Reed Law Firm, P.A. - bankruptcy

Columbia: 803-807-2565

Florence: 843-536-0073

chapter 7 Archives

What is the Chapter 7 means test?

Chapter 7 bankruptcy is one of the most popular bankruptcy chapters among consumers. This is because the process is over very quickly in comparison to other options. In addition, Chapter 7 bankruptcy filers tend to benefit from large debt discharges.

Which assets will be liquidated in Chapter 7 bankruptcy?

Chapter 7 bankruptcy is a popular choice among individual debtors because it makes it possible for them to have a large number of debts discharged. However, the process will also require that a significant amount of their assets is liquidated in order to pay back the debt.

Putting an end to wage garnishment

Being subject to wage garnishment can be extremely demotivating and distressing. It can feel as though you do not have autonomy in your life because you are working only to have wages taken from you in order to pay off debt. Wage garnishment measures are generally only put in place when a person is severely late on their debt repayment obligations and can afford to pay off their debt.

How to take action when you are struggling with debt

After the holiday period, many of us find ourselves having a reality check when we have a look at our bank statements and receive reminders for unpaid bills. Not feeling in control of our financial situation can feel overwhelming at times. It is important that the situation is not left unaddressed, because this will only lead to problems becoming worse.

Did you know these items are exempt from liquidation?

When it comes to Chapter 7 proceedings, it can be frightening to imagine all the personal property you'll need to liquidate or sell. That being said, you may be surprised by just how much you can keep. Most bankruptcy filers are pleased when they find out that they can maintain possession of their furniture, their household appliances, their car and other items they hold dear.

Can I file for bankruptcy twice (or three times, or four...)?

It may surprise (or relieve) you to learn that filing for personal bankruptcy is not a one-time-only event. If you have used Chapter 7 or Chapter 13 bankruptcy in the past to get a handle on your debt and find yourself overwhelmed by debt again, you could be eligible to file again.

Bankruptcy in South Carolina

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.

South Carolina debt advice

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.

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.

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Columbia Law Office
220 Stoneridge Drive, Suite 301
Columbia, SC 29210

Phone: 803-807-2565
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Florence Law Office
1807 West Evans Street, Suite B
Florence, SC 29501

Phone: 843-536-0073
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