Those facing debt issues often want to try to handle their financial problems without any outside assistance. Some South Carolina residents with outstanding balances may face involuntary bankruptcy attempts by creditors. These actions can be resisted, but Chapter 7 bankruptcy could prove beneficial and considering the option may be worthwhile.
Former professional basketball player Christian D. Laettner is currently facing such a predicament due to reportedly owing over $14 million to various creditors. Five creditors were referenced in the report, though specific information on the debts were not available. The balances were simply referred to as business debts. The creditors are attempting to force him into Chapter 7 bankruptcy. At this time, he apparently does not want to go through with bankruptcy.
Reports stated that Laettner hoped to negotiate a deal that would cause the bankruptcy to be dropped. Though he is trying to repay the debt on his own, many find that Chapter 7 relief allows them the opportunity to regain financial stability. This filing could potentially allow him to handle his debt issues more quickly and efficiently. More information may allow him to better understand the benefits of this option.
It may be a point of pride for some individuals to try to handle credit issues on their own. However, seeking assistance is often an appropriate and responsible response to debt problems that have become too much to handle. Chapter 7 bankruptcy could help South Carolina residents work toward regaining financial health. If individuals are interested in more information, experienced bankruptcy attorneys could provide valuable insight.
Source: buffalonews.com, “Laettner faces bankruptcy petition”, July 5, 2016