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Debtor may discharge debt through South Carolina bankruptcy

Nothing can make a person more proud than excelling in a job, making a major purchase or succeeding in business. Likewise, nothing can make a person feel more humiliated than losing a job, getting into debt or having a business flop. Not only is this situation humiliating, but also it can spark financial problems that may seem challenging to solve. Fortunately, it is possible for a person to discharge debt by filing for bankruptcy in South Carolina.

One business owner recently did this in an out-of-state case after having owned his store for almost 15 years. The shop was a furniture store, which recently closed "for inventory," according to a sign posted on its door. The shop eventually will open again for a liquidation sale as part of the man's Chapter 7 bankruptcy filing.

In Chapter 7 bankruptcy, certain types of a person's assets will be sold to generate funds. This money then will go to creditors who were owed money but never paid. In the business owner's case, he owed 73 creditors, who now have a chance to claim part of his estate through the liquidation process. The man said he was more than $500,000 in debt.

A person might feel frustrated about having exorbitant amounts of debt he or she can't handle. Nevertheless, making the decision to discharge debt through bankruptcy can make the person feel free once again. Consumers who can't keep up with their financial obligations certainly have the right to seek legal protection through bankruptcy in South Carolina.

Source: mlive.com, Ann Arbor store closes after business owner files for Chapter 7 bankruptcy, Jeremy Allen, March 5, 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.
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Suite B

Florence, SC 29501

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