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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Chapter 7 bankruptcy can lead to financial stability

Bankruptcy carries a heavy cultural bias in our society, but it is a bias that is rapidly losing its credibility in the face of a changing financial landscape. South Carolina residents may be tempted to believe a Chapter 7 bankruptcy filing is indicative of poor financial acumen and that those who once fell into debilitating debt will do so again. However, it is possible to break the cycle and use a bankruptcy filing as an opportunity to change financial habits and become more fiscally responsible.

Compounding interest on credit cards make it nearly impossible to pay them off through traditional means. This is particularly true if bills are piling up at the same time. Bankruptcy allows that slate to be wiped clean and for additional income to be channeled into debts that bankruptcy will not forgive, such as student loans.

There is a widely held belief that filing for bankruptcy means irretrievably damaging a credit rating. However, by exercising fiscal responsibility in saving money and securing employment, it is possible to rebuild a credit score from the ground up. Some individuals even find themselves in a position to be able to secure loans or even purchase homes following a bankruptcy filing.

The reality that South Carolina residents are beginning to understand is that Chapter 7 bankruptcy is not the end of the world. It is far worse to default on bills and struggle to confront a sea of debt than it is to declare bankruptcy and rebuild a financial plan. The opportunity afforded by bankruptcy is one that has enabled many individuals and families to deal with their financial issues responsibly while working to achieve financial stability once again.

Source: Yahoo Finance, First Person: 20 Years After Bankruptcy, I'm Still Debt Free, Laura Quinn, Nov. 7, 2013

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

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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