Individuals of any occupation or income level could face financial hardships. There is no set of particular circumstances that can pinpoint whether an individual will struggle with considerable debt in his or her future. As a result, anyone could find him or herself in need of assistance, and Chapter 7 bankruptcy may be an option for South Carolina residents to consider.
One man and his wife in another state took such a route due to their considerable liabilities. Reports stated that the couple owed $1.23 million and had assets that totaled approximately $683,000. Many of the liabilities were reported as having to do with mortgage and home equity loans, and it was also noted that the couple owed over $56,000 to the Internal Revenue Service for unpaid taxes during a four-year period.
The couple’s bankruptcy filing was carried out earlier this year, and the discharging of their debts was recently approved. Most of their debts were forgiven as a result of this approval. At the time of the report, it was noted that their home would soon be going up for sheriff’s sale, which would end foreclosure proceedings that had begun before the bankruptcy filing.
Bankruptcy may not always be the first choice for individuals facing financial issues. However, this option may often be the most beneficial for parties whose liabilities far exceed their assets. Therefore, South Carolina residents who would like to address their debt problems may wish to find out more information on Chapter 7 bankruptcy and determine whether it could be right for their circumstances.
Source: app.com, “Top Red Bank official filed for bankruptcy; house going to sheriff sale”, Payton Guion, Aug. 24, 2016
