When considering bankruptcy, many individuals may question whether it is the best decision to address their problems. While it is true that South Carolina residents could face some financial hits due to following this route, it is likely that individuals looking into bankruptcy are already facing damaging financial circumstances. Seemingly insurmountable debt balances and other financial obligations that go unpaid may simply continue wreaking havoc on the finances of individuals who are unsure about their options.
Luckily, bankruptcy is a viable option for many individuals. Though daunting to think about, filing for Chapter 7 may help individuals find their way back to financial security. With this process, many unsecured debts may be entirely discharged through the liquidation process. As a result, parties may be better able to address other financial obligations that may not be forgiven through bankruptcy, such as tax obligations or child support.
Of course, there is life after bankruptcy. Taking this path to address considerable debt does not mean that an individual’s financial record will be forever scarred. After successfully completing the process, individuals could work toward rebuilding credit and getting back on track financially.
South Carolina residents who are interested in regaining control of their financial lives may wish to give bankruptcy closer consideration. If interested, individuals could utilize local legal resources in order to gain reliable information on their potential bankruptcy options. Additionally, speaking with experienced attorneys could allow parties to obtain personalized insight into their cases and determine what steps may best suit their particular circumstances.
Source: Ebony, “The Bright Sides to Filing for Chapter 7 Bankruptcy”, Kara I. Stevens, Jan. 4, 2017