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Chapter 13 helps those struggling in Columbia, South Carolina

Being in debt can make many days feel like one is on a treadmill when going to work to earn a paycheck barely makes a dent in the bills. Creditors have no problem calling people at work or even contacting family members and friends about overdue payments. Fortunately, there are options for those who are struggling with debt. Under some circumstances, a person in Columbia, South Carolina may file for Chapter 13 bankruptcy to stop harassing creditors and start the path to freedom from debt.

While many people think of bankruptcy as liquidating all assets and wiping out one's debts, not everyone qualifies for this type of bankruptcy. A person who has a steady income and owns a house may not want to risk losing the house to a bankruptcy that may require liquidating assets to pay off creditors. In those cases, Chapter 13 may be considered.

In Chapter 13 bankruptcy, the filer proposes a repayment plan to the court that lasts up to five years. If approved, specified payments are made to the court-appointed trustee during the term specified, and the court may discharge remaining debt at the end of the payment plan. While all of one's disposable income is often directed toward debt repayment, many emerge with their assets intact and their debts significantly reduced.

Depending on someone's particular circumstances, Chapter 13 bankruptcy may provide the perfect opportunity for regaining some financial footing and establishing a fresh start. While the process requires dedication and commitment, it may allow one to retain important assets like a home or car while paying down the debt. To determine which, if any, type of bankruptcy is appropriate for a particular circumstance, those seeking debt relief in Columbia, South Carolina often contact an attorney for advice and guidance.

Source: moneycrashers.com, "What Is Chapter 13 Bankruptcy - Filing Rules & Information", Kira Botkin, Accessed on April 2, 2017

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