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Personal interests may influence bankruptcy in South Carolina

The circumstances that lead individuals to realize they need financial help vary from case to case. South Carolina residents who are struggling with debt may face personal catalysts of their own that result in their filing for bankruptcy. In many cases, Chapter 7 bankruptcy can be a viable option that assists individuals in working toward a more stable financial situation.

It was recently reported that a couple in another state filed for Chapter 7. Apparently, the man and woman have been accused of embezzlement and are facing charges for grand theft. It was unclear whether these allegations contributed to their bankruptcy filing, but it was noted that $73,000 was listed as part of their petition and reported as alleged embezzlement. 

For their personal finances, it was reported that the couple have a monthly income of $869 and have monthly expenses that exceed $5,500. Their total debt liabilities were listed as $384,095, and their assets were estimated at $572,992. Among their assets are a home worth $230,000 and a pickup truck valued at approximately $36,000. Their total savings, including their children's accounts, came to $864. 

No matter what causes an individual to file for bankruptcy, there may be some relief in knowing that he or she is making efforts toward bettering his or her financial situation. South Carolina residents who are facing debt issues and hope to get back on track may wish to consider Chapter 7 bankruptcy for themselves. Information on this type of filing and how to potentially qualify could help interested parties determine whether it could be a feasible path for them.

Source: idahostatesman.com, "Bankruptcy filing of ex-Boise cop, wife accused of theft shows $384,000 debt", Katy Moeller, Dec. 6, 2016

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