Bankruptcy Services

Which type of bankruptcy is right for you in Murrells Inlet, SC 

If you are considering filing for bankruptcy, talk with Daryle A. Walker, Attorney at Law. As an experienced bankruptcy lawyer, Attorney Walker understands the intricacies of bankruptcies and will guide you towards your best options. 
Our law firm handles cases for both personal and business bankruptcy. 
Areas of focus include: 
• Chapter 7 Bankruptcy and Chapter 13 Bankruptcy 
• Chapter 11 Bankruptcy and Chapter 12 Bankruptcy
• Legal Requirements Surrounding Bankruptcy

Chapter 7 Bankruptcy 

Personal Bankruptcy: Chapter 7 Bankruptcy, sometimes called liquidation or straight bankruptcy, is a fast and economical path to financial freedom. Even though the liquidation of assets happens with Chapter 7 Bankruptcy, there are limits on what can be taken and sold to pay off debts. In South Carolina, most Chapter 7 Bankruptcy cases are classified as a “no asset case." The courts normally deliver the Discharge Order in around 15 days, if there is no objection filed in time with the Court.   

Benefits of Chapter 7 Bankruptcy: 
• You will get a “Fresh Start” 
• The debtor keeps future income 
• There is no repayment plan 
• There are no limitations on the amount owed.  

You must prove that your income is less than the median income for your family in the state in which you live to qualify for Chapter 7 Bankruptcy. You must also receive credit counseling from an approved agency and pass the test administered. 
Contact Daryle A. Walker Today!

Chapter 13 Bankruptcy

Personal Bankruptcy: Chapter 13 Bankruptcy can be recommended to stop foreclosures and allow you time to pay off the debt. It uses a monthly plan overseen by the bankruptcy court. Normally the payoff payment period for a Chapter 13 Bankruptcy is 3 to 5 years depending on the situation.   

With Chapter 13 Bankruptcy you will: 
• Avoid Foreclosure 
• Be left with a better credit report than a Chapter 7 Bankruptcy
• Be able to reschedule secured debts (the mortgage where you reside excluded) and 
  extend them over the life of your Chapter 13 Bankruptcy plan to lower payments 
• Protect 3rd parties like co-signers.  
• Have something like a consolidation loan. 
• Have no contact with creditors – The chapter 13 trustee takes care of this.  

If your income is above the median for your family in your state, you can file for Chapter 13 Bankruptcy. This type of bankruptcy will require liquid assets, but will allow you to keep assets like your car. When your income is above the median, you cannot file a Chapter 7 Bankruptcy.   

Contact Daryle A. Walker Today!

Chapter 11 Bankruptcy 

Business Bankruptcy: Chapter 11 bankruptcy will allow your business to continue when your creditors and the court approve your repayment plan. A trustee is not appointed unless the judge decides you need one. When a trustee is appointed, the trustee takes control of your business and property.  

Benefits of Chapter 11 Bankruptcy: 
• Allows you to partially pay back unsecured debts 
• Gives you freedom from creditors who harass you at home and work 
• You can continue to run your business
• Interest rates on loans can be adjusted 
• Can extend payment of unsecured tax debts – up to 5 years 

Chapter 12 Bankruptcy 

Business Bankruptcy: Chapter 12 is like a Chapter 11 Bankruptcy but is tailored for family farmers and fishermen.   
Contact Daryle A. Walker Today!

Legal Requirements for Bankruptcy 

There are two legal requirements associated with bankruptcy. 

Credit-Counseling with a government approved company
Debtor Education or Financial Management – Attorney Walker must file the Certificate of Completion with the court before they will issue a discharge. 
Call today and get started with debt relief. There is no charge for the first visit.
843-357-8530
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