South Dakota Bankruptcy Facts
No one knows just how difficult being in debt can be better than our South Dakota bankruptcy lawyers. Struggling with large amounts of debt can make you feel as if you have no way out of your financial obligations and are forced into a lifetime of creditor harassment. However, when you work with one of our featured attorneys to petition the bankruptcy court for debt relief, you can rest easy knowing your days of financial burdens will soon be numbered.
Our attorneys do everything in their power to make sure your debt is eliminated and your property and assets are protected from liquidation. No matter which South Dakota bankruptcy lawyer you choose to work with, you can rest assured you will be working with a top legal professional who will analyze your finances and determine which chapter of bankruptcy you should file. Not only that, but your legal representative will also speak to creditors and handle every aspect of your case so you can be on your way to living debt free.
Bankruptcy can help you eliminate outstanding credit card debt, unpaid medical bills, garnishes, tax debt and many other unsecured debts. Whether you have personal or business debts, our experienced bankruptcy attorneys in South Dakota can take care of you case and make sure you emerge with the least amount of debt possible.
What is Bankruptcy?
Bankruptcy is a federal declaration by a debtor (consumer or business) that they cannot repay creditors what they owe. If you have considered filing, the first step in reducing your debt will be to determine whether or not you qualify for bankruptcy protection in South Dakota. Your attorney will review your income, expenses and assets to determine which chapter would best suit your needs and will then help you petition the court for approval.
There are six different chapters of the Bankruptcy Code that can be filed in South Dakota, but you attorney will help you figure out which one is ideal for you. However, there are two chapters that stand out due to their swift resolution time and favorable outcomes: Chapter 7 and Chapter 13. Read on to learn more about each of these chapters and what makes them popular among South Dakota debtors.
Choosing Your Chapter
Most debtors in South Dakota file one of two main chapters: Chapter 7 or Chapter 13 bankruptcy. If your income falls under the average of a South Dakota household of your size, then you may qualify for Chapter 7 liquidation bankruptcy. Chapter 7 is the most commonly filed chapter in the state because both individuals and businesses may qualify and can completely discharge their debt in as little as 3 months. Although the petitioner’s assets are liquidated in order to eliminate debt, there are several exceptions to the rule. Debtors do not have to part ways with their residence, most personal effects or social security and other pension accounts. This is a chapter commonly sought by debtors who have a low income, relatively little property and who wish to exit bankruptcy protection as quickly as possible.
Chapter 13 is vastly different in the sense that it allows for debt relief by placing the petitioner on a payment plan lasting between 3 to 5. Unlike Chapter 7, this chapter may only be filed by individuals. Chapter 13 also differs from Chapter 7 in the fact that debts are not completely eliminated. However, debtors also don’t have to worry about having their assets seized. This chapter is ideal for debtors who have a steady income and just need a little extra time to pay down their financial obligations or for those who are in danger of foreclosure.
If you would like to find out more about bankruptcy protection laws in South Dakota, turn to one of our featured attorneys today and discuss your best options to achieve fast and easy debt relief.