The Huggins Law Firm, PA

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Chapter 13 Archives

Bankruptcy trustee duties clearly defined in U.S. Code

South Carolina residents who file for bankruptcy are likely to cross paths with individuals who have been appointed as trustees. These persons perform a number of duties related to the type of bankruptcy a debtor filed for and the circumstances of their debt. As such, trustees have to attend and participate in all hearings concerning properties under lien, bankruptcy plans and modification of plans.

South Carolina bankruptcy and debt ineligible for discharge

South Carolinians who are filing for a Chapter 13 bankruptcy may not be aware that some debts are not eligible for discharge during the bankruptcy process. Generally, child support, student loans, legal fines and other long-term debt such as mortgages are not eliminated during bankruptcy. This means that collections on these types of debt may be continued, particularly in the case of child support.

Mortgages and chapter 13 bankruptcy

When a South Carolina resident files for bankruptcy, an automatic stay goes into effect that prevents creditors, including mortgage holders, from continuing any collection activity as long as the stay is in effect. When the debtor chooses to file chapter 13 bankruptcy, he or she will work out a debt repayment plan that will last between three and five years.

Chapter 13 bankruptcy in South Carolina

When people are considering filing bankruptcy as an option to take care of unmanageable debt, they normally consider filing either under Chapter 7, which is a complete liquidation, or under Chapter 13, which is a voluntary reorganization of debt. Those who choose Chapter 13 will in most cases be able to retain their assets while stretching out payments for a set period of time. Unsecured debts remaining at the end of the repayment plan period will be discharged.

What are the requirements of a Chapter 13 repayment plan?

South Carolina individuals who file for bankruptcy relief pursuant to Chapter 13 must submit a repayment plan to the court. While the plan is often filed at the same time as the petition, with an exception for situations in which an extension is granted by the court, it must be filed no later than 14 days after the filing of the petition.

Obtaining loan modifications during Chapter 13

A loan modification may enable a South Carolina homeowner to avoid foreclosure. When a loan is modified, the terms of the loan are changed to help a borrower stay current with payments. A loan modification may take place even if a borrower is in the midst of a Chapter 13 bankruptcy. Filing for bankruptcy may give a homeowner leverage because an automatic stay goes into effect as soon as the case is filed.

The Huggins Law Firm, PA

The Huggins Law Firm, PA 1812 Lincoln Street, Suite 201 Columbia, SC 29201 Phone: 803-764-9921 Toll-Free: 866-691-3808 Fax: 803-764-1563