There are many options for those struggling with debt in South Carolina. Because of the many options available to you, you may be finding it difficult to know which way to turn. By learning about the pros and cons of your options, it is more likely that you will be able to choose the option that will work best for you.

Chapter 13 bankruptcy offers debtors a way to restructure their finances so that they can generate a healthy cash flow, making it possible to earn enough money to repay their debts over a number of years. This takes a great deal of discipline, but Chapter 13 filers can benefit from an automatic stay, and they may have some of their debts dismissed.

Chapter 13 bankruptcy takes a comparatively long time

Chapter 13 bankruptcy can take up to 5 years to complete. However, this means that it is possible to sustainably pay off your debts so that you are not struggling to make ends meet.

You will most likely be able to keep your home

Chapter 13 bankruptcy can be very tough because you have to repay your debts using your disposable income. However, the repayment plan can help you to carry on paying your mortgage, allowing you to keep your home when you may otherwise have lost it.

You will lose some financial freedom

You will need to be living only on the income you are earning in wages, meaning you will not be able to use credit cards during this time.

If you want to get a fresh start and finally be rid of crippling debt, you may want to file for Chapter 13 bankruptcy.