Reed Law Firm, P.A. - bankruptcy

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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.

Under Chapter 13 bankruptcy, the individual is given the opportunity to restructure debts. A repayment plan is proposed, then approved by the court, and the individual repays the debt over a three or five year time period. At the end of this time period, many remaining debts can be discharged.

One of the benefits of Chapter 13 bankruptcy is that the individual does not have to relinquish assets. As long as the mortgage is current or brought current and funds are available to make the mortgage payment, foreclosure can be avoided. Likewise with car notes; as long as payments can be made, repossession can be avoided.

Under Chapter 13 bankruptcy, priority debts are paid first. These debts include items such as taxes and child support. Then, secured debts are paid. Any remaining disposable income will then be used to pay unsecured debt. The repayment plan specifically addresses how much will be paid toward each debt each month; any changes to the plan must be approved by the court.

Financial struggles are a devastating reality for many South Carolina residents. However, by filing Chapter 13 bankruptcy, the individual may be able to find relief. An experienced bankruptcy attorney can review one's financial situation and recommend the appropriate course of action to begin the recovery process.

Source:, "Chapter 13 Reorganization Bankruptcy", April 7, 2018

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Columbia Law Office
220 Stoneridge Drive, Suite 301
Columbia, SC 29210

Phone: 803-807-2565
Fax: 803-726-4887
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1807 West Evans Street, Suite B
Florence, SC 29501

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