Bankruptcy and Creditor Lawyers
Charleston lawyers ready to help with debtor and creditor matters
Debtor–creditor law governs situations in which one party is unable to pay a monetary debt. Grimball & Cabaniss, LLC provides debtor and creditor legal services by representing:
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Creditors can have debts satisfied through the following means:
- Attachment allows a creditor to have the property of a debtor seized to satisfy a debt.
- Replevin allows a creditor to seize goods in which he or she has a property interest to satisfy the debt.
- Receivership—A court appoints a third party to dispose of the debtor's property in order to satisfy the debt.
- Lien—State law governs lien creation and how the lien is executed against the debtor's property where the sale of this property will help to satisfy the debt.
Our Sourth Carolina lawyers can help you collect the money owed to you.
Charleston bankruptcy lawyers
The bankruptcy lawyers of Grimball & Cabaniss, LLC can help individuals and businesses unable to pay their bills to get a fresh financial start through filing for bankruptcy. Consumer bankruptcy is either Chapter 7 or Chapter 9, while businesses use Chapter 11.
Chapter 7—the most common form of bankruptcy
Chapter 7 is a liquidation of personal assets and the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it, and then distributes the proceeds to creditors. Your car and primary residence can be declared exempt and retained. A Chapter 7 proceeding can result in the removal of the following kinds of debt:
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Chapter 13—personal reorganization
Chapter 13 bankruptcy allows an individual with a regular income to propose and carry out a repayment plan. Under court supervision and protection, the person pays creditors over a period of three to five years. During this time, creditors are prohibited from continuing collection efforts.
Chapter 11—corporate reorganization
Chapter 11 bankruptcy is a corporate financial reorganization that lets companies stay in business while executing a debt repayment plan. This bankruptcy proceeding is used by businesses with secured debts of less than $1 million.
For creditor and bankruptcy assistance in South Carolina
For help when you owe money or money is owed to you, contact Grimball & Cabaniss, LLC to set up a consultation today. Or for more information on the latest South Carolina news, visit our Charleston law firm's In the News page.
