Most Americans use credit cards, and many credit card holders have debt they carry over from month to month. While many people are able to effectively manage these balances, there are times this type of debt becomes unmanageable, leaving a South Carolina consumer struggling with minimum payments, accumulating interest and receiving calls from creditors.
If you stepped into 2018 with serious financial problems, you are definitely not alone. In South Carolina and throughout the nation, many people are currently trying to overcome serious financial obstacles. For some, unexpected job loss or medical crisis quickly turned financial stability to chaos. On the other hand, you might simply be one of many whose spending got out of hand and credit card bills began piling up until your debt outweighed your financial resources. The good news is that most financial problems are temporary.
Deep into the first month of the New Year, you may be pausing to see how your resolutions are coming along. Have you joined the gym yet? Is that closet organized? Are you connected with old friends? How about your finances?
You went to your doctor for your regular checkup. You were feeling run down but thought it was due to the stress of home and work life, then you got the news no one wants to hear. You have cancer. You've been fighting the good fight for a while now and it has left you physically and emotionally drained. It has also left you with some serious debt.
Perhaps you've consolidated all the bills you can; you cut back on expenses and even considered working with your creditors to settle your debts for a lower amount. You may have even looked into credit counseling agencies but decided against it after talking to other people and doing some research online.
If you have debt and need some relief, you may be curious about your bankruptcy options. There are two types of personal bankruptcies available to South Carolina residents: Chapter 7 and Chapter 13. If you are wanting to keep your property and have sufficient income to make some type of payment to your creditors, Chapter 13 may be right for you.
Overwhelming debt can make you feel like a criminal. The mail carrier seems to bring only bad news. You may wake up in the middle of the night and check outside to see if the repo company has taken your car. You may hesitate to answer the phone or a knock at the door. You may even be afraid to leave your house.
When you realized you were in need of immediate debt relief solutions, you may have felt a bit overwhelmed and worried. You are certainly not the first South Carolina resident to face financial problems; in fact, if you were to say you have never had any money troubles at all, that would likely be a rare exception to the rule. Most people have had to overcome financial challenges at some point in their lives. You may have already bounced back a time or two following financial woes.
Making the decision to file for bankruptcy is not an easy one. This decision likely came after significant financial difficulties, calls and threats from debt collectors, and other struggles. If you believe that bankruptcy is the right choice for your individual situation, you will then have to decide if Chapter 7 or Chapter 13 is the best option.
Most everyone faces a time when things get tough. A job loss or divorce may drastically reduce your income, or maybe you just overspent on your last vacation. The result may be months of struggling, juggling and scrapping to get by. You may even reach a point where you begin to wonder if you will ever see the light.