If you’re considering filing bankruptcy in South Carolina, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Filing for bankruptcy is a legal process that allows individuals and businesses to seek relief from overwhelming debt by either discharging their debts or creating a manageable repayment plan. In South Carolina, as in the rest of the United States, there are specific qualifications and requirements that individuals must meet to be eligible for bankruptcy relief.

Before delving into the qualifications, it’s important to understand that bankruptcy in the United States is primarily governed by federal law, specifically the Bankruptcy Code. However, the state of South Carolina has some influence over certain aspects of the bankruptcy process, such as property exemptions and local rules.

1. Residency and Domicile: To file for bankruptcy in South Carolina, you generally need to be a resident of the state. In legal terms, residency refers to your physical presence within the state, while domicile refers to your intent to make South Carolina your permanent home. To establish residency, you should have lived in South Carolina for at least 91 out of the 180 days preceding your bankruptcy filing. If you have not met this requirement, you may need to consider filing in the state where you primarily reside.
2. Credit Counseling: Before you can file for bankruptcy in South Carolina, you must complete a credit counseling course from an approved agency within 180 days prior to filing. This requirement applies to both Chapter 7 and Chapter 13 bankruptcy filings. The course is designed to help you explore alternatives to bankruptcy and assess your financial situation. Upon completion, you will receive a certificate that you will need to submit with your bankruptcy petition.
3. Means Test: One of the most critical factors in determining your eligibility for Chapter 7 bankruptcy in South Carolina is the means test. The means test compares your income to the median income for households of the same size in your state. If your income falls below the median income, you are generally eligible to file for Chapter 7 bankruptcy. If your income is above the median, you may still be eligible based on a more detailed analysis of your income, expenses, and disposable income.
4. Chapter 13 Eligibility: If your income exceeds the Chapter 7 means test thresholds or you have substantial assets that you want to protect, you may still be eligible for bankruptcy relief through Chapter 13. Chapter 13 bankruptcy allows you to reorganize your debts and create a manageable repayment plan over three to five years. To qualify for Chapter 13, you must have a stable source of income and your total secured and unsecured debts must be below certain statutory limits.
5. Previous Bankruptcy Discharge: If you have previously received a discharge in a Chapter 7 case, you must wait eight years from the date of your prior filing to file for Chapter 7 again and receive another discharge. If you received a discharge in a Chapter 13 case, you must wait six years from the date of your prior filing to be eligible for Chapter 7. If you wish to file for Chapter 13 after a prior Chapter 7 discharge, you generally must wait four years from the date of the Chapter 7 discharge.
6. Filing Fees and Administrative Requirements: There are filing fees associated with both Chapter 7 and Chapter 13 bankruptcy petitions in South Carolina. These fees may be waived or paid in installments in certain circumstances, such as if your income is below 150% of the federal poverty guidelines. Additionally, you must complete all required bankruptcy forms accurately and honestly, including disclosing all your debts, assets, income, and expenses.

The qualifications for filing bankruptcy in South Carolina involve meeting residency and domicile requirements, completing credit counseling, passing the means test (for Chapter 7), and adhering to specific timelines if you have previously filed for bankruptcy. It’s essential to consult with a qualified bankruptcy attorney to assess your eligibility and determine the most appropriate bankruptcy chapter for your specific financial situation. Bankruptcy is a complex legal process, and professional guidance can help you navigate it successfully and make informed decisions about your financial future.

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Do You Need a Lawyer to File For Bankruptcy in South Carolina?

Filing for bankruptcy in South Carolina, like in other states, is a legal process that individuals can undertake without an attorney, but whether you need a lawyer or not depends on your specific circumstances and comfort level with the complexities of the bankruptcy system. While it’s possible to file for bankruptcy pro se (without an attorney), there are several important factors to consider when deciding whether to hire legal representation.

