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SOUTH CAROLINA
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Chapter 7 bankruptcy sometimes the best option for relief

Sometimes even the most fiscally responsible individuals or business owners can encounter difficult financial times. Particularly in such a challenging economic climate the likes of which South Carolina residents have labored through in the last few years, Chapter 7 bankruptcy can sometimes be the best decision someone can make to get back on track. Chapter 7 is designed to help discharge debt through the liquidation of assets either on the personal or business level.

Weighing one's options is, of course, always a good idea. It can be helpful to seek out debt counseling services to determine the level of debt the household or business is carrying and what the best course of action will be to discharge it. Debt counselors may also be able to offer some information about the bankruptcy process.

Of course, some people are well aware, without the need to consult a counselor, that they are significantly in debt. For some, insolvency -- having debts which total more than the fair market value of all owned assets -- requires an immediate solution that debt counseling may not be able to provide. In this case, Chapter 7 bankruptcy may make the most sense to responsibly confront these issues.

Chapter 7 bankruptcy represents an opportunity to recover from a difficult financial situation, no matter how that situation manifested itself in one's personal or professional life. A comprehensive understanding of the bankruptcy process in South Carolina can help to make an informed decision about one's financial future. In some cases, those who file for bankruptcy are back on their feet and in significantly better financial straits in relatively short order.

Source: dailyfinance.com, How to Know When Bankruptcy Is Your Best Option, Katherine Muniz, Jan. 26, 2014

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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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