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.
image description
Giving You Hope For a Debt-Free Future

Chapter 7 bankruptcy may be option for South Carolina residents

Dealing with financial problems may seem like a never-ending task for some overwhelmed individuals. Seeing debt continue to accumulate may give the illusion that the situation will only continue to get worse. However, South Carolina residents do have options for getting out from under substantial debt. Bankruptcy could be a route worth looking into that could give qualifying individuals a fresh financial start.

Such a case is currently taking place in another state. Reports stated that a chef and restaurant owner recently filed for Chapter 7 bankruptcy. It was reported that one of the man's restaurants had closed earlier this year, and while some individuals suspected the closure was for renovations, the actual reason was that the man allegedly owed $25,000 in rent for the property. 

Several other creditors were listed in the report, including business-related corporations and banks. The highest amount owed to one creditor was $406,600, and the lowest listed amount was $12,000. The man's total liabilities were reported as being between $1 million and $10 million. It was also noted that the total number of creditors were over 100 but less than 200. His assets were totalled somewhere between $50,001 and $100,000

Because this man is facing considerably more debt than he has assets, filing for Chapter 7 was likely the best move for him. South Carolina residents in similar situations may wish to take this example and consider such debt relief options for themselves. Consulting with experienced bankruptcy attorneys could help interested parties better understand their options and how their financial situations could potentially be impacted by following this route.

Source: bizjournals.com, "Phila. Chef Luke Palladino files for Chapter 7 bankruptcy", Kenneth Hilario and Alison Burdo, Sept. 9, 2016

No Comments

Leave a comment
Comment Information
image description

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

Reed office