Chapter 7 & Chapter 13 Bankruptcy Attorneys in South Carolina

Debt Relief Offices in Charleston and Summerville

Bankruptcy is a legal and time-honored way to escape unmanageable debt and respond with logical steps to a financial crisis. Bankruptcy law exists precisely because the United States government recognizes that individuals and families sometimes need help getting back on their feet after an economic knockdown.

Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two major forms of bankruptcy petitions for consumers, as opposed to business owners. Chapter 7 bankruptcy and Chapter 13 bankruptcy have major differences from one another. The choice you make depends on your specific financial circumstances as well as your long-term financial goals.

Query Sautter Price & Forsythe LLC is a South Carolina law firm with offices in Charleston and Summerville. Our legal group takes a team approach to helping our clients solve a variety of legal problems, including financial worries. Our clients get the benefit of having access to more than 100 years of combined legal experience, whenever necessary, to make sure every possible option is considered for its benefits and disadvantages. Learn more about us and our philosophy of law practice on our Firm Overview page.

Basic Information About Chapter 7 Bankruptcy

Chapter 7 bankruptcy is available to people who can pass the bankruptcy means test. This test compares your income to the median income for your state. If your income is higher than the median income for your state, you may still be able to pass the bankruptcy means test by comparing your income to your debts. If you do not pass the bankruptcy means test, you may still qualify for Chapter 13 bankruptcy.

A successful Chapter 7 bankruptcy petition eliminates all eligible debt, including credit cards and medical bills. If you see no hope in sight for catching up on car payments or mortgage payments, you may be able to use Chapter 7 bankruptcy to walk away from those financial obligations without facing a lawsuit from your creditors. If you can catch up on car or house payments, you may be able to reaffirm those debts during the Chapter 7 bankruptcy proceedings.

Basic Information About Chapter 13 Bankruptcy

Chapter 13 bankruptcy is more complex and involves a longer process than Chapter 7 bankruptcy. Nonetheless, it can be a valuable stabilizing force for people who are drowning in debt. A person who files a Chapter 13 bankruptcy petition also files a Chapter 13 repayment plan. The repayment plan shows all assets, income and debts, and shows how the debtor will repay a portion of all debts over three to five years. Usually, the repayment plan focuses on getting current on the mortgage and car payment, with the remainder of available funds going to unsecured debts like credit cards and medical bills. At the end of the repayment period, any remaining unsecured debts are eliminated.

Two major advantages of Chapter 13 bankruptcy are: your debt payments are supervised by a federal bankruptcy trustee, and you are no longer at the mercy of your individual creditors; and Chapter 13 bankruptcy can help you save your home from foreclosure.

Contact Query Sautter Price & Forsythe LLC About Chapter 7 and Chapter 13 Bankruptcy

For additional information about our practice, or to discuss how we can assist you with your debt relief questions, please schedule a free confidential consultation with bankruptcy attorney by calling us in Charleston at 843-795-9500 or in Summerville at 843-821-3000. You can also reach us by filling out our intake form. Take action to lessen your financial worries.

We are a designated debt relief agency under Title 11 of the U.S. Code and we provide legal assistance to consumers seeking relief under the Bankruptcy Code.

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Query Sautter Price & Forsythe LLC
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