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Some South Carolina residents may find Chapter 7 useful

Once the decision to file for bankruptcy has been made, many individuals may feel a weight being lifted. Making such a decision can be the first step toward a fresh financial start and new outlook on life. South Carolina residents may be interested in a recent case currently taking place in another state, involving one man's Chapter 7 filing.

It was recently reported that the former CEO of a bagel company filed the bankruptcy petition after amassing a considerable debt amount. The liabilities were reported as reaching over $19 million. At the time of the filing, the man stated that he was unemployed and did not have a current income. He had been terminated from his position as CEO over a year before his bankruptcy. 

The report also stated that his current assets totalled approximately $307,000. The majority of that amount comes from his half-ownership of a $600,000 home. He hopes that through his bankruptcy petition that he will be able to maintain ownership of the home. His stake in the company ended in August of last year. 

Though many South Carolina residents may not be facing debt amounts to the degree of this case, the debt that has been amassed can be significant to them. Therefore, they may wish to take this case into consideration when contemplating whether filing for bankruptcy could be a viable option. Many individuals of various income levels could face considerable debt, and Chapter 7 may be a way for those parties to work toward addressing their liabilities and getting back on the right financial track.

Source: rbj.com, "Former head of bagel firm files for bankruptcy", Will Astor, Nov. 11, 2016

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