Money problems are often issues that can leave individuals facing sleepless nights and worried days. When facing considerable amounts of debt and seemingly few options for repaying that debt, South Carolina residents may begin to explore their financial options. Bankruptcy is often a choice that some may consider a last resort, but it could be an option that greatly benefits individuals who qualify and decide to file.
It was recently reported that several individuals in another state made the decision to move forward with bankruptcy. One man was reported as having over $150,000 in debt and only approximately $6,500 in assets. Another individual was facing over $10,500 in debt with less than $1,000 in assets. Both of these individuals opted to file for Chapter 13 bankruptcy, which means they will likely work with a court-approved repayment plan to handle their liabilities.
Additionally, the report indicated that four other people also recently filed for Chapter 13, and three individuals filed for Chapter 7 bankruptcy. Further information on their amounts of debt and assets were not disclosed in the report. Nevertheless, moving forward with debt relief could potentially help their situations as they work to discharge debt.
If South Carolina residents are interested in bankruptcy but concerned about its effects, they may wish to gather more information. Chapters 7 and 13 could assist qualifying individuals in working toward a fresh financial start. If parties would like to better understand how their specific circumstances could affect their bankruptcy filing, they may wish to consult an experienced attorney who may be able to provide valuable insight.
Source: magnoliareporter.com, “South Arkansas bankruptcies by county for the week ended Tuesday, February 2, 2016”, Feb. 4, 2016