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Using bankruptcy to get out of debt

Many people in South Carolina are overwhelmed by credit card debt that they can't afford to pay back. When a debtor can only make the minimum payments on their credit card bills each month, interest will continue to accrue, and the debt could take several years to pay off in full.

A person with a lot of debt and very little monthly income may consider filing for bankruptcy. While bankruptcy can be a good solution to debt problems, a debtor may want to prepare a budget first to determine if they can afford to pay off debt with extra funds. If there are no extra funds to work with, a debtor may decide that filing for bankruptcy is the right choice.

The two primary forms of consumer bankruptcy are Chapter 7 and Chapter 13. Chapter 7 bankruptcy is designed for people who cannot afford to make monthly payments and allows them to have most of their unsecured debts discharged after their non-exempt assets are liquidated. Those who have the means to make payments on their obligations may be able to keep a lot of their assets by filing for Chapter 13 bankruptcy, which is a court-approved debt repayment plan that usually lasts about three to five years.

A person who is considering filing for personal bankruptcy may want to speak with an attorney who may analyze an individual's debts, assets and income in order to determine what form of bankruptcy would offer the best opportunity for getting out of debt. The attorney can also explain the various eligibility and other requirements of each of the two forms.

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The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
Fax: 803-764-1563
Columbia Bankruptcy Office

Columbia Office

Charleston Office
925-D Wappoo Road
Charleston, SC 29407

Phone: 843-509-0039
Fax: 866-481-2325
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