For many Americans, debt is simply an unavoidable fact of life. But what happens when debt piles up to the point where it is out of control? For many people facing this issue in South Carolina, personal bankruptcy is an option that may make sense. The most common of these individual bankruptcy types are Chapter 7 and Chapter 13 bankruptcy.
There are a number of misconceptions associated with filing for bankruptcy. Many South Carolina residents may be concerned that they will lose everything by filing. Or, perhaps they believe that all of their friends and relatives will discover that they filed. In reality, it is unlikely that friends or family will be aware unless the individual chooses to disclose the information, and more than likely, he or she will be able to keep most if not all of his or her possessions.
While contemplating the best way to handle one's financial dilemma, a number of concerns come to mind. The typical South Carolina resident is concerned with how the financial crisis will affect his or her ability to meet current financial obligations. Additionally, if filing for bankruptcy is the answer, how long will it take for his or her credit score to recover? Finally, will he or she be able to qualify for a mortgage at some point in the future?
Many people think that money makes the world go round, and unfortunately, they are often not wrong. In order to carry out tasks, meet basic needs and attend to many of life's obligations, money is needed. However, financial stability can be difficult to come by, and individuals who are struggling may not know where to turn. Fortunately, there are debt relief options like bankruptcy that may be able to help.
The bills are piling up, and the phone keeps ringing. The stress and anguish caused by not being able to stop the never-ending cycle of debt can take a toll on the typical South Carolina resident. For many, the answer to this apparent dilemma is found in filing for Chapter 7 bankruptcy.
Consumers overwhelmed by insurmountable debt often understand that bankruptcy is the most appropriate option for securing a better financial future, but many are hesitant to take the necessary steps for filing. People in South Carolina often worry that they will lose everything when seeking bankruptcy protections, and fear that they will be in an even worse position afterward. However, it is possible to keep certain exempt property during bankruptcy.
The credit card market is growing, which could be a sign that the economy is more or less recovered from the Great Recession. Unfortunately, experts point out that delinquency rates are also up. Most South Carolina consumers try to use their credit cards as responsibly as possible, but with interest rates, these financial tools can quickly spiral out of control, complicating some people's already unstable financial matters.
Consumer debt is on the rise, and current household debt is at a record $13 trillion. This is a nearly 1 percent increase over the past quarter, which seems to be following behind the soaring stock market. However, massive amounts of household debt can be incredibly difficult to overcome, especially when a serious life change impacts income. For many South Carolina consumers, rising household debts can be best addressed through Chapter 7 bankruptcy.
Finding a fulfilling job that provides extra income for a family can be difficult, but many women thought they found the ideal solution in Lularoe, a direct sales company. In South Carolina, the clothing company is mostly known for its brightly-patterned leggings, but many women who started selling them are now dealing with insurmountable debt. Since Jan. 2016, at least 24 people filed for bankruptcy -- both Chapter 7 and 13 -- citing Lularoe as at least one of the causes.
The Administrative Office of the U.S. Courts tracks bankruptcy filings nationwide, following trends over 12-month periods. Its most recent tracking found that personal bankruptcy filings declined over the past year, indicating that the current economic state is relatively stable. Although this might come as good news for South Carolina consumers, some bankruptcy experts believe that filings could soon be on the rise.