A South Carolina resident who has amassed considerable debts likely wants to take some sort of action. Leaving financial issues to stew can create additional problems and add stress to an individual’s life. For an individual in such a situation who wants to explore ways to manage his or her debts, discussing his or her predicament with a debt liquidation lawyer may be an option to consider.

One man in another state may have taken such an action, as he recently filed for bankruptcy. It was reported that the man utilized Chapter 7 bankruptcy in order to handle approximately $47,000 in liabilities. It was noted that the man had been doing business under a company name, although it was unclear which debts — if any — may have been attributed to the business. 

It was also noted that the man moved forward with filing this month, and, because he filed a Chapter 7 bankruptcy, his assets will be liquidated as part of the process. His assets were reported as totaling $12,600. This amount is considerably less than the liabilities owed, so it is understandable that the man was having financial difficulties.

Moving forward with debt relief can be a liberating experience. A South Carolina resident may realize that he or she does not have to remain overwhelmed by his or her financial difficulties and that there are ways to handle a considerable number of debts and reduce stress. If an individual is interested in exploring his or her debt management options and, specifically, Chapter 7 bankruptcy, he or she may wish to consult with an experienced debt liquidation lawyer in order to glean more knowledge on the subject and learn how to move forward. 

Source: startribune.com, “Recent bankruptcy filings in Minneapolis and St. Paul”, Jan. 24, 2016