When overwhelmed by financial responsibilities, many individuals may not know where to turn. Luckily, South Carolina residents may have a variety of options for working toward better managing their debt issues. Chapter 13 bankruptcy is one alternative that individuals with a reliable income may be interested in exploring further in hopes of finding the right relief for them.
One man in another state recently filed for Chapter 13 in order to confront his debt issues. Reports stated that the man is a city council member, and his income is approximately $60,000 a year. This steady form of income is likely the reasoning behind his Chapter 13 filing, as this process will work with a repayment plan to handle his debt liabilities.
Reports stated that his liabilities amounted to somewhere between $100,001 and $500,000. It was also noted that a home mortgage lender was the only creditor mentioned in the bankruptcy filing. The man’s current assets were reportedly worth about $50,000. As a result, his Chapter 13 bankruptcy filing will likely assist him in repaying and discharging his debt burdens.
If South Carolina residents are facing similar issues with their finances, they may also wish to explore bankruptcy as an option. If parties generate a reliable income with which they could be able to make payments as part of a court-approved plan, Chapter 13 bankruptcy may be right for them. Information on this route as well as other debt management options may help interested individuals determine the best course of action for them. Additionally, consulting with an experienced attorney may also prove useful.
Source: reporternewspapers.net, “Brookhaven City Council member files for bankruptcy”, Dyana Bagby, May 11, 2016