Before we dive deep into this article, we will discuss the different types of bankruptcy in South Carolina. In this case, bankruptcy is of two types. You can choose to either file for Chapter 13 bankruptcy or Chapter 7 bankruptcy. In a lot of cases, Chapter 13 bankruptcy is preferable to Chapter 7 bankruptcy.
Chapter 13 bankruptcy is the only choice you have when you are behind on your business payments, but you intend to still keep your property. With the chapter 13 bankruptcy, you can pay your overdue payments and reinstate the original mortgage payment to suit you. If you have a valuable property that is not covered by the exemptions you intend to keep, Chapter 13 bankruptcy is the right one for you.
Main Advantages Of Filing A Chapter 13 Bankrupt In South Carolina
Thus, with the Chapter 13 bankruptcy, your debts will be reduced and not canceled. It’s just that you have more time to pay your debt to avoid the risks of losing your property.
Disadvantages Of The Chapter 13 Bankruptcy
The main reason why people prefer working with the Chapter 13 bankruptcy over the Chapter 7 bankruptcy is the ease of processing. With the Chapter 13 bankruptcy, you will be given a better chance to redeem your debt and claim your property back.
How To Avoid Bankruptcy
Sell Some Of Your Assets
Sell whatever you can spare and use the money to pay off your debts. Take action immediately when you notice you can’t afford to make payments. If you wait until you are behind on payments, it may be too late to catch up and avoid further action from your creditors.
If the debt is much, then it’s about time to consider selling your house. If you are in this condition, you can help yourself by selling your house to a fast home buyer that will offer you cash and close the sale without wasting too much time. In this case, it is advisable that you sell to Sell Your House Fast- GSAP. We have made home buying in SC an easy task. You don’t have to spend on clean up or repairs. We will buy the house in as-is condition and offer you a fair price that will sustain you and even clear the debt if possible.
Pay Your Way Out Of Debt
Get Help from Friends And Family
Just calculate how much money you need to avoid bankruptcy. Carefully consider how much you’re able to raise on your own, then ask friends and family to help you make up the difference.
Before you approach them, come up with a plan for how you will repay them once your financial situation has turned around.
How to Sell Your House Fast- GSAP Can Help You Mitigate Your Bankruptcy Situation!
We understand your condition and are ready to help you. We can purchase your home directly, make you an all-cash offer (often within 24 hours). You can be sure of a hassle-free transaction when you work with us so that you can move on to live the best life that you deserve.