The current debt that the Millennial generation carries is likely heavier than most people realize. However much of that debt is in the form of student loans, which are typically not able to be discharged through bankruptcy. However, bankruptcy can still be an effective approach for South Carolina residents who are facing insurmountable debt, even if that means freeing up the funds to put toward ongoing student loan payments.
Filing for bankruptcy is rarely a pleasant experience, but the hope of relief from debt makes the effort worthwhile for many. Chapter 7 bankruptcy offers the chance to have many unsecured debts discharged, providing a fresh start for those in South Carolina who have been struggling to keep their heads above water. Through Chapter 7, the court assigns a trustee to manage each bankruptcy and determine which assets are exempt or nonexempt. However, recent actions by bankruptcy trustees in another state have many concerned about the security of filers.
Earning, saving and investing are important parts of planning a secure future. Without warning, a medical emergency, job loss or family crisis can wipe out a savings or hinder the ability to earn. When this happens, it is understandable when someone in South Carolina fears for the protection of his or her investments, especially if it becomes prudent to file for Chapter 13 bankruptcy.
Overwhelming personal debt can create various challenges in the life of an individual. Those in South Carolina who are facing the burdens of debt may wish to overcome their current predicament, but certain aspects of the process could be holding them back. When weighing bankruptcy as an option for relief, some may worry about the potential impact a similar circumstance might have on their credit.
Consumers are not the only ones who may be affected by financial difficulties. However, when a retailer suffers financial hardships the consequences may be far-reaching. The recent filing for Chapter 7 bankruptcy protection by Alfred Angelo Bridal has left many women in South Carolina and across the country wondering what to wear on their big day.
When the mortgage or rent is due, most people understand the consequences of not paying on time. They risk paying high penalties or even losing their homes altogether. The same may be said of not paying utilities and car payments, the consequences of which include the loss of something essential. When money is tight, people in South Carolina may pay those bills first, opting to push less critical bills, such as student loans, out of their minds for now. However, this may be a serious mistake.
Most people have debt. In fact, about 772,000 Americans feel overwhelmed by debt. Whether it is limited to a mortgage and car payment or extends to multiple credit cards, personal and student loans, and medical debt, owing money can be a burden. One rule of thumb for determining if one has too much debt is when the amount a person owes is close to his or her yearly income. When the burden is distressing, many in Columbia, South Carolina, consider bankruptcy as a way to find relief.
Deciding to investigate the options bankruptcy has to offer is a big step. A person who reaches this decision is probably weary of struggling with bills, harassing phone calls from creditors and letters threatening ominous consequences for unpaid debt. That person is not alone because many in Columbia and other parts of South Carolina are in similar circumstances. Many choose to investigate Chapter 7 bankruptcy because it promises a clean slate by eliminating much -- and sometimes all -- of a person's unsecured debt. However, there are steps one must take to reach that goal.
Facing dire financial hardships can leave you feeling as if you have no options. However, considering Chapter 7 bankruptcy could help you determine whether such action could allow you to work toward improving your situation. Though you may worry about how bankruptcy could affect your credit score, you may not want to let that worry act as a total deterrent.
People who are facing financial hardships know what they are up against. They see the bills come month after month and hear the phone ring when creditors call. If money coming in is not enough to cover their bills, no one has to tell them they are in financial trouble. Those in South Carolina who are in this situation may be perfectly aware that bankruptcy is an option. In fact, the hardest part of Chapter 7 bankruptcy may be admitting that it is time to take the step.