Deciding to take hold and face a serious debt problem can be an invigorating moment in a person’s life. South Carolina residents may feel a sense of direction once they decide to address their debt in order to become more financially stable. However, they may worry about the negative stigma associated with Chapter 13 bankruptcy. Interested parties may like to know that they are not alone in following this avenue.
It was recently reported that numerous individuals filed for Chapter 13 bankruptcy in another area. Though no details on specific cases were given in the report, over 40 individuals and couples were listed as having filed for this type of bankruptcy. It is likely that they are on their way to more stable financial ground.
Chapter 13 involves the repayment of debts over a period of time. The debt amounts are often a portion of what they were before the filing as creditors are often contacted in order to potentially lower balances in settlements. This avenue often takes from three to five years to complete as individuals work through their court-approved repayment plans to get back on track.
Though Chapter 13 may not be the right path for everyone, it may be able to help qualifying individuals get out from under their considerable debt. South Carolina residents may wish to gain more knowledge on this option if they believe it could be suited to their circumstances. They may also wish to consider Chapter 7 bankruptcy and other methods of debt relief that could potentially assist them in their endeavors.
Source: omaha.com, “The Record: Bankruptcies, April 19”, April 18, 2016