South Carolina Bankruptcy Legal Questions

FInd a good lawyer before doing anything else.  If you transfer assets, or take other steps, the actions you take can backfire horribly.  Make sure you go to a lawyer who handles more sophisticated personal cases, not a place that handles hundreds or thousands of cases a year.  Every cent you pay for a good lawyer in this situation is worth it.  DOing it your self could cost you tens of thousands of dollars. Now as to the LLC, it is treated for many purposes for what it is, an asset you own, just like your ownership of stock in, say AT&T.  The LLC has a net value, which is positive or negative.  Your chapter 7 or 13 is not a bankruptcy of the LLC, so its debts are not affected.   Get your financial information together, make sure you have copies of your last two years of filed income tax returns, copies of your checking account records, pay checks, or other evidence of income for the past six months.  Make copies of your mortgages, mortgage statements, and appraisals, or other backup for the items in your question.   But, first and foremost, find a good lawyer you trust.   Good luck.... Read More

Different attorneys may have different answers to this question. However, we encourage our clients to go ahead and tell their creditors when they call. I don''t think it is necessary for you to look up the number and call each of your creditors to notify them but if they are calling then it is usually a good idea to let them know you are filing and direct them to contact your attorney. We encourage our clients to do this because if the creditor knows you are filing bankruptcy then they will likely stop calling you (as long as you file within about a month or so from letting them know). Also, all of your creditors will be officially notified of your bankruptcy filing when they receive notice of your creditors'' meeting. I know part of the fear that some attorneys have is that a creditor may expedite the process of filing a lawsuit. The reality is, in most situations the bankruptcy will nullify the lawsuit so it would likely be a waste of the creditor''s time to file a lawsuit. So in short, yes - tell your creditors that you are filing bankruptcy so you can avoid the non-stop phone calls.... Read More