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.
Many South Carolina consumers struggle with debt, and for some, these financial struggles can become a serious issue. You may have a significant amount of debt, and your situation may be at the point where you find yourself dealing with harassment from creditors and other issues, such as the threat of repossession.
Many individuals have experienced the overwhelming burdens of debt at some point in life. One of the leading causes of personal debt is credit cards, which may be easy to obtain and use, but if you get behind on payments, you might suddenly find yourself in a significant financial bind.
When faced with considerable debt, many people in South Carolina may feel stress on a daily basis as they work to determine the best way to handle their situation. As someone in this predicament, you may fear that you will never feel financially free and that the loss of property may lie just on the horizon if a lack of payment results in repossession or foreclosure proceedings. However, if you think you have no options for dealing with repossession or other serious effects of financial issues, you may want to think again.
Who in South Carolina doesn't know what it's like to face financial challenges? More than likely most residents have run into money problems at some time or another, some worse than others. It's astounding really, how a relatively minor money issue can quickly turn into complete financial disaster. All it takes is one unexpected medical emergency, loss of employment or even a joyful event, such as having a baby.
Are you considering bankruptcy as a debt relief option but aren't sure what it can really do for you? You are not alone. Many South Carolina residents have been in your shoes. Taking the leap and filing for Chapter 7 can be frightening, especially if you do not know exactly how it will help you in the long run.