What are the steps for filing for bankruptcy protection?
Filing for bankruptcy protection in South Carolina involves a few different steps. First, you must determine the type of bankruptcy you are filing for. There are two main types; Chapter 7 and Chapter 13. Chapter 7 is the most common and allows for liquidation of some assets in order to pay off creditors. Chapter 13 is a reorganization of debt into a repayment plan. After determining the type of bankruptcy to file, you must fill out an official bankruptcy petition, schedules, and statement of financial affairs. You must also provide copies of tax returns for the last two years and information about your debts and assets. These forms must be completed accurately and completely, as any mistakes could lead to a rejection of your bankruptcy case. Once the forms are complete, you must attend a mandatory credit counseling session prior to filing for bankruptcy. This session is designed to help you understand and evaluate all of your debt and credit options. Once the requisite forms are completed and the mandatory counseling session is attended, you must file your forms with the bankruptcy court in your district. You will also have to pay a filing fee in order for your case to be reviewed by a judge. Once the judge reviews the case, he/she will make a decision on whether or not to approve the bankruptcy. Filing for bankruptcy protection in South Carolina can be a complicated process and it is important to follow all the steps correctly. Consulting with a legal professional may be necessary in order to make sure all of the steps are completed correctly and in a timely manner.
Related FAQs
What entity should I form for my new business?How do I register my business name with the state?
What type of banking products are available for a business?
What is a buy-sell agreement?
How do I select a banker for my business?
What is a corporate social responsibility policy?
What is the best legal structure for my business?
How do I prepare articles of incorporation?
How do I set up a foreign business entity?
What is a business contract?
Related Blog Posts
Understanding the Basics of Business Formation Law - July 31, 2023What You Need to Know Before Starting Your Business - August 7, 2023
The Financial and Legal Aspects of Starting a Business - August 14, 2023
Why It's Important to Have a Legal Guide When Forming Your Business - August 21, 2023
Navigating State and Federal Laws When Forming a Business - August 28, 2023