Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
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Giving You Hope For a Debt-Free Future

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. 

Others choose it as their most viable option, however, because it's one of the swiftest means for obtaining immediate debt relief and reorganizing a budget to set the tone for restored financial stability in the future. The bankruptcy code regulates this debt relief system. It's always best to seek clarification of laws that may apply to your situation before determining which route to take. There are several types of bankruptcy and not all debt is dischargeable under each.  

Which types of debt are typically discharged? 

While regulations and guidelines are in place regarding filing for bankruptcy, no specific lists of dischargeable debts apply across the board. You may have a debt that you can discharge under one form of bankruptcy but the same debt becomes non-dischargeable under another. There are also certain kinds of debt that you can never discharge, so that much does apply to all forms of bankruptcy.  

Beyond that, however, it takes a bit of research and option exploration to determine which form of debt relief would be best to help you get back on your feet. Debts, such as personal loans, credit card balances and medical bills are usually dischargeable. If a state court orders you to pay child support, on the other hand, the bankruptcy court will not release you from that financial obligation.  

Which Chapter is best? 

Since no two financial situations are exactly the same, what works for you may not even be an available option to another person facing similar circumstances. For instance, if you earn income above a certain level, you may not qualify to file for Chapter 7. If you wish to avoid complete liquidation of assets, and you can show proof of reliable income, you may want to choose Chapter 13.  

It may be helpful to write a list that includes your main priorities, whether it is to get creditors off your back, wipe the slate clean on your credit card or avoid foreclosure. If you think bankruptcy may be the answer to your financial problems, you can reach out for support to start formalizing your plan. 

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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