Columbia Bankruptcy Lawyer, South Carolina

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Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution

Eric S. Reed Lawyer

Eric S. Reed

VERIFIED
Bankruptcy, Consumer Bankruptcy, Reorganization

As an active member of the South Carolina Bankruptcy Law Association, Mr. Eric Reed stays current with the latest laws and techniques available to foc... (more)

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CONTACT

800-906-5980

Paul D. Kent

Business Organization, Business Successions, Dissolution, Gift Taxation
Status:  In Good Standing           

Janet B. Haigler

Bankruptcy, Corporate
Status:  In Good Standing           

Elizabeth H. McCullough

Bankruptcy, Corporate, Construction, Litigation
Status:  In Good Standing           
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Richard R. Gleissner

Construction, Litigation, Corporate, Bankruptcy
Status:  In Good Standing           

Ralph C. McCullough

Bankruptcy, Construction, Litigation, Toxic Mold & Tort
Status:  In Good Standing           

Stephen Craig White

Bankruptcy & Debt, Credit & Debt, Consumer Bankruptcy, Reorganization, Bankruptcy
Status:  In Good Standing           Licensed:  35 Years

Myron Stephen Stubley

Litigation, Commercial Bankruptcy, State Government, Workers' Compensation
Status:  In Good Standing           

John Sanford Kay

Title Insurance, Real Estate, Lending, Bankruptcy
Status:  In Good Standing           

John Brian Kelchner

Lending, Credit & Debt, Bankruptcy, Bankruptcy & Debt
Status:  In Good Standing           

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LEGAL TERMS

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)
A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)
A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)
In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)
A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)
The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)
The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)
The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

SAMPLE LEGAL CASES

In re Jacobsen

... PER CURIAM: This is an attorney disciplinary matter involving multiple allegations of misconduct arising out of Karl P. Jacobsen's (Respondent's) operation of his bankruptcy practice. ... Respondent was a member of a statewide bankruptcy firm (the Firm). ...

In re Edwards

... FACTS. Respondent is licensed to practice law in South Carolina, the United States District Court for the District of South Carolina (USDC), and the United States Bankruptcy Court for the District of South Carolina (Bankruptcy Court). ...

US Bank Trust Nat. Ass'n v. Bell

... to cure default. Mr. Bell further testified the Bells continued to make payments every month thereafter until filing for bankruptcy protection in October 2005, despite Bank's rejection of the monthly payments. [3] While asserting ...