Individuals of any income level could potentially find themselves facing serious debt issues. As a result, many South Carolina residents may wonder what debt relief approach could potentially help them get their finances back on track. It is not unusual for individuals to find Chapter 7 bankruptcy a viable option, and many parties may wish to find out more information on the process.
One man in another state recently filed for Chapter 7 in order to handle his debt situation. Reports stated that the man is a former college basketball star and later became a state agriculture commissioner. However, the man recently indicated that he had been living on food stamps as well as $400 a month given to him by his parents due to his being currently unemployed.
Chapter 7 bankruptcy will involve the liquidation of his assets, and reports stated that those assets totaled approximately $24,000. He is currently facing liabilities of approximately $386,000. Among those liabilities was over $200,000 in remaining home payments. Due to the vast difference between his assets and debts and lack of steady income, liquidation bankruptcy seems a viable route.
When individuals are in a tough spot financially, finding the best way to overcome those hardships may seem difficult. However, if South Carolina residents wish to explore their options and find out information on Chapter 7 bankruptcy, they may find that getting a handle on their debt is entirely within their reach. Interested parties may wish to speak with an experienced bankruptcy attorney in order to determine whether they could potentially qualify for such help.
Source: The Washington Times, “Ex-Kentucky basketball star Farmer files for bankruptcy”, May 8, 2016