Things will turn around soon; one more bonus and the bills will be caught up. A better job is just around the corner. One or more of these statements will run through the South Carolina debtor’s head as he or she considers what should be done to relieve the financial pressure. Rather than continue to worry and wonder how to pay off the debt, it may be time to take action and file for bankruptcy.

Research indicates that the longer an individual puts off filing for bankruptcy, the harder it will be for him or her to get a fresh start. Many choose to take a wait and see approach — let’s wait and see what happens next month, next summer, after the first of the year, etc. However, as he or she waits to see what will happen, debts continue to increase, the stress continues to build and assets are often depleted.

Once assets are utilized to pay debts, they are no longer available to assist the individual is getting back on track financially. When the debt problem is primarily unsecured debt, the use of assets to pay these debts may not be the best option. The individual will still need assets once the debt has been discharged to be able to get the sought after fresh start.

Bankruptcy is designed to allow the individual to have a second chance financially. For many South Carolina residents who are struggling with debt, addressing the problem now rather than later is the way to go. Experienced legal counsel can assist the individual is determining if bankruptcy is in his or her best interest.