1. Complexity of Your Case: The complexity of your financial situation is a crucial factor in determining whether you need an attorney to file for bankruptcy in South Carolina. If your case is relatively straightforward, involving few assets, simple income sources, and no unusual legal issues, you may be able to navigate the process on your own. However, if you have multiple income streams, significant assets, or complex debt issues, consulting with an attorney is advisable. An attorney can help you make informed decisions and ensure you take full advantage of the available legal protections and exemptions.
2. Understanding Bankruptcy Chapters: South Carolina bankruptcy law allows individuals to file under Chapter 7 (liquidation) or Chapter 13 (reorganization). Each chapter has its own eligibility criteria, requirements, and implications. An attorney can assess your situation and help you determine which chapter is more suitable for your needs. Choosing the wrong chapter can have long-term consequences, so professional guidance is valuable.
3. Legal Knowledge and Experience: The bankruptcy process involves extensive paperwork, legal terminology, and compliance with federal and state laws. An experienced bankruptcy attorney understands the nuances of these laws, local court rules, and procedures, which can be challenging to navigate on your own. Attorneys can help you complete the necessary paperwork accurately and ensure you meet all filing deadlines and requirements.
4. Debt Negotiation and Creditors: Dealing with creditors can be intimidating and complex. An attorney can negotiate with creditors on your behalf to reach settlements, modify payment plans, or address any disputes that may arise during the bankruptcy process. They can also help you understand your rights and protections against creditor harassment.
5. Protection of Assets: If you have valuable assets that you want to protect in bankruptcy, such as your home, car, or retirement accounts, an attorney can provide guidance on exemptions and strategies to safeguard these assets. In South Carolina, the state’s bankruptcy exemptions, as opposed to federal exemptions, apply, and an attorney can help you make the most of these protections.
6. Avoiding Pitfalls: Filing for bankruptcy pro se comes with the risk of making mistakes that can lead to complications or even dismissal of your case. Attorneys have the experience to anticipate potential issues and help you avoid common pitfalls, ensuring a smoother bankruptcy process.
7. Legal Advocacy: If disputes or objections arise during your bankruptcy case, having an attorney can be essential. They can advocate on your behalf in court, represent your interests, and help you address any challenges that may arise during the process.
8. Post-Bankruptcy Guidance: Bankruptcy doesn’t end with the discharge of debts. An attorney can provide valuable guidance on rebuilding your credit, managing your finances, and taking steps to improve your financial future.

While it’s technically possible to file for bankruptcy in South Carolina without an attorney, doing so can be risky, especially if your financial situation is complex or you have valuable assets to protect. An experienced bankruptcy attorney can help you make informed decisions, navigate the legal process, protect your assets, and provide valuable support throughout the bankruptcy journey. Before deciding to go it alone, it’s advisable to consult with an attorney to assess your situation and determine the best course of action for your specific circumstances.

Cost to File Chapter 7 Bankruptcy in South Carolina

The cost to file Chapter 7 bankruptcy in South Carolina involves several fees and expenses, which can vary depending on your individual circumstances and whether you hire an attorney. Here is an overview of the main costs associated with filing Chapter 7 bankruptcy in South Carolina:

1. Filing Fee: The primary cost of filing for Chapter 7 bankruptcy in South Carolina is the filing fee. This fee is paid to the bankruptcy court when you submit your petition and other required documents. It’s important to note that filing fees may change over time, so it’s advisable to check the current fee schedule on the official website of the U.S. Bankruptcy Court for the District of South Carolina or consult with a bankruptcy attorney for the most up-to-date information.
2. Credit Counseling Fee: Before filing for bankruptcy, you are required to complete a credit counseling course from an approved agency. The cost of this course can vary, but it typically ranges from $30 to $65. Some credit counseling agencies offer fee waivers or reduced fees for individuals with low income.
3. Attorney’s Fees (If You Hire an Attorney): If you decide to hire an attorney to assist you with your Chapter 7 bankruptcy case, you will need to pay their legal fees. Attorney fees can vary widely based on factors such as the complexity of your case, the attorney’s experience, and the geographic location of their practice. In South Carolina, Chapter 7 attorney fees may range from a few hundred dollars to over a thousand dollars. It’s important to discuss fees and payment arrangements with your attorney before retaining their services.
4. Miscellaneous Costs: There may be additional costs associated with your bankruptcy case, such as fees for obtaining credit reports, notary fees, postage, and photocopying expenses. While these costs are generally not significant, they should be budgeted for as part of the overall expense of filing for bankruptcy.

Fee Waivers: If your income is below 150% of the federal poverty guidelines and you are unable to pay the filing fee in full, you may be eligible for a fee waiver. To request a fee waiver, you will need to submit the appropriate forms and documentation to the bankruptcy court, demonstrating your financial hardship.

Before proceeding with a Chapter 7 bankruptcy filing in South Carolina, it’s advisable to consult with a bankruptcy attorney to assess your situation, understand the potential costs involved, and determine the most appropriate course of action based on your financial circumstances. Additionally, stay informed about any changes in bankruptcy fees and requirements by regularly checking the official bankruptcy court website or consulting with legal professionals.

Cost to File Chapter 11 Bankruptcy in South Carolina

Filing for Chapter 11 bankruptcy in South Carolina, or anywhere else in the United States, can be a complex and costly process due to its primarily intended use for businesses and individuals with substantial assets and debts. The cost of filing Chapter 11 bankruptcy can vary significantly depending on the complexity of the case, the size of the debtor’s estate, and other factors. Here is an overview of the main expenses associated with filing Chapter 11 bankruptcy in South Carolina:

