In South Carolina, Event 13 bankruptcy can hand you restructure your Obligation.
Your complete unsecured debts may be no enhanced than $360,475 and your secured debts no more advantageous than $1,081,1400. The method dry run for mode determines the length of your repayment margin. In South Carolina, the median funds for a unmarried debtor is $39,052. Whether your resources is below the median for family bigness, your repayment device Testament persist 3 dotage.
Determining Eligibility
The U.S. Bankruptcy Edict limits the size of you can gain in a Period 13 filing.The USA Bankruptcy Edict establishes the menu for filing Episode 13 bankruptcy, which allows you to restructure and come back your financial obligations over extent. A Folio 13 bankruptcy is typically obtain for someone who does not conformed the process check for Leaf 7 or who wants to give back his debts nevertheless needs hand with creating a pathway. Provided you're filing Folio 13 in South Carolina, it's big to cognize what the fashion requires. Provided it is above the median, your repayment extent will last 5 years.
Filing
The district bankruptcy court is in Columbia, South Carolina, and you may file your petition there or through an electronic filing service. You are not required to be represented by an attorney to file. At the time you file, you are required to pay the $274 filing fee, unless you are applying for a hardship waiver. You must submit a complete list of assets and liabilities, a statement certifying your completion of credit counseling at least 180 days prior and a statement of financial affairs.
Repayment Plan
In a Chapter 13 bankruptcy, the repayment plan is a proposal for how much you can repay to your debts. In South Carolina, you are required to file your repayment plan within 14 days of your initial filing. You are required to repay 100 percent of priority debts, including back taxes, child support and alimony, very as 100 percent of debts related to property you wish to keep, such as a home or vehicle. Within 30 days of filing, you are required to start making payments to the bankruptcy trustee, who will begin distributing them to your creditors.
Exemptions
In a Chapter 13 bankruptcy, you may claim certain assets as exemptions. The trustee overseeing your bankruptcy case may then make a determination as to whether the value of these assets should be used in calculating the amount of your payment plan. In South Carolina, you can claim up to a $10,000 homestead exemption, a $1,200 vehicle exemption and up to $2,500 in personal property.
Discharge
You are required to complete all payments according to your repayment plan to obtain a Chapter 13 discharge, unless you are applying for a hardship discharge. Once your bankruptcy is discharged, it will remain on your credit rating for up to 7 years. In South Carolina, you are required to complete a course in financial management prior to obtaining a discharge.
