South Carolina Debt Relief

South Carolina Credit Card Debt law provides creditors with a short time limit for filing suit on open-ended debt. Creditors are given a 3-year limit, or Statute of Limitations (SOL), which begins from the day when the payment is first missed. Any partial payments made afterward will start the SOL running again from the beginning. Debtors should answer a summons by certified mail within 30 days, unless to summons specifies differently, or face default judgment for the amount of the suit.

Judgment Enforcement

South Carolina judgments can be enforced by creditors for up to 10 years, accruing yearly interest at 14%. Liens placed against real property to satisfy the judgment are in effect for 10 years as well. Debtors are not protected by homestead exemptions, but personal property exemptions up to $10,000 are allowed. Although creditors may attach a South Carolina debtor’s home, they may not take wages.

“Judgment by Confession,” contract language that allows for automatic judgment of the debt, is recognized in South Carolina. Residents should take care when signing credit card agreements for this reason.

Debt Settlement

A Debt Settlement payment plan is a smart way for South Carolina residents to avoid the seizure of their homes. Instead of falling to the mercy of the court, they may work out interest free payment plans that let them have a say in when and for how much the payments should be made. These agreements can help South Carolina residents stay in their homes and avoid bankruptcy.