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Chapter 7 of the Bankruptcy Code provides for "liquidation,"(i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)

Before Bankruptcy is declared, there are alternatives that should be considered:

1. Have your Bankruptcy Attorney try to Negotiate a payment plan With your Creditors
2. Credit Counseling - there are some good non-profit companies, but also many bad credit counseling companies. Ask for your Bankruptcy Attorneys advice.
3. Credit Consolidation - Consider transferring all your debt to one loan. This may lower your monthly payments.
4. There are other types of bankruptcy that you may be eligible for including consumer and business bankruptcy, liquidation and reorganization bankruptcy.  Your Attorney will be able to suggest the best path for your particular situation

Chapter 7 bankruptcy is considered liquidation bankruptcy for consumers as well as for businesses. When Chapter 7 bankruptcy is used, your debt responsibility is completely relieved and the debts disappear. This debt relief process will leave a mark on your credit history and can be quite harmful to your credit report. With that in mind, it is important to have the right information before making decisions that will change your financial future.

• The Process of Bankruptcy
• Bankruptcy Filing Fees in South Carolina
• Bankruptcy Discharge
• Chapter 7 - Under the Bankruptcy Code
• Chapter 13 - Individual Debt Adjustment
• Chapter 11 - Reorganization Under the Bankruptcy Code
• SCRA. Servicemembers' Civil Relief Act
• SIPA. Securities Investor Protection Act
• Glossary - Terms You Need to Know
• Approved Credit Counseling Agencies

The information presented in our pages on bankruptcy should not be cited or relied upon as legal authority and should not substitute for the advice of a competent bankruptcy attorney.