Will bankruptcy discharge the entire amount of debt owed?

No, bankruptcy will not discharge the entire amount of debt owed in South Carolina. While filing for bankruptcy can provide some relief from debt, it does not always result in the complete elimination of all debt. In South Carolina, Chapter 7 bankruptcy will discharge unsecured debts such as credit card debt and medical bills. However, it will not discharge secured debts such as student loans, alimony, child support or taxes. Additionally, some debts are non-dischargeable, meaning that the court will not allow them to be discharged in bankruptcy. These types of debt include debts related to fraud, certain kinds of tax debt, and debts related to certain types of personal injury lawsuits. In South Carolina, the Bankruptcy Code also allows for the filing of Chapter 13 bankruptcies, which allows debtors to repay some or all of their debts over a period of three to five years. A Chapter 13 Bankruptcy can discharge some debts, such as credit card debt, but not all. For example, it cannot discharge secured debts, such as a home mortgage. However, even though bankruptcy may not discharge the entire amount of debt owed, it can still provide significant relief to borrowers in South Carolina. Bankruptcy can stop creditors from harassing you, and it can prevent them from taking action, such as seizing assets or repossessing property. Additionally, bankruptcy can help reduce the amount of debt owed and give borrowers some breathing room to better manage their finances.

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Will bankruptcy discharge the entire amount of debt owed?

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