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Posts tagged "Chapter 7"

Exempt property makes bankruptcy easier in South Carolina

Consumers overwhelmed by insurmountable debt often understand that bankruptcy is the most appropriate option for securing a better financial future, but many are hesitant to take the necessary steps for filing. People in South Carolina often worry that they will lose everything when seeking bankruptcy protections, and fear that they will be in an even worse position afterward. However, it is possible to keep certain exempt property during bankruptcy.

Average South Carolina consumer probably has more credit cards

The credit card market is growing, which could be a sign that the economy is more or less recovered from the Great Recession. Unfortunately, experts point out that delinquency rates are also up. Most South Carolina consumers try to use their credit cards as responsibly as possible, but with interest rates, these financial tools can quickly spiral out of control, complicating some people's already unstable financial matters.

Subprime auto loan delinquencies can be relieved with Chapter 7

Consumer debt is on the rise, and current household debt is at a record $13 trillion. This is a nearly 1 percent increase over the past quarter, which seems to be following behind the soaring stock market. However, massive amounts of household debt can be incredibly difficult to overcome, especially when a serious life change impacts income. For many South Carolina consumers, rising household debts can be best addressed through Chapter 7 bankruptcy.

A drop in income can be helped by bankruptcy in South Carolina

Finding a fulfilling job that provides extra income for a family can be difficult, but many women thought they found the ideal solution in Lularoe, a direct sales company. In South Carolina, the clothing company is mostly known for its brightly-patterned leggings, but many women who started selling them are now dealing with insurmountable debt. Since Jan. 2016, at least 24 people filed for bankruptcy -- both Chapter 7 and 13 -- citing Lularoe as at least one of the causes.

South Carolina consumers making fewer bankruptcy filings

The Administrative Office of the U.S. Courts tracks bankruptcy filings nationwide, following trends over 12-month periods. Its most recent tracking found that personal bankruptcy filings declined over the past year, indicating that the current economic state is relatively stable. Although this might come as good news for South Carolina consumers, some bankruptcy experts believe that filings could soon be on the rise.

Scam businesses took millions from debtors in South Carolina

Student loans are an ongoing problem, and it does not look as if they are going anywhere soon. With trillions of dollars in student loans, people in South Carolina and across the rest of the United States are understandably eager for a solution. Unfortunately, many student loan debtors were taken advantage of by fraudulent companies that offered relief.

Student loan debt overwhelming for some in South Carolina

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.

Can Chapter 7 trustees request passwords to filer accounts?

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.

How does Chapter 13 affect South Carolina retirement investors?

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.

Overcoming potential concerns about bankruptcy in South Carolina

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.

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