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Chapter 7 bankruptcy helps South Carolina residents in heavy debt

South Carolina residents currently in heavy debt may want to consider the benefits of filing for bankruptcy protection. Doing so could help relieve them of their debt burdens and give them the chance to regain their financial freedom. One man from a northeastern state, almost $1 million in debt, has sought the protection of Chapter 7 bankruptcy.

He has listed assets totaling a little over $7,000, but his debts are listed at over $800,000. The man claims he is only bringing home slightly more than $2,000 per month in income, but his outgoing costs are almost double that amount. He is in debt to a variety of creditors and individuals.

One of the main debts the man has is his home mortgage, which is over $300,000. Another is a judgment against him owed to his mother and his sister after they both filed a lawsuit against him. He also lists over $40,000 he owes to a law firm, almost $7,000 to a private investigation firm and close to $65,000 in credit card debt. He also owes several thousands of dollars for advertising and to a credit management company.

When a South Carolina resident finds they are spending more money each month to pay bills and put food on the table than they are making in income, it represents an understandably serious problem. Fortunately, residents can seek the protection of Chapter 7 bankruptcy which can often help reduce or eliminate a large portion of those debts. Many benefits exist with bankruptcy alternatives, and speaking with a knowledgeable professional can help someone decide which type of bankruptcy best works for their unique situation.

Source: Telegram.com, "Northboro selectman files for Chap. 7 bankruptcy," Elaine Thompson, Nov. 27, 2012

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