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Myrtle Beach Chapter 13 Lawyers
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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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Myrtle Beach Chapter 13 Lawyers
When individuals and business owners face overwhelming debt, filing for bankruptcy can provide a fresh start. One common option is Chapter 13 bankruptcy, which offers individuals a way to reorganize their debts and make manageable monthly payments. However, while Chapter 13 bankruptcy is not available to businesses, individuals who are sole proprietors or self-employed can still use this option to restructure their debts. At McCutchen Vaught Geddie & Hucks, P.A., we understand the complexities of Chapter 13 bankruptcy and can guide you through the process, ensuring that you make the right decision for your financial future.
Eligibility For Chapter 13 Bankruptcy
Chapter 13 bankruptcy is available to individuals, including those who are self-employed or sole proprietors. However, businesses are not eligible for this type of bankruptcy. To file for Chapter 13, you must meet certain criteria, such as having a regular income, which is necessary to create a feasible repayment plan. If you are an individual who is struggling with debt, Chapter 13 allows you to reorganize your finances and keep your assets, such as your home or car, while working to pay off creditors.
For business owners who are sole proprietors or self-employed individuals, Chapter 13 provides a valuable opportunity to address personal and business debts together. Unlike Chapter 7, which may require liquidation of assets, Chapter 13 allows you to create a repayment plan that lasts between three to five years, depending on your income. This plan provides a structured way to catch up on arrears and reduce the total amount of debt that is owed.
The Repayment Plan And How It Works
One of the most significant aspects of Chapter 13 bankruptcy is the repayment plan. This plan is a detailed proposal that outlines how you will repay your debts over time. Your Chapter 13 lawyer will help you develop a payment schedule that is realistic based on your income, expenses, and the total amount of debt. While the plan can last anywhere from three to five years, it offers the flexibility to meet your financial needs. For business owners, the repayment plan allows you to restructure both personal and business debts, enabling you to keep operating your business while managing your liabilities.
The court will approve the repayment plan, and once it is approved, you will make monthly payments to a trustee who distributes the funds to creditors. During this time, you will be protected from collection efforts, such as wage garnishments, foreclosure, or harassment from creditors. This protection allows you to focus on your repayment plan without the constant pressure of debt-related stress.
The Benefits of Chapter 13 Bankruptcy
One of the main benefits of Chapter 13 bankruptcy is that it allows individuals and business owners to keep their property while repaying their debts over a period of time. If you are facing the threat of foreclosure or repossession, Chapter 13 can help you prevent the loss of your home or car by allowing you to catch up on missed payments. Additionally, Chapter 13 may provide you with the opportunity to reduce certain debts, such as credit card balances or medical bills, through a structured repayment plan.
For business owners who are sole proprietors, Chapter 13 can also provide the chance to continue operating the business while reorganizing personal and business debts. This is an advantage over Chapter 7 bankruptcy, which could force the liquidation of business assets. If your business is struggling but still viable, Chapter 13 allows you to work through financial challenges and maintain your operations without having to close your doors.
Challenges of Chapter 13 Bankruptcy
While Chapter 13 bankruptcy offers many benefits, it also comes with challenges. One challenge is that you must have a regular income to be eligible for Chapter 13. This requirement may make it difficult for individuals who are unemployed or have an unstable income to qualify for this option. Additionally, the repayment plan requires you to make monthly payments for a period of three to five years, which can be a significant commitment.
Another challenge is that not all debts can be discharged or reduced in Chapter 13. For example, certain types of debt, such as student loans and child support payments, cannot be included in the repayment plan. This means that you will still be responsible for paying these types of debts in full, even after your bankruptcy case is complete.
Why Hiring a Myrtle Beach Chapter 13 Lawyer Is Crucial
Navigating the legal complexities of Chapter 13 bankruptcy can be overwhelming. That’s why it’s important to work with a skilled Chapter 13 lawyer who can guide you through the process and help you achieve the best possible outcome. At McCutchen Vaught Geddie & Hucks, P.A., our team has years of experience helping individuals and business owners in Myrtle Beach file for bankruptcy and rebuild their financial lives.
Our Myrtle Beach Chapter 13 Lawyers will work with you to develop a repayment plan that suits your unique financial situation. We’ll also ensure that you understand your options, so you can make informed decisions throughout the process. Whether you are an individual looking to reorganize personal debt or a business owner hoping to restructure your finances, we are here to help you get back on track.
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Common Mistakes People Make When Filing For Chapter 13 Bankruptcy in Myrtle Beach
Filing for Chapter 13 bankruptcy can be a valuable tool for individuals facing financial challenges. However, the process can be complicated, and many people make mistakes along the way. At McCutchen Vaught Geddie & Hucks, P.A., we understand the importance of getting it right. Below, we’ll go over some common errors to avoid when filing for Chapter 13 bankruptcy.
Not Fully Understanding Eligibility Requirements
One of the first mistakes people make is not fully understanding the eligibility requirements for Chapter 13 bankruptcy. Chapter 13 allows individuals to reorganize their debts and create a repayment plan. However, there are income limits, as well as debt limits, that you must meet in order to qualify. If you fail to meet these requirements, your bankruptcy case could be dismissed, or you may need to explore other options.
