What is the procedure for carrying out bankruptcy proceedings?

Bankruptcy proceedings in South Carolina are governed by the South Carolina Bankruptcy Code, a federal law that regulates how individuals, businesses, and other entities should file for bankruptcy in the state. The procedure for carrying out bankruptcy proceedings in South Carolina is managed by the United States Bankruptcy Court. In order to file for bankruptcy in the state, an individual or business must first complete an official bankruptcy petition. The petition is usually filed with the U.S. Bankruptcy Court in the jurisdiction where the debtor lives or does business. After filing, the court will issue a stay of any collection actions taken against the debtor. Once the petition is filed, the debtor must attend the first meeting of creditors, or 341 meeting. At this meeting, creditors can ask the debtor questions about their finances and the circumstances surrounding the filing. The debtor must provide an acceptable payment plan, which creditors may choose to accept or reject. If the payment plan is accepted, it then must be approved by the court. The court will also decide whether or not to grant the debtor a discharge, which releases the debtor from their debts. If the court denies the discharge, the debtor may appeal the decision. Once the plan is approved, the debtor must then make their required payments in order to complete the process. After the payments are made and all creditors are satisfied, the court will issue a discharge order, which officially ends the bankruptcy process.

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What is the procedure for carrying out bankruptcy proceedings?

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