Lawyer, Bankruptcy Attorney in South Carolina,SC, chapter 7, chapter 13, Drose Law Firm

South Carolina Bankruptcy Attorneys, Drose Law Firm

Certified Bankruptcy Specialists
Michael Drose | Tom Fryar

Charleston
Columbia
Myrtle Beach
South Carolina

Droselaw.com

Charleston Bankruptcy LawyersCharleston Bankruptcy AttorneysDrose Law Firm, Columbia South Carolina, Charleston South Carolina, Myrtle Beach South Carolina. Bankruptcy laws are federal laws and are the same in every state, although some interpretations of the bankruptcy laws are regional. These bankruptcy laws are found in title 11 of the U.S. Code. The bankruptcy laws are divided into chapters. There are two chapters relevant to consumer bankruptcy cases: Chapter 7 bankruptcy- "straight bankruptcy" - the person owing money (called the "Debtor") submits information to show all assets and all liabilities; a Trustee is appointed to determine if the Debtor has any assets which can be taken and sold. If no assets are available (as in most of the bankruptcy cases we file under this bankruptcy Chapter), and no bad acts have been committed by the Debtor, most debts are forgiven (a few exceptions are discussed below); liens on assets have to be paid if the property is to be kept. Chapter 13 bankruptcy - "wage earner" - the Debtor submits information to show all assets and all liabilities; a Trustee is appointed to oversee the restructuring of debts. Creditors are paid back in whole or in part as requested by the Debtors, and as approved by the bankruptcy court. If you are looking for a Bankruptcy attorney in SC, please consider Drose Law Firm, bankruptcy lawyers in South Carolina.