Uncertain of what to do or how to resolve the problem, many individuals and families become overwhelmed as their debt burden continues to mount. High interest rates often make it seem impossible to make any headway in reducing the amount owed. While it may seem as if there is no way out, there are a number of financial options available to assist the South Carolina individual or family struggling with debt.

One option is to attempt to negotiate a workout with creditors. This allows the debtor and creditors reach an agreement regarding the amount to be repaid, the repayment time period or both. This negotiated agreement offers the debtor the opportunity to restructure debt without going through the formal bankruptcy process.

While a workout does offer the opportunity to restructure the debt, it does leave the door open for creditors to change their position. It is possible that at some point in time, they will decide that the arrangement is not in their best interest. When this happens, it is possible that creditors will decide to change the terms of this new agreement.

Under Chapter 13 bankruptcy, the debtor is often able to restructure debt. Utilizing either a three to five-year period, a repayment plan is established that allows the individual to make payments and at the end of the time period discharge the remaining unsecured debt. Each situation is different and, as such, requires careful consideration. An experienced bankruptcy attorney can review the situation and offer guidance regarding available options that will meet the South Carolina debtor’s needs.