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Columbia South Carolina Bankruptcy Law Blog

Reed Law Firm, P.A. is a federally designated debt relief agency in South Carolina. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.

Steps during the Chapter 7 bankruptcy process

Facing overwhelming debt can place strain and stress on virtually every area of your life. If you are struggling with balances that you can no longer manage on your own, you could feel discouraged, assuming that there is no way out for you. Thankfully, debt problems are not insurmountable when you seek the protection of a bankruptcy filing. Chapter 7 bankruptcy is a popular option for South Carolina consumers who currently have a significant amount of unsecured debt.  

Before you make a critical choice, such as filing for bankruptcy, you will benefit from learning as much as possible about what is ahead for you. You must first determine if you are eligible for Chapter 7, and if you are, it is important to learn what you can expect from this process and how you can navigate it effectively. Bankruptcy may not sound like an attractive option, but it is often a reasonable way for someone to achieve financial security and deal with certain types of balances once and for all. 

Set your expectations  

Chapter 7 bankruptcy is liquidation bankruptcy. This means that the court could liquidate some of your personal assets, with proceeds going toward some of your balances. However, there are property exemptions available, which means that you will not have to give up all of your property just to get out of debt. After you file for Chapter 7 and receive approval, you can expect the following steps: 

In addition to these steps, you will also carefully follow the requirements outlined in your bankruptcy plan. Once these are complete, there will be a discharge of certain balances, and a judge will release you from bankruptcy. 

The best financial future for you  

There is no one-size-fits-all solution for dealing with overwhelming debt. If you are struggling with balances you cannot pay, accumulating interest and pressure from debt collectors, you will benefit from seeking knowledgeable insight regarding your options. While you may feel hopeless in your current situation, there are steps you can take that will help you reclaim your stability and peace of mind. 

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