Having creditors to repay can be a substantial burden for many individuals. The liabilities associated with these creditors could range from small to large amounts, and it is usually those with significant debt that wish to seek assistance in addressing those liabilities. If South Carolina residents are in such a predicament, looking into bankruptcy may be a prudent step.
It was recently reported that a man in another state is utilizing bankruptcy in efforts to pay back his debt. Apparently, the man has over $4 million dollars of debt that he is hoping to repay through his bankruptcy proceedings. The main creditor reported was the man’s brother, who helped the man take out a home equity loan for $2.5 million.
In order to move forward with his reorganization plan, the man hopes to sell his home. The mansion had belonged to his mother, and he has been the owner since 1988. The bankruptcy judge attending to the man’s case approved the sale of the home, and it has been listed at nearly $7 million. If the property sells in time, the man may be able to gain the funds to pay off his creditors and have some profit for himself.
Though many individuals likely do not have a mansion to sell as part of their debt repayment plans, bankruptcy can still be a beneficial option to consider. The process may work with the particular circumstances of each case and determine whether Chapter 7 or Chapter 13 could be best. If South Carolina residents would like to gain more knowledge on this avenue, speaking with experienced attorneys may be useful.
Source: mysanantonio.com, “Plan to sell Olmos Park mansion gets bankruptcy judge’s OK”, Patrick Danner, Oct. 5, 2016