When individuals are considering bankruptcy, they may wonder how helpful the process could be. South Carolina residents who are facing considerable debt may have a significant chance of getting back on the right financial track if they qualify for Chapter 7 or Chapter 13 bankruptcy. Of course, there are certain debts that may not be eligible for discharge through bankruptcy proceedings.
If individuals owe child or spousal support, court fines or compensation to a party due to personal injury, those debts are most often not discharged under bankruptcy. Other debts that may not be eligible are liabilities that may have been come about due to fraudulent activity. Of course, each case is unique, and there may be extenuating circumstances that could determine whether certain debts have the ability to be forgiven.
The eligibility may also depend on which type of bankruptcy is filed. As a result, individuals may wish to find out more information on which type may be best for their circumstances. Furthermore, the details pertaining to certain debts and to whom they are owed could play a significant role in whether the debts may be discharged through the bankruptcy process.
Because these proceedings can deal with a multitude of factors, gaining more knowledge on Chapter 7 and Chapter 13 bankruptcy may be wise. Additionally, South Carolina residents may also wish to speak with experienced attorneys in order to obtain specific insight into their personal cases. Bankruptcy could be a beneficial option for qualifying individuals, and the right information could help interested parties move forward.
Source: masslive.com, “Ask the Experts:Bankruptcy may not discharge housing debt”, Aug. 31, 2016