It’s essential to review these requirements before proceeding. Our Myrtle Beach Chapter 13 Lawyers at McCutchen Vaught Geddie & Hucks, P.A. can help guide you through this process to determine if Chapter 13 is the right choice for you.
Failing to Disclose All Assets And Debts
When you file for Chapter 13 bankruptcy, it’s important to be honest and thorough when listing your assets and debts. Some people make the mistake of omitting certain assets or not fully disclosing their financial situation. This can lead to serious consequences, such as having your case dismissed or facing legal penalties.
To avoid this, make sure you provide a complete list of your assets and debts when filing for bankruptcy. Our team is here to help ensure you are transparent and accurate in all the details of your case.
Not Understanding The Repayment Plan
One of the key components of Chapter 13 bankruptcy is the repayment plan. This plan outlines how you will pay off your debts over a period of three to five years. Some individuals make the mistake of not fully understanding how their repayment plan works. They may fail to consider things like changes in income, the amount of disposable income available, or how certain debts are treated.
It’s crucial to review your repayment plan carefully and make sure it fits within your budget and financial situation. We can assist you in understanding how your plan will affect your finances and help ensure it is structured in the best way possible.
Missing Deadlines And Required Paperwork
Another common mistake is missing deadlines or failing to submit required paperwork on time. In the Chapter 13 process, there are strict deadlines for submitting documents and making payments. Missing these deadlines can delay your case, increase costs, or even cause your case to be dismissed.
To avoid these issues, it’s important to stay organized and keep track of important dates. Our team at McCutchen Vaught Geddie & Hucks, P.A. can help you manage these deadlines and ensure that all paperwork is submitted on time.
Not Seeking Professional Guidance
Filing for Chapter 13 bankruptcy is not something you should do on your own. Many individuals try to navigate the process without professional help and make costly mistakes. Whether it’s understanding the legal paperwork, crafting a repayment plan, or knowing your rights, working with an experienced lawyer can make a huge difference.
At McCutchen Vaught Geddie & Hucks, P.A., we have years of experience helping individuals through the Chapter 13 bankruptcy process. We can help you avoid common mistakes and guide you through every step.
Bankruptcy Videos
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Myrtle Beach Chapter 13 Client Story
This client story is for educational purposes only.
Olivia sat in her small apartment, her hands trembling as she looked at the pile of bills scattered across the table. It felt like the weight of the world was on her shoulders. She could hear the ringing phone in the background, but she didn’t answer. The calls were always from creditors demanding money she didn’t have. Every day felt like a struggle, and every night she lay awake, staring at the ceiling, wondering how she would ever get out of the mess she was in.
Olivia had always worked hard. She took on extra shifts at her job, tried to cut back on everything she could, but the debt seemed to keep growing. Medical bills, credit card bills, and car payments were just too much. She didn’t know how much longer she could keep it up. Her car was close to being repossessed, and she was constantly afraid of what would happen next. Olivia felt trapped. There didn’t seem to be a way out. She was scared and overwhelmed, unsure if she would ever have a fresh start.
One evening, after another long day of worrying, Olivia decided to take a step she had been putting off for too long. She began looking for help. That’s when she found McCutchen Vaught Geddie & Hucks, P.A., a law firm in Myrtle Beach. They focused on helping people just like her, people who were struggling with financial hardship and needed someone to show them a way out.
Olivia called the firm and was quickly connected to Margaret Evans, one of the Chapter 13 lawyers at McCutchen Vaught Geddie & Hucks, P.A. Margaret’s voice was warm and reassuring, and she immediately made Olivia feel like she wasn’t alone anymore. Margaret listened carefully as Olivia shared her story, her struggles, and her fears. She didn’t rush Olivia; she took the time to understand the full picture of what was happening in her life.
Margaret explained how a Chapter 13 bankruptcy could help Olivia. She told her that with Chapter 13, Olivia could create a payment plan based on what she could afford and protect her car from repossession. She explained how Chapter 13 would help her keep her home and catch up on overdue payments. For the first time in months, Olivia felt a glimmer of hope. She felt like there was a real way out of her financial troubles.
With Margaret’s guidance, Olivia started the Chapter 13 process. It wasn’t easy, but every step of the way, Margaret was there, answering her questions and helping her understand what was happening. Olivia was able to keep her home and her car, and over time, she started to rebuild her financial life. The relief she felt was overwhelming. No longer did she have to wake up in fear of losing everything. She had a plan, and more importantly, she had someone who cared and was with her every step of the way.
Months passed, and Olivia’s life began to change. The stress and anxiety that once consumed her slowly faded away. She could breathe again. The Chapter 13 process gave her the fresh start she desperately needed. She paid off what she could afford, and her debts slowly became manageable. The future didn’t seem so uncertain anymore.
Olivia knew she still had work to do, but with Margaret by her side, she felt strong enough to face whatever came next. When she looked back at where she had been, she realized that the day she called McCutchen Vaught Geddie & Hucks, P.A. was the day her life started to turn around. With the help of Margaret Evans and the team, she had found a way to escape the financial trap she was in and build a better future for herself.
