When individuals are facing creditor calls and other stressful experiences related to financial issues, they may worry that they will be forced into even more distressing situations. Creditors may threaten to garnish wages or take other action, and South Carolina residents may not know where to turn. Luckily, bankruptcy may be an option that could help interested parties address certain issues.
In many cases, creditors want to avoid having their borrowers go through bankruptcy. This desire for avoidance results from the fact that creditors likely will get a much smaller sum of money paid back or not receive any repayment due to the debts being completely discharged. In certain situations, even the threat of bankruptcy could cause creditors to work more diligently with borrowers to make a repayment situation easier, especially when it comes to credit card debt.
Of course, bankruptcy is a real option that could help individuals who wish to take that step. Though some creditors may lower interest rates or reduce payments, it still may not be enough to allow some parties to really get a handle on their finances. Therefore, filing for bankruptcy may be a viable option to dutifully explore.
If South Carolina residents are looking for debt relief, finding out more information on the different forms of bankruptcy may prove valuable. Struggling individuals may find that Chapter 7 or Chapter 13 bankruptcy could help them work toward getting back on more stable financial ground. Discussing concerns and options with an experienced bankruptcy attorney may help individuals feel more comfortable as they make these important decisions.
Source: thesequitur.com, “Personal Bankruptcy: Your Creditor’s Worst Fear”, May 25, 2016