In a case that will impact bankruptcy proceedings in South Carolina and nationwide, the U.S. Supreme Court has ruled that Chapter 13 bankruptcy trustees must return all undistributed funds to debtors who convert their cases to Chapter 7. The unanimous decision, which came down on May 18, resolves a question that has divided bankruptcy courts for three decades.
The three major credit reporting bureaus came to an agreement to extend the amount of time it takes for unpaid medical bills to show upon on consumer credit reports. It is easy to accrue tens of thousands of dollars in hospital expenses during a single major illness. Even insured South Carolina patients may be overwhelmed by the amount of benefits explanations from their healthcare providers.
South Carolina residents facing significant debt may benefit from seeking options outside the conventional advice of paying down debt. While there are many seemingly simple ways to systematically pay off debt, filing for bankruptcy is often the most cost-effective option. Repaying debt without filing bankruptcy can result in unexpected costs that may even eat into retirement savings.
Bankruptcy is an option available to people in South Carolina when they are financially overwhelmed by bills and debts. Medical bills are a common reason people fall behind financially. Bankruptcy can provide relief, but careful consideration of the details is necessary before using this legal tool.
South Carolina business owners may run into a period of financial difficulty that results in filing for Chapter 7 bankruptcy. While all business owners have the right to debt relief through bankruptcy, the business itself may or may not be allowed to continue operating. If the company is a sole proprietorship, it will continue to operate, as the company and its owner are one entity.
South Carolina residents with significant debt may be interested in a comparison of the two major types of personal bankruptcy: Chapter 7 and Chapter 13. Depending on a number of factors specific to a person's situation, each may have debt relief benefits.
Debtors in South Carolina may benefit from learning more about the counseling and education requirements for filing for Chapter 7 bankruptcy. In order to comply with the requirements implemented by federal bankruptcy law, debtors are only permitted to receive counseling service from approved providers within the district. When debtors file at the clerk's office in their district, there is typically a list of approved credit counseling providers available, and the list is also available online.
When South Carolina residents are dealing with large amounts of debt, it can be difficult to decide what to do. In some cases, creditors who are owed money may begin garnishing the wages of people who have fallen behind on payments. This can make a tough situation more complicated. In situations like these, filing for bankruptcy may provide a way out of severe debt.
For those who are dealing with a high level of debt, bankruptcy may be a great way to seek financial stability. However, it is not the only solution to solving a debt problem. There are many companies that claim to be able to eliminate debt or offer immediate debt reduction. While many debt relief companies offer a legitimate service, others are may be fronts for debt relief scams.