In a cultural sense, bankruptcy is often perceived as a financial tool used by businesses when they are struggling under the weight of debt. However, as some South Carolina residents are already aware, Chapter 7 bankruptcy is also a tool that can be used by individuals or families for whom debt has become an insurmountable issue. This is particularly true for older people, who may be laboring under debt that is years or decades old. Thankfully, Chapter 7 remains a helpful financial strategy in combating financial obligations that have become unmanageable.
How bankruptcy works in South Carolina
Debt is one of the most crippling issues facing many American families today. Credit card debt is especially rampant, with consumer debt said to be in the billions of dollars per year. For this reason, many people both here in South Carolina and elsewhere in the nation turn to Chapter 7 bankruptcy to help them recover from insurmountable debt. However, it is important to understand the nature of bankruptcy before making such an important financial decision.
