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South Carolina Bankruptcy Lawyers Helping You Understand Your Options. A highly experienced bankruptcy firm in Charleston, serving the state of S.C. In this tough economy, many South Carolina residents are struggling through no fault of their own. Job loss, medical problems, divorce or various other unforeseen difficulties can lead to unmanageable debt. The Toney Law Firm concentrates its practice in bankruptcy law & asset protection.
Business Bankruptcy: Running a company isn’t for everyone and every business has it’s ups and downs. So don’t be embarrassed if the recent downturn in the economy has negatively affected your company. Business bankruptcy sometimes is the only option and in many cases the best option. If you feel it might be time to talk to a professional please call Dennis R. Toney so we can determine the best course of action for your situation. As each one is different.
Bankruptcy is not right for everyone. The best way to determine the option that is right for you is to work closely with a reputable South Carolina bankruptcy law firm. Dennis Toney offers outstanding guidance and efficient bankruptcy filing. We clearly explain your options, including the different types of bankruptcy for individuals and businesses:
In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the interim trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. [4] Common exceptions to discharge include child support, income taxes less than 3 years old and property taxes, student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by a court for any crimes committed by the debtor. Spousal support is likewise not covered by a bankruptcy filing nor are property settlements through divorce. Despite their potential non-dischargeability, all debts must be listed on bankruptcy schedules. Info acquired from wikipedia
Chapter 11 affords the debtor in possession a number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on the business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay. While the automatic stay is in place, most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with the court seeking relief from the automatic stay. If the business's debts exceed its assets, the bankruptcy restructuring may result in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by the court. 11 U.S.C. Sec. 1109 (b). The court is ultimately responsible for determining whether the proposed plan of reorganization complies with the bankruptcy law. Info acquired from wikipedia
The advantages of Chapter 13 over Chapter 7 include the ability to: stop foreclosures although a foreclosure would be reinstated upon completion of the bankruptcy; achieve a super discharge of debts of kinds not dischargeable under Chapter 7;[1] value collateral; bifurcate the security interest of creditors in certain property that creditors are either charging too much interest for, or are over-secured, or both, and leading to a cram down modification of the debt; prevent collection activities against non-filing co-signers (co-debtors) during the life of the case. Info acquired from wikipedia
Remember: “The earlier the better.” As foreclosure and bankruptcy lawyers, we see many people who wait until it is too late to seek advice, or worse, act based upon incomplete or just plain bad advice. It is imperative to consult an experienced foreclosure attorney as early as possible to examine your situation and advise you of your rights. We advise individuals facing foreclosure to consult with an attorney early and before taking any action on their own, as you may wind up waiving defenses you did not even know you had. Remember, time is of the essence. Regardless of what your Lender says, you only have 20 days from the date you are served foreclosure paperwork to respond to the suit or your Lender could win the suit by default. We have licensed NAR accredited Charleston, SC real estate brokers that are also here to help you understand what your home is worth, provide consultation about a potential short sale and any other distressed real estate sale information that might be helpful to our clients.
Your only place to find qualified legal help in Charleston, SC
Call us for an in office appointment or if you can't make it to us, we can come to you. Office located convenietly in West Ashley.
Attorney Dennis R. Toney, Jr., is admitted to practice before the SC Bar, the US District Court for the District of South Carolina and the US Bankruptcy Court for the District of South Carolina
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