Personal Bankruptcies for South Carolina
As an individual, there are four types of bankruptcies that you can file in South Carolina, depending on your personal situation. The four types of bankruptcies are Chapter 7, Chapter 11, Chapter 12 and Chapter 13.
Chapter 11 bankruptcy provisions are complex, and require in-person consultation to thoroughly explain and discuss. However, the following is an extremely simplified explanation of Chapter 11.
Basic Requirements
- Resident of South Carolina
- Unsecured debt of more than $360,475
- A Chapter 11 bankruptcy is available for both individuals and businesses. However, in order to file a personal Chapter 11 bankruptcy, you must have more than $360,475 in unsecured debts. If your unsecured debts are less than this amount, then you would need to file a Chapter 13 bankruptcy.
- Complete the petition, schedules, statements, reports and related documentation.
- Complete a credit counseling course
- Attend the meeting of creditors and any other mandatory court hearings.
- Income sufficient to fund a plan of reorganization
- Complete a financial management course
- Pay the filing fee of $1,738
Voluntary Repayment Plan For Individuals with regular income – This bankruptcy is really for the individual who cannot get their creditors to agree to a reasonable repayment plan, but it is often the only means for an individual to retain the ownership and possession of their home when they fall behind on their mortgage payments. It is costly, time consuming, and is not for the faint of heart. Although the process is similar to the Chapter 11 bankruptcy.
