When individuals find themselves facing considerable amounts of debt, they may begin to think that it is too late to handle the situation effectively. Luckily for South Carolina residents facing such a predicament, there are still options that could help them get themselves back on the right financial path. Even with substantial debts and the desire to hold on to assets, individuals may still be able to move forward.
Such a case is currently taking place in another state. It was reported that a former politician recently filed for bankruptcy after having amassed more than $300,000 in debt due to personal loans from various individuals and multiple credit card balances. The Chapter 7 filing will result in the liquidation of qualifying assets to pay off debts that are not completely discharged.
Though the man is facing liquidation, the majority of his substantial assets were reportedly exempt from the process. The exempt items include his home — which was valued at approximately $195,000 — as well as accounts totaling approximately $98,000. The one significant asset listed in the report was a 2012 vehicle considered to be worth around $8,500.
The fear of losing all of their property may be a real concern for individuals considering Chapter 7 bankruptcy. However, as this case shows, South Carolina residents may be able to maintain ownership of certain assets. If this route interests them as on option for handling their debt, they may wish to find out more information on this type of bankruptcy as they work toward a more stable financial future.
Source: recordonline.com, “Dubaldi files for bankruptcy from prison; owes over $300K in debt”, Chris Mckenna, Aug. 16, 2016