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South Carolina bankruptcy: Couple files for Chapter 13

Bankruptcy can affect any South Carolina resident. With the current state of the economy in this country and the huge amount of job losses, debt can quickly spiral out of control and force people to confront their financial situation. When someone gets into a difficult financial situation, it may be worth looking into bankruptcy to see if it is the best option to solve one's current issues.

A police lieutenant and his wife have recently filed for Chapter 13 and appear to be buried in a massive amount of debt. Although the filing does not list specific creditors, at least $20,000 is owed to the IRS for the repayment of back taxes. Reports state the couple owes thousands of dollars for the years of 2007, 2009 and 2010. They also owe a large sum of money to various credit card companies and to their local tax collector's office.

Their total debt load is currently reported to be at $483,767. The lieutenant is second in command in his department and also works as the agency's public information officer. Records show that he is bringing in over $5,500 per month. However, his wife's current employment status is unknown. She is currently under investigation for fraud, but at this time it does not appear to have affected their voluntary bankruptcy filing.

When a South Carolina resident gets into financial trouble, bankruptcy could be a viable option. Using Chapter 13 allows debtors to keep all or most of their property and make debt payments under the supervision of the court. This can allow people to make good on their debts on a schedule approved by the court. Bankruptcy allows people to get back on their feet and gain financial freedom, and many families may take comfort in knowing there is help available to confront these issues in a responsible manner.

Source: The Daytona Beach News-Journal, "Bankruptcy filing: Ormond Lt., wife in FBI probe, owe half-million dollars in debt," Lyda Longa, Dec. 12, 2012

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Reed Law Firm, P.A.
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Suite 301

Columbia, SC 29210

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