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.
Using bankruptcy to get out of debt
The potential interplay of a divorce and a bankruptcy
Married couples in South Carolina often decide to seek a divorce when there seems no way out of mounting financial problems, and some unhappy spouses looking for a fresh start also decide to file for bankruptcy. While both bankruptcy and divorce offer an escape from unmanageable situations, the decision about which to pursue first should be made carefully.
Bankruptcy trustee duties clearly defined in U.S. Code
South Carolina residents who file for bankruptcy are likely to cross paths with individuals who have been appointed as trustees. These persons perform a number of duties related to the type of bankruptcy a debtor filed for and the circumstances of their debt. As such, trustees have to attend and participate in all hearings concerning properties under lien, bankruptcy plans and modification of plans.
Tips for those with credit card debt
Many people in South Carolina have credit cards and might wonder about the best way to pay them off. Staying on top of credit card debt is important as large debts can make it hard to pay for necessities and save for retirement. One report estimated that Americans in debt owe an average of more than $16,000 for their credit cards, but there are ways to help control one's debts.