Frequently Asked Questions About Chapter 13 Bankruptcy
At McCutchen Vaught Geddie & Hucks, P.A., we understand that considering Chapter 13 bankruptcy can raise many questions. If you’re facing overwhelming debt and are looking for a solution, our Myrtle Beach Chapter 13 Lawyers are here to guide you every step of the way. Below, we’ve addressed some of the most common concerns individuals have about Chapter 13 bankruptcy.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, often referred to as a “wage earner’s plan,” allows individuals to reorganize their debt and repay creditors over a period of three to five years. This type of bankruptcy is ideal for those who have a steady income but are struggling with significant debt. Unlike Chapter 7, which may involve the liquidation of assets, Chapter 13 allows individuals to retain their property while making manageable payments toward their outstanding debts.
Who Is Eligible for Chapter 13 Bankruptcy?
To qualify for Chapter 13 bankruptcy, you must meet certain criteria. These include having a regular income, whether from employment, self-employment, or other sources. Additionally, there are debt limits—your unsecured debts (such as credit card balances and medical bills) must be less than $465,275, and your secured debts (such as mortgages or car loans) must be under $1,395,875. If your debts fall within these limits, our Myrtle Beach Chapter 13 Lawyers can help you navigate the filing process.
How Does Chapter 13 Bankruptcy Work?
The process begins when you file a petition with the bankruptcy court. This petition will include details about your income, assets, debts, and expenses. Once filed, an automatic stay goes into effect, which halts collection efforts from creditors, including foreclosure proceedings and wage garnishments.
Next, you will work with a bankruptcy trustee to create a repayment plan that fits your financial situation. This plan outlines how you will repay your debts over the next three to five years. Once the court approves the plan, you’ll begin making monthly payments to the trustee, who will then distribute the funds to your creditors according to the plan.
What Are the Benefits of Filing for Chapter 13 Bankruptcy?
There are several advantages to filing for Chapter 13 bankruptcy. One of the primary benefits is that you can keep your property, including your home and car, as long as you stick to your repayment plan. Additionally, Chapter 13 provides a structured way to reduce debt and avoid creditor harassment.
Another important benefit is that Chapter 13 bankruptcy can help you catch up on missed mortgage payments, preventing foreclosure. Similarly, it may allow you to reduce or eliminate certain unsecured debts, such as credit card balances, medical bills, and personal loans. This can provide significant financial relief and set you on a path toward a more secure financial future.
How Long Does the Chapter 13 Bankruptcy Process Take?
The length of the Chapter 13 bankruptcy process typically ranges from three to five years, depending on your income and the repayment plan you establish with the court. While this may seem like a long time, the ability to make manageable payments can make it easier to regain control of your financial situation.
Can I Keep My Property During Chapter 13 Bankruptcy?
Yes, one of the main benefits of Chapter 13 bankruptcy is that you can keep your property. Unlike Chapter 7 bankruptcy, which may require the liquidation of assets, Chapter 13 allows you to reorganize your debt and repay it over time without giving up your home or car. However, it’s important to follow the terms of the repayment plan, as failure to do so could result in the loss of property.
How Can McCutchen Vaught Geddie & Hucks, P.A. Help Me with Chapter 13 Bankruptcy?
Navigating the complexities of Chapter 13 bankruptcy can be challenging, but with the guidance of our Myrtle Beach Chapter 13 Lawyers, you don’t have to do it alone. We will help you assess your financial situation, determine if Chapter 13 is the right option for you, and assist you in creating a repayment plan that aligns with your needs. Throughout the process, we’ll work diligently to ensure that your rights are protected and that you receive the debt relief you deserve.
Find Relief With Our Skilled Myrtle Beach Chapter 13 Lawyers
If you are facing overwhelming financial challenges and are unsure of your next steps, McCutchen Vaught Geddie & Hucks, P.A. is here to help. With years of experience in guiding individuals through the Chapter 13 bankruptcy process, our team is ready to assist you in regaining control of your financial future. Whether you are dealing with mounting debt, harassing creditor calls, or the stress of an impending foreclosure, our skilled Myrtle Beach Chapter 13 Lawyers can provide the support you need to navigate through these tough times.
Take The First Step Toward Financial Freedom
Chapter 13 bankruptcy is an option that allows you to reorganize your debts and create a manageable repayment plan. If you are struggling to keep up with your payments but want to avoid losing your home or assets, Chapter 13 can be an ideal solution. Our lawyers understand the complexities of bankruptcy law and will work closely with you to ensure that your case is handled efficiently and with care. We are committed to helping you find the best solution for your unique situation.
Call Us Today For a Consultation
You do not have to face your financial difficulties alone. The team at McCutchen Vaught Geddie & Hucks, P.A. is ready to listen to your concerns and provide the guidance you need. We understand how challenging it can be to navigate the legal and financial aspects of Chapter 13 bankruptcy, which is why we are here to offer clear advice and a straightforward plan of action. Call us today to schedule an appointment with one of our Myrtle Beach Chapter 13 Lawyers. We are here to help you take the first step toward a fresh financial start.
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.