Once financial problems start, they just seem to escalate. At first, the South Carolina resident has trouble paying bills. Then, the phone starts ringing and collection notices appear in the mail. Finally, the bank or mortgage company threatens foreclosure. What began as perhaps a small financial problem can quickly turn into a financial catastrophe.
Eligibility for Chapter 13 and Chapter 7 is not guaranteed
South Carolina is by no means a stranger to the fluctuating economy to which other states in the nation are regularly exposed. Whether you've lived here for decades or are a newcomer to the state, you likely understand how challenging it can be to overcome significant financial problems when they arise. Perhaps you've already rebounded from such situations a time or two in the past. If so, the type of solution you chose may have greatly affected your outcome.
Don't let temporary financial problems cost you your home
You may be one of many South Carolina residents who recently suffered a major financial setback due to loss of employment, medical emergency or some other unexpected situation. Then again, your spending habits may have simply gotten out of hand, which also often leads to serious financial crisis. In any event, many people have gone through similar experiences in the past.
Is all your debt dischargeable?
Overcoming a serious financial crisis is definitely no small matter. Sometimes, it's simply a matter of adjusting your spending habits while other situations are not so easily rectified. Perhaps you've been considering bankruptcy as a debt relief option, which many people in South Carolina have filed for in the past to get things back on track when their finances got out of whack. Bankruptcy stays on your credit report for quite some time, which is one of the reasons some people hesitate to file.
Medical debt a problem for middle class South Carolina residents
There are a number of misconceptions regarding bankruptcy. Some believe that bankruptcy is only for the wealthy trying to avoid paying debts that have spiraled out of control. Others believe that bankruptcy is used by individuals who have somehow wasted their money and are now looking for a way to escape their situation. Yet, reality for the South Carolina resident is that the majority of those who can and do benefit from bankruptcy are average, middle-class individuals and families.
South Carolina residents can find relief through Chapter 13
Even with a steady job, it can become difficult to make ends meet. For one reason or another, the South Carolina resident is struggling to cover the basic necessities and pay all of the bills. Rather than continue to dig deeper into debt, there are ways to escape from this situation and start over financially.
South Carolina bankruptcy, morgages and credit scores
While contemplating the best way to handle one's financial dilemma, a number of concerns come to mind. The typical South Carolina resident is concerned with how the financial crisis will affect his or her ability to meet current financial obligations. Additionally, if filing for bankruptcy is the answer, how long will it take for his or her credit score to recover? Finally, will he or she be able to qualify for a mortgage at some point in the future?
