Selling A Property After Filing For Bankruptcy In South Carolina

If you are having trouble with your financial obligations, bankruptcy can help you get back on track. But first, you will have to prepare and file the bankruptcy case. Many people assume that once they file for bankruptcy, none of their assets will be protected. This is not always right. However, people in South Carolina may be relieved to find out that ‘Asset Protection Laws’ allow them to keep certain assets regardless of their debts to others.

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

With the Chapter 13 bankruptcy, you can choose to pay the payment plan that suits you after the foreclosure. When the property has not been sold and you have gotten the money, you can make payment and have your property back.

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 legal fees are usually higher in Chapter 13 more than the Chapter 7 bankruptcy. You can be in debt for up to 3-5 years if you do not know what to do.

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

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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.

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Pay Your Way Out Of Debt

Can you afford to pay off your debts over a period of time? If yes, you should file for Chapter 13 bankruptcy. If you take a closer look at your budget, you may be able to cut out some expenses like cable or satellite television, cell phones, and landline. These are examples of some expenses you can cut without too much pain.
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Get Help from Friends And Family

Normally, borrowing money from family and friends is a bad idea. It’s been known to create hardships and even end relationships. But there’s an exception to every rule, and bankruptcy is one.

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!

Facing bankruptcy can be a terrible experience but not a death sentence. A lot of times, the bankruptcy court will ask you to put all your houses for sale in Upstate, South Carolina, to settle your debt. However, working with Sell Your House Fast- GSAP is the best decision for you at a difficult time like this.

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.

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