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Differences in debt may play role in South Carolina bankruptcies

Some individuals may think of their financial situations and hang their heads. These feelings could lead to considerable effects on a person's life in various aspects besides financially. South Carolina residents who are struggling with considerable debt do not have to feel as if they have no way out. Bankruptcy is an option that could allow individuals to find the best route for them to move forward.

Two individuals in another state recently followed such paths. One was reported as having filed Chapter 7 bankruptcy due to accumulating substantial liabilities. These debts were reported as totaling $93,288. Because the man has only approximately $41,000 in assets, bankruptcy may allow him to see some -- and perhaps all -- of those debts discharged, and liquidation may contribute to the repayment of the outstanding debts.

The second man was reportedly in a slightly different situation. Though his liabilities were also considerable at $665,080, there was less of a gap between liabilities and assets. His assets came in totaling $655,548, making a less than $10,000 gap between those assets and his debts, though he also chose to proceed by a Chapter 7 filing. The bankruptcy will likely allow him to address his debts while also maintaining any property that is exempt from proceedings.

Bankruptcy could be a useful option for individuals facing a variety of debt struggles. Whether there is a large difference between assets and liabilities or a slightly smaller difference, being unable to repay outstanding balances can take its toll. South Carolina residents who are interested in finding out more information on bankruptcy may wish to speak with experienced attorneys.

Source: startribune.com, "Recent bankruptcy filings in Minneapolis and St. Paul", Sept. 18, 2016

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