Reed Law Firm, P.A. - bankruptcy

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Columbia South Carolina Bankruptcy Law Blog

How do I prepare for a wage earner's plan filing?

Those who are struggling with debts while earning a significant income are usually overwhelmed by complex cashflow issues. For them, selling their assets may not be necessary because they have a sufficient income to pay off their debts. However, the high-interest rates and constant creditor action can be hindering the process.

In these situations, filing for Chapter 13 bankruptcy, otherwise known as a wage earner's plan, can be a great option. Chapter 13 bankruptcy allows debtors to halt all actions taken from creditors through the creation of an automatic stay. In addition to this, they are granted the opportunity to reorganize their debts into a repayment plan that is spread over 3 to 5 years.

What to think about before filing for bankruptcy

Dealing with credit card debts can be an extremely painful experience, and you may feel that the only way you can escape the constant pressure of debt is by filing for bankruptcy. While bankruptcy can be a great way to help you gain a fresh financial start, there are other options that you should explore before committing to this route.

Credit card debts can be particularly difficult to deal with because of the high interest rates that you will be subject to. However, certain debt relief strategies and negotiation techniques can make the process easier. The following are things you should consider doing before filing for bankruptcy due to credit card debts.

Will filing for bankruptcy affect your housing and employment?

For whatever reason, you find yourself struggling with an overwhelming amount of debt. You can no longer meet your financial obligations, and creditors are calling. Perhaps you are exploring the possibility of filing for Chapter 7 bankruptcy, but you have concerns about how it could affect your life.

While there is no way around the fact that filing for bankruptcy will affect your life, you should experience more positive benefits than negative ones. Even so, you may want more information regarding future issues that may arise regarding potential obstacles bankruptcy could create when it comes to current and future housing and employment options.

Ways to tackle medical debt

Going through an illness or suffering from an injury can be stressful in itself. But knowing that the treatment that you are gaining is causing you to acquire a mountain of debt can be enough to affect your mental health and your enjoyment of life.

No one should have to suffer crippling debts simply because they needed medical services, but unfortunately, this can occur if your insurance was not sufficient. It is a good idea to look into your options for tackling this debt so that you are able to relieve yourself of the financial burden and move forward with your life.

Modifying my mortgage in a Chapter 7 bankruptcy

Chapter 7 bankruptcies are a popular choice for individuals and couples who are facing overwhelming debts. Filing for bankruptcy under Chapter 7 can help debtors tackle their financial issues in a matter of months, helping them to gain a complete fresh start.

Although there are countless advantages to filing for Chapter 7 bankruptcy, there is one significant drawback. Homeowners who are filing for bankruptcy often have to give up their homes in order to liquidate this asset. During the bankruptcy filing, the bankruptcy estate has control over your property, and therefore you will be limited in the actions you can take regarding property you own or are buying.

Is summer child care deepening your debt?

Every morning is the same in your home. It may follow a pattern similar to this: You get the kids up and ready for school while you get dressed for work. A rushed breakfast gives way to goodbye kisses, the kids get on the bus, and you head to your job. You may do this on your own or with the help of your spouse. Your routine may be hectic, but it works. Then summer break comes along.

If you are like many South Carolina parents, you do not share the giddy and joyful feelings of your children when the school year ends. Summer break means your children are not safely in their classrooms under the watchful supervision of teachers. It means you have to find and pay for all-day child care, and this is an expense that can break your budget.

The link between foreclosure and health

Facing foreclosure can be an extremely stressful time in a person's life. If you are struggling with financial difficulties, you may feel that you have little to no control over the situation, and you may dread the day when you receive further communication from your creditor.

Studies have looked into the data behind the most recent economic crisis and studied the link between neighborhoods going through a significant amount of foreclosures and the number of visits to hospitals.

Assessing your assets, debts before filing for bankruptcy

Most people worry about their finances. Even if they are relatively financially secure, they may still have concerns about future expenses or what they will do in the event of an emergency. Of course, your concerns may go far beyond possible future problems because you already feel overwhelmed by substantial debt.

Because of these monetary issues, you may have gone back and forth trying to decide how to best handle your ordeal. You may have considered debt consolidation, payday loans and transfers, but you may have felt the cons outweighed the pros on those options. As a result, you are looking more closely at filing for bankruptcy.

Will Chapter 13 bankruptcy repayments be manageable?

Anyone can find themselves in debt, especially when unforeseen circumstances arise. Therefore, filing for bankruptcy should never be a source of shame for anyone. In many ways, it is a commendable choice, because you are taking action to pay off your debts, thereby increasing the quality of life for your loved ones.

If you are considering filing for Chapter 13 bankruptcy, it may be because your income was too high for you to qualify for Chapter 7 bankruptcy. It's likely that you have read that Chapter 13 bankruptcy involves making monthly repayments for a period of time that is usually between 3 and 5 years. This may be a source of concern for you, and you may worry about whether these repayments will be manageable.

Consider this approach to tackling credit card debt

It's very common for people from all walks of life to get into credit card debt. Avoiding using credit cards can take an enormous amount of willpower because using them to splurge on a nice dinner or indulgent shopping trip is so easy to do.

However, if you have been using your credit card and not repaying it for too long, you could find yourself in debt and be unable to pay it off. In this situation, it is time to face reality and consider the strategies you can use to solve the situation. You should consider the following tips before taking action to look into more drastic measures such as bankruptcy.

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