1. Filing Fee: The filing fee is paid to the bankruptcy court when you submit your Chapter 11 petition and other required documents. Please note that filing fees may change over time, so it’s advisable to check the current fee schedule on the official website of the U.S. Bankruptcy Court for the District of South Carolina or consult with a bankruptcy attorney for the most up-to-date information.
2. Attorney’s Fees: Chapter 11 bankruptcy cases are typically complex and require legal expertise to navigate successfully. Attorney fees for Chapter 11 cases can vary widely, depending on factors such as the size of the debtor’s estate, the complexity of the case, the attorney’s experience, and the geographic location of their practice. In Chapter 11 cases, attorneys often charge hourly rates, which can range from several hundred to several thousand dollars per hour. Additionally, attorneys may require a retainer or upfront fee to begin representing the debtor. Given the substantial costs associated with Chapter 11 cases, it’s essential to discuss fees and payment arrangements with your attorney before proceeding.
3. U.S. Trustee Fees: In Chapter 11 cases, the U.S. Trustee’s office charges quarterly fees based on the debtor’s disbursements and assets. These fees are assessed to fund the administration of the bankruptcy process and oversight of the debtor’s financial affairs. The specific fee structure can vary, so it’s important to consult with your attorney for details on how these fees will apply to your case.
4. Other Professional Fees: Debtors in Chapter 11 bankruptcy may also incur additional costs for hiring other professionals, such as accountants, financial advisors, or appraisers, to assist in the preparation and administration of the bankruptcy plan. The necessity and cost of these professionals depend on the complexity of the case.
5. Plan Confirmation and Ongoing Costs: Chapter 11 cases involve the development and confirmation of a reorganization plan that outlines how the debtor will repay its creditors and address its financial challenges. The costs associated with plan development and ongoing administration, including legal and professional fees, must be considered when budgeting for a Chapter 11 case.

It’s important to note that Chapter 11 bankruptcy is primarily designed for businesses, although individuals with significant assets and debts may also file under this chapter. The costs associated with Chapter 11 are substantially higher than those for Chapter 7 or Chapter 13 bankruptcies, making it essential to assess whether the benefits of reorganization and debt relief outweigh the expenses involved. Consultation with an experienced bankruptcy attorney is crucial to understanding the specific costs associated with your Chapter 11 case and developing a comprehensive strategy to address your financial challenges.

Cost to File Chapter 13 Bankruptcy in South Carolina

Filing for Chapter 13 bankruptcy in South Carolina involves several costs and fees, which can vary depending on your specific circumstances and the complexity of your case. Chapter 13 bankruptcy is a reorganization plan that allows individuals to repay their debts over a period of three to five years. Here’s an overview of the main expenses associated with filing Chapter 13 bankruptcy in South Carolina:

1. Filing Fee: The filing fee for a Chapter 13 bankruptcy case in South Carolina is $368. This fee is paid to the bankruptcy court when you submit your Chapter 13 petition and other required documents. Keep in mind that filing fees may change over time, so it’s advisable to check the current fee schedule on the official website of the U.S. Bankruptcy Court for the District of South Carolina or consult with a bankruptcy attorney for the most up-to-date information.
2. Attorney’s Fees: Hiring an attorney is highly recommended for Chapter 13 bankruptcy cases, as they can help you navigate the complex process, ensure your repayment plan is feasible, and advocate for your interests. Attorney fees for Chapter 13 cases can vary depending on factors such as the complexity of your financial situation and your geographic location. Typically, attorneys charge a portion of their fees upfront and the remainder is included in your Chapter 13 repayment plan.
3. Credit Counseling and Financial Management Course Fees: Before filing for Chapter 13 bankruptcy, you are required to complete a credit counseling course from an approved agency, as well as a financial management course after filing. The combined cost of these courses can range from $58 to $120. Some credit counseling agencies offer fee waivers or reduced fees for individuals with low income.
4. Chapter 13 Trustee Fees: In a Chapter 13 case, a bankruptcy trustee is appointed to oversee your repayment plan and ensure that payments are distributed to creditors according to the plan. The trustee receives a percentage of the payments made under your plan as their fee, which is typically around 10% but can vary. This fee is built into your repayment plan, so you won’t need to pay it separately.
5. Miscellaneous Costs: There may be additional costs associated with your Chapter 13 case, such as fees for obtaining credit reports, notary fees, postage, and photocopying expenses. These expenses, while generally not significant, should be included in your budget when considering the overall cost of filing for Chapter 13 bankruptcy.

Before proceeding with a Chapter 13 bankruptcy filing in South Carolina, it’s advisable to consult with a bankruptcy attorney to assess your situation, understand the potential costs involved, and develop a comprehensive strategy to address your financial challenges. An experienced attorney can guide you through the process and help ensure the successful completion of your repayment plan.

Reliable Bankruptcy Attorneys in South Carolina

Below is a list of reputable bankruptcy attorneys in South Carolina. They can help you with both personal and business bankruptcy information.

Meredith Law Firm LLC
1901 Assembly St #360, Columbia, SC 29201, United States

STONE LAW FIRM, LLC
455 St Andrews Rd Bldg C-1, Columbia, SC 29210, United States

Moss & Associates
816 Elmwood Ave, Columbia, SC 29201, United States

Stone Law Firm, LLC
1320 Main St STE 300, Columbia, SC 29201, United States

Reed Law Firm, P.A.
220 Stoneridge Dr Suite 301, Columbia, SC 29210, United States

South Carolina Zip Codes We Proudly Serve:

Columbia

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