When looking for the right debt relief option for a particular set of circumstances, it makes good sense to explore all options. There are a variety of avenues that could assist South Carolina residents attend to their financial matters in an effective manner. Bankruptcy is one of those options that could prove useful.
Four individuals in another state recently filed Chapter 7 bankruptcy in order to handle their liabilities. Reports stated that one man owed approximately $1,040,000, and his assets exceeded that amount by a small margin. Another individual was facing nearly $30,000 in debt with assets totaling more than $100,000. The two other individuals were facing liabilities that were considerably more than their assets. These examples show that bankruptcy could be fitting for various situations.
An additional filing was made by an individual who opted for Chapter 13 bankruptcy. This type of filing may allow the woman to address her $124,596 in liabilities with a court-approved repayment plan. Because her assets totaled less than $10,000, she may have struggled considerably without this debt relief option to assist her, and filing may have been the best option for her case.
Making the decision to file for bankruptcy is a personal one that could take time to consider. If South Carolina residents are interested in the option, gaining more information on Chapter 7 and Chapter 13 bankruptcy may help them speed up the decision-making process. Furthermore, discussing concerns and procedures with knowledgeable and experienced bankruptcy attorneys could allow concerned individuals to feel more confident should they decide to move forward with a petition.
Source: newspressnow.com, “Bankruptcies, Sept.25”, Leanna Murphy, Sept. 24, 2016