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South Carolina Bankruptcy Laws

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South Carolina Bankruptcy Laws
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As per 2005 South Carolina Bankruptcy laws,

it is said that all individual debtors need to undergo credit counseling within 6 months if they file for bankruptcy on or after October 17, 2005.

Before filing for bankruptcy, your income and expenses are analyzed to determine whether you qualify to file a Chapter 7 or you need to file Chapter 13.

Here are some points to know regarding bankruptcy law:

  • Before filing for Bankruptcy, to analyze your income,

the court will have an eye on your average income for 6 months

  • The above law helps the court to decide whether you fall under the median income range of that state or not.
  • Prior to going for the Bankruptcy process, the things which you need to itemize are your current income sources,

all the major financial transactions that you made in the last 2 years and monthly expenses.

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