Our office represents debtors and creditors in Chapter 7, Chapter 13 and Chapter 11 cases, as well as debt workouts. Mr. Mogil has been practicing bankruptcy law in South Carolina since 1997and is a member of the South Carolina Bankruptcy Lawyers Association.
Bankruptcy can be a valuable and useful legal option to a) prevent or stay foreclosure or repossession, b) payoff or discharge unsecured debt, c) reorganize businesses, d) manage tax liabilities, e) obtain a fresh start and the possibility of credit rebuild.
Our firm involved in a number of complex Chapter 11 cases, as well as our ongoing Chapter 7 and Chapter 13 debtor and creditor representation.
If you are a current client of the firm, please review the information below:
Some comments on some common misconceptions:
Assets—at the time a Debtor files bankruptcy, ALL of its/their property, including cash, bank accounts, accounts receivable, tax refunds, insurance policies, cars, boats, tools, inventory, furniture, items in storage, clothing, jewelry timeshare units and other schedule B items, and all of their real property, wherever situated, owned as of the date they file bankruptcy becomes property of the bankruptcy estate, subject to the exemptions it claims. South Carolina has more restrictive personal exemptions than other states which have adopted the federal exemptions, i.e. NY and PA, or states like Florida which have unlimited homestead exemptions. South Carolina's homestead exemption recently increased to $ 50,000 per owner.
In a Chapter 7, the estate is “owned” or at least controlled by the U.S. Trustee from the moment bankruptcy is filed until the Trustee abandons that property formally by notice at the first meeting of creditors or later by written notice.
In a Chapter 11, the Debtor controls its property subject to further instruction from the U.S. trustee and is able to restructure its debts.
In a Chapter 13, the Debtor controls its property subject to further instruction from the Trustee, the treatment of the property in an approved Chapter 13 Plan, or further Order of the Court. The Debtor does not possess the property “free and clear” until the case is either discharged, dismissed or the Court Orders it so.
Selling or Financing Property during your bankruptcy case: The rules require that any sale of assets of the bankruptcy estate during the pendency of the bankruptcy case, and any loan obtained which is secured by any assets of the bankruptcy estate during the pendency of the bankruptcy, require Bankruptcy Court permission prior to being completed.
For information on the new Bankruptcy Law and its impact, as well as other important information about Bankruptcy as a debtor option, follow this link: Bankruptcy Law Update.
Consult Mogil Law
Prior to an individual bankruptcy consultation, please prepare the following information regarding you and your family:
1) assets: location and present market value.
2) secured debts: mortgages, car loans, furniture loans, with creditor addresses and account numbers.
3) unsecured debts: credit cards, bills, judgments, with creditor addresses and account numbers.
4) income for you and spouse (if applicable) broken down into a monthly amount, with gross and tax withholding figured in.
5) all ordinary and necessary expenses such as car payments, rent, mortgage, food, gas, insurance, clothing, utilities, church, etc, calculated as a monthly amount. For some yearly expenses, such as clothing or children's school needs, divide the estimated yearly budget by 12 to derive a monthly budget.
As of January 1, 2015, our base fees for Chapter 7 and Chapter 13 cases range from $ 1600-$3000 depending on the circumstances of the individual case. Filing fees are presently $ 325 for Chapter 7 cases and $ 310 for Chapter 13 cases. We also represent individuals and corporate entities in Chapter 11 reorganizations, and creditors in all bankruptcy matters. Chapter 11 fees are case specific and specified in our retainer agreement.
Disclosure Required by BAPCA: The Mogil Law Firm is in certain cases a debt relief agency as defined in the Bankruptcy Code.