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Chapter 7 often a smart choice, experts say

It is tempting to imagine a bankruptcy filing as a desperate last resort in a financially dire situation. However, some experts are saying that simply is not the case. In fact, given the rate of Chapter 7 filings in South Carolina and elsewhere since the recession hit in 2008, it is plain to see that more people are viewing bankruptcy not as a failing, but as a tool to move towards financial stability.

The bankruptcy rate across the country has fluctuated considerably since the recession of 2008, with an initial spike up to 1.2 million in that year, and an additional spike up to 1.3 million last year. However, the trend seems to be slowly reversing as the economy recovers, as the numbers are down to 1.1 million this year. Regardless of the trends, some experts are urging Americans to divorce themselves of their preconceived notions about what bankruptcy means on an individual and business level.

Filing a Chapter 7 means all nonexempt assets are liquidated to pay off existing debts. It may also involve having certain debts forgiven, depending upon state and federal laws affecting individual cases. Far from being the "end of the line," a Chapter 7 properly filed can herald a new lease on financial freedom and stability.

Chapter 7 bankruptcy can be an important tool on the road to financial independence. If the bills have piled up and the prospect of liens and wage garnishing is not an attractive one -- which it rarely is -- South Carolina residents may elect to consider a responsible alternative. Wiping the slate clean may come at a cost, but it buys something precious -- peace of mind and an opportunity for a return to financial security.

Source: CNBC, The good thing about bankruptcy, Sakina Spruell, Oct. 21, 2013

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Reed Law Firm, P.A.
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Suite 301

Columbia, SC 29210

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Fax: 803-726-4887
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Florence, SC 29501

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