In order to file a Chapter 7 bankruptcy, you must complete the following steps in order to be considered for this type of bankruptcy filing:
- File a petition with the bankruptcy court in the area in which you either live or where your business is located.
- You must file schedules of assets and liabilities.
- A schedule of current income and expenditures.
- A statement of financial affairs.
- A schedule of executory contracts and unexpired leases.
- As a debtor, you must also supply your tax return and any others filed during the case.
The state of South Carolina may require more from you depending on your circumstances so it is always advised that if you are considering filing for bankruptcy, that you consult with a local SC bankruptcy attorney. Becoming aware of what is required on your part and what the courts use to determine if you are eligible to receive bankruptcy relief can save you ample time.
Now, if you your debt primarily consists of consumer debts, you must also satisfy the following requirements:
- Provide proof that you took part in a credit counseling program and supply a copy of any sort of debt repayment plan devised during your credit counseling.
- Supply proof of payments from employers received 60 days before filing for bankruptcy, if applicable.
- Provide a monthly net income statement and any documentation stating you are expecting an increase in income or expenses after filing.
- Supply a record of any interest you have in federal or state qualified education or tuition accounts.
If you are married and are looking to file a Chapter 7 bankruptcy together, you can do so but keep in mind you both “are subject to all the document filing requirements of individual debtors” according to the United States Courts.
What Fees Are Associated with Filing a Chapter 7 Bankruptcy?
Our featured South Carolina bankruptcy attorneys can answer this question best but below are some of the fees you can expect to pay.
- A $245 case filing fee
- A $75 miscellaneous administrative fee
- A $15 trustee surcharge
In some instances, the courts will allow you to satisfy these payments in installments but that is something you can contact the clerk of courts to discuss.
The purpose of filing for Chapter 7 bankruptcy is to help a debtor seek relief from personal liability for most debts and prevent creditors from taking collection action against the debtor. Understanding all there is to know about filing for Chapter 7 bankruptcy is something our bankruptcy lawyers can help you with. Therefore, if you are considering going through with the process, are having trouble with your filed petition, or simply have a question, our bankruptcy attorneys in South Carolina are only a phone call away.
USAttorneys.com strives to help anyone in search of legal aid find it, and retain it. Give us a call today and we will gladly get you connected with a local legal representative who can provide you with a free, no-obligation consultation to further discuss the details of your matter.