For many Americans, debt is a stressful part of everyday life. Here in South Carolina and elsewhere in the nation, debt levels are on the rise, particularly when it comes to unsecured debts like credit card debt and medical debt. For some people, consolidation might be enough to handle debt, and for others, a Chapter 7 bankruptcy filing may be the more fiscally responsible bet.
Tips on cutting costs after bankruptcy
For those considering bankruptcy, you may be worried about the decision plummeting an already-suffering credit score into a hole you can't dig yourself out of. But bankruptcy is meant to help you get back on your feet and credit scores are subject to change.
Understanding Chapter 7 bankruptcy in South Carolina
A great deal of misinformation is often circulated when discussing the topic of bankruptcy. For many South Carolina residents, the idea of filing for Chapter 7 bankruptcy can be equated with all manner of negative decisions, but the reality is for many people, bankruptcy is the most sound financial option. In cases of significant debt, bankruptcy can provide the relief that allows individuals and families to recover from loss and get back on the right track.
Will filing for bankruptcy destroy my credit?
Many people mistakenly believe that filing for bankruptcy will permanently ruin their credit. This is not true. While your credit will take a hit after you file for bankruptcy, you may be surprised that the long-term impact on your credit is not as bad as you might think.
Chapter 7 filings increasing in over 65 age group
Many South Carolina residents are nearing age 65 or have already celebrated that age-of-retirement birthday. While many older people have a lot in common, such as being grandparents or having certain health issues, there appears to be another area where many elders are experiencing similar situations. It has to do with finances and Chapter 7 bankruptcy.
Making purchases in Chapter 7 bankruptcy in South Carolina
There is a considerable amount of misinformation commonly attributed to bankruptcy. When an individual in South Carolina files for Chapter 7 bankruptcy, it can be unclear what financial allowances they are afforded during the process. While it may be possible to make larger purchases like a new vehicle during the filing, it may not be in the best interest of the individual to do so.
Avoiding the trap of payday loans
A payday loan is a general term that refers to high-cost, short-term loans. These types of loans typically fall under the $500-range. You usually owe back the amount of that loan on your next payday.
