if they continued to struggle with unmanageable debt.
Will I lose my home or car if I file for bankruptcy?
In many cases, individuals are able to keep their home and car when filing for bankruptcy, particularly if the debts related to those assets are not significant or if the assets are protected by exemptions under South Carolina law. If you are behind on payments, Chapter 13 bankruptcy may provide a way to catch up on missed payments while keeping your home or car. It’s important to consult with a qualified bankruptcy lawyer to understand how the laws apply to your specific situation.
How do I know if bankruptcy is the right option for me?
Deciding whether bankruptcy is the right solution for your financial difficulties depends on a variety of factors, including the amount of your debt, your income, and your assets. If you are facing constant creditor harassment, have little to no income, or cannot afford to repay your debts, bankruptcy may offer a way to regain control of your financial future. It’s crucial to speak with Bankruptcy Lawyers in South Carolina who can evaluate your specific circumstances and provide you with personalized advice.
How long does the bankruptcy process take?
The length of the bankruptcy process can vary depending on the type of bankruptcy you file and the complexity of your case. Chapter 7 bankruptcies typically take about three to six months to complete, while Chapter 13 bankruptcies can take three to five years, as you work through the repayment plan. Your bankruptcy lawyer can help guide you through the process and ensure you meet all necessary deadlines.
Can I file for bankruptcy more than once?
Yes, it is possible to file for bankruptcy more than once, but there are waiting periods between filings. For example, if you have filed for Chapter 7 bankruptcy in the past, you must wait eight years before filing again. If you have filed for Chapter 13 bankruptcy, you must wait two years before filing for another Chapter 13 case. The ability to file again will also depend on whether your previous case was discharged successfully.
Get The Help You Need From Our Experienced Bankruptcy Lawyers in South Carolina
If you are facing financial challenges and are unsure of where to turn, McCutchen Vaught Geddie & Hucks, P.A. is here to help. Our team of bankruptcy lawyers in South Carolina have extensive experience in guiding individuals and families through tough financial times. Whether you are dealing with overwhelming debt, struggling to keep up with bills, or considering bankruptcy as an option, we can provide the legal support you need.
Bankruptcy can feel like a complex and intimidating process, but you don’t have to go through it alone. We understand the emotional and financial toll that comes with these challenges, and we are dedicated to making sure you understand your options every step of the way. With our guidance, you will have a clearer picture of your financial future and a path forward that can help you get back on your feet.
Contact McCutchen Vaught Geddie & Hucks, P.A. Today
When you are ready to take control of your financial situation, reach out to our team of bankruptcy lawyers in South Carolina. We are committed to providing you with the support you need to navigate this difficult time. Calling us to schedule an appointment will help you understand your options and provide you with the clarity you need to make informed decisions about your financial future.
At McCutchen Vaught Geddie & Hucks, P.A., we believe in offering personalized attention to each of our clients. We take the time to listen to your concerns, review your financial situation, and provide advice tailored to your unique needs. You don’t have to face these challenges alone. Let us help you find a solution that works for you.
Take the first step toward regaining your financial stability by calling us today. Our team is ready to provide you with the trusted guidance you need during this difficult time.
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.