Dealing with difficulties in life can cause many individuals to face a variety of predicaments. One hardship that many South Carolina residents and individuals across the country often face is financial strain. When this issue comes on top of other problems, individuals may find themselves looking for ways in which to discharge debts, hopefully, for good.
One man in another state recently filed for bankruptcy due to his financial predicament. Reports stated that the man was the founder and an executive of a mortgage banking firm before the firm collapsed in 2009. The firm closed due to the man facing criminal charges for defrauding the company. He was recently released from prison where he was serving time in relation to those charges. His bankruptcy filing came after this recent release.
Reports stated that the man is currently facing nearly $19 million in liabilities, and his assets reportedly total only $361,000. The liabilities are associated with bank lenders as well as with his legal representation who worked on his criminal case and other civil matters. He reportedly owes his attorneys $540,000. His Chapter 7 filing will likely be able to help him discharge his allowable debts, though the bankruptcy court may bar discharge of debts related to his criminal conviction.
Though not many South Carolina residents are facing millions in debt, they may still be contending with substantial amounts. Despite the differences in debt amounts, Chapter 7 bankruptcy may still be a viable option for many struggling individuals. Consulting with experienced bankruptcy attorneys could help interested parties determine whether they may qualify for this type of debt relief and whether it is in their best interests to pursue it.
Source: jsonline.com, “After prison, Jungen files for bankruptcy”, Cary Spivak, Dec. 22, 2016