South Dakota Bankruptcy  

Of course, bankruptcy is your last resort. It is tough but provides a legal remedy for your financial situation.

Bankruptcy is a 3-step process:

1. You must first file in federal or state court saying you are “insolvent” – meaning you have no cash or assets (things you can sell) to pay your bills.

2. You have to arrange a repayment plan with creditors and the court.

3. You “discharge” – meaning settle your debts with creditors for usually a lower amount than the original bill. This gives the creditors some of their money back.

Pros and Cons:

Pros:

1. Legal protection from creditors
2. Takes care of most of your debt
3. You may get to keep your home
4. May stop financial ruin
5. Enables a fresh start

Cons:

1. Bad Credit
2. Still have to pay some debt
3. Have to go to court
4. May loose your assets
5. Loss of privacy (usually they print your bankruptcy in the paper)

What if I don’t file bankruptcy – what could happen?

Bad credit rating – making it hard to ever borrow again

Creditors may sell your property you put up as collateral – like your car or house

Lawsuit – and if you lose, you’d have all the legal costs from both sides plus your bills

Garnishment – your wages could be garnished up to 10% to pay creditors

Types of Bankruptcy

Chapter 7 – straight bankruptcy

This is when you sell everything and pay back creditors. You can keep your house, but must pay taxes, alimony, fines, and student loans.

Chapter 13

This allows you to keep your stuff, but the court appoints a trustee to help you with your wages and pay back your creditors usually within a 3 to 5 year window.

Hopefully, this information has helped your situation, but please, it is always smart and sometimes required by law, to consult with an attorney before filing.

About The Author

Stuart Simpson collects information and tries to find ways for people to stave off bankruptcy at http://www.bankruptcy-chapter7.com

USBC - SD - Local Rules
Local Rules. Rules 2005 (w/links) (1.3 MB) (Effective August 1, 2005) (updated October 13, 2005) Due to the large size of this document, we suggest you download this document to your local computer, then access it from there. ... Addresses. Bankruptcy Basics. Bar Updates ... Director's Interim Guidance Regarding Tax Information. Local Bankruptcy Rules Committee ...


South Dakota -- Sources [ ALSO! -- U.S. Law ]
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ShowIndex
Welcome to the U.S. Bankruptcy Court for the South Dakota. South Dakota - Document Filing System. Version 2.7 is installed. 5May2000


South Dakota: State and Local Government on the Net
A frequently updated directory of official South Dakota state and local government websites. Includes links to cities, counties, and state agencies. ... From LawQuote.com. South Dakota Bankruptcy Lawyer. Free online bankruptcy evaluation by South Dakota bankruptcy lawyers. See if Chapter ...


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U.S. BANKRUPTCY COURT. District of South Dakota. Hon. Irvin N. Hoyt, Chief Bankruptcy Judge. Charles L. Nail, Jr., Clerk. Welcome to the web site of the United States Bankruptcy Court, District of South Dakota.


Bankruptcy - South Dakota frequently asked questions
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Bankruptcy Courts: South Dakota
... District of SOUTH DAKOTA. P.O. Box 5060 (57117-5060) ... SOUTH DAKOTA BANKRUPTCY. PACER on NET: http://pacer.sdb.uscourts.gov ...


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