Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
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Giving You Hope For a Debt-Free Future

SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Making the most of one's South Carolina bankruptcy filing

For South Carolina consumers who are facing a personal bankruptcy filing, it is important to understand that bankruptcy is not a one-size-fits-all solution. There are several different forms of bankruptcy from which to choose, and the pros and cons of each are unique. When moving forward in the process, the first step is determining which type of bankruptcy offers the best mix of benefits and protections.

Most consumers will be choosing between Chapter 7 and Chapter 13 bankruptcy. Chapter 13 is a good option for consumers who have experienced a temporary or one-time financial setback. This can be a serious medical issue that led to large volumes of debt, or a temporary employment lapse that has been corrected. Chapter 13 will allow a consumer to restructure their existing financial obligations to allow for a repayment period of between three and five years. It is even possible to have certain forms of unsecured debt discharged at the end of this repayment period.

However, for filers who are uncertain that they will have the ability to repay their existing debts, Chapter 7 bankruptcy offers a faster path to lasting debt relief. In Chapter 7, filers can have the majority of unsecured consumer debt eliminated through discharge. This means that those debts are effectively nullified, and will never need to be repaid. Chapter 7 can also be completed in a relatively short period of time, making it an attractive choice for many.

When considering one's bankruptcy options, information really is key to finding a beneficial solution to debt issues. South Carolina filers should fully research the pros and cons of each option before making a final decision. In addition, the decision of when to file can also play a crucial role in a successful outcome.

Source: Canon-McMillan, PA Patch, "Ask the Attorney: Is Bankruptcy the Answer For My Debt Problems? Maybe.," March 15, 2013

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COLUMBIA OFFICE
220 Stoneridge Drive,
Suite 301
Columbia, SC 29210
Phone: 803-807-2565
Fax: 803-726-4887
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1807 West Evans Street,
Suite B
Florence, SC 29501
Phone: 843-679-0077
Fax: 843-679-0667
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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

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