Financial hardships could befall anyone, and there are many instances in which individuals may hope for the chance to start over. South Carolina residents and other individuals who are feeling this way may be pleased to learn that they may qualify for such a chance. Those who are eligible for bankruptcy may be able to seek its protections, allowing for a second chance at financial freedom.
As a legal process, bankruptcy is carried out following the applicable laws. Therefore, individuals may find the proceedings more reliable than other forms of debt relief. This option could be considered a lifeline for individuals who have become consumed with significant debt and feel as if they are drowning with no way out.
The type of bankruptcy for which an individual qualifies depends on the specific conditions under which they are filing. Liquidation proceedings under Chapter 7 may be suitable for some parties, while a court-approved repayment plan under a Chapter 13 filing may work better for other scenarios. These routes may be able to offer some financial protection for individuals facing actions from creditors, such as wage garnishments or foreclosures.
Getting a fresh start may a take a considerable amount of work, but understanding the possible options could be the first step toward beginning the journey toward a brighter financial future. South Carolina residents may wish to find out how factors specific to their cases could affect their qualifications for bankruptcy. Speaking with experienced attorneys could help individuals gain reliable information pertaining to their particular financial predicaments.
Source: tennessean.com, “Bankruptcy offers second chance at American dream”, Phoebe Venable, Oct. 7, 2016