How Long Does a Chapter 7 Bankruptcy Take to Complete in South Carolina?
Chapter 7 is a form of bankruptcy that allows you to liquidate your assets to eliminate debt. You are allowed to file for Chapter 7 every eight years, with the entire process taking 90 days to complete. Although the process is quicker than a Chapter 13 filing, it is important to discuss which form of debt relief is best for you with a Columbia, SC, Chapter 7 bankruptcy lawyer.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy allows a debtor to wipe away debt by selling their assets to pay off creditors. When your case is opened, you will be assigned a Chapter 7 trustee who will be in charge of managing your assets and using the proceeds to pay off your debt. While it is understandable that you may be afraid to file for Chapter 7 since you do not want to lose your belongings, in most cases, individuals are able to keep their car and home.
Process of Filing for Chapter 7 Bankruptcy
Consultation with a Bankruptcy Lawyer
At Reed Law Firm, P.A., we offer free consultations to prospective clients who are interested in discussing their debt relief options. When you meet with our Columbia, SC, chapter 7 bankruptcy attorneys, we will review your entire financial situation to determine which form of debt relief is right for you.
Complete Mandatory Counseling
If Chapter 7 bankruptcy is in your best interest, you must complete mandatory credit counseling 180 days before filing. You must complete the counseling with an approved agency.
Submission of Bankruptcy Paperwork
Once you have completed the requisite counseling, we can begin to prepare the court paperwork for you. A Voluntary Petition will be due with the submission of the bankruptcy petition, which requests completion of basic identifying information and other information pertaining to your bankruptcy case. Fourteen days after filing your bankruptcy petition, you will need to submit several schedules.
Meeting of Creditors
Once this paperwork has been signed and filed with the court, you will receive the date and time of the 341 Meeting, also known as the Meeting of Creditors. The meeting is held by the Chapter 7 trustee, who will ask you questions under oath regarding the paperwork you submitted. The meeting is held 20 to 40 days after the initial bankruptcy petition is filed. Your bankruptcy attorney and creditors can be present at the meeting.
Chapter 7 Discharge
If all runs smoothly, you should receive your Chapter 7 discharge within 60 days of the 341 meeting. However, if any of your property must be liquidated, or if a creditor has filed a lawsuit to secure payment, the process can take longer. Thankfully, having a Columbia, SC bankruptcy lawyer by your side will ensure that the process takes place as smoothly as possible.
Reach Out to Our Columbia, SC, Chapter 7 Bankruptcy Attorneys Today
If medical bills or consumer debt have put you in a precarious financial situation, the legal team at Reed Law Firm, P.A., would like to help. As a federally designated debt relief agency, our Columbia, SC, Chapter 7 bankruptcy lawyers have been assisting clients for 20 years to regain their financial freedom and are ready to put our knowledge to work for you. To discuss your situation, contact us online or give us a call at 803-726-4888 to arrange your free consultation.
