South Carolina Bankruptcy Law News - South Carolina sees increase in bankruptcy filings amid economic challenges

In the midst of ongoing economic challenges, South Carolina has experienced a surge in bankruptcy filings, according to recent data from the state's bankruptcy courts. On February 20, 2026, court records show that a total of 367 individuals and businesses filed for bankruptcy, marking a significant increase compared to previous months.Experts attribute this rise in bankruptcy filings to a variety of factors, including the impact of inflation, rising interest rates, and the lingering effects of the COVID-19 pandemic. Many individuals and small businesses in South Carolina have struggled to keep up with mounting debts and financial obligations, leading them to seek relief through the bankruptcy process.One bankruptcy attorney in Charleston, Sarah Thompson, noted that she has seen a steady influx of new clients seeking advice on their financial options. "Many of my clients have been hit hard by the economic downturn and are facing overwhelming debt," Thompson said. "Bankruptcy can provide them with a fresh start and a chance to rebuild their financial future."In addition to individuals, several businesses in South Carolina have also been forced to file for bankruptcy in recent months. The hospitality and tourism industry, in particular, has been hit hard by a decrease in travel and tourism due to ongoing uncertainties and restrictions related to the pandemic.Despite the challenges facing many residents and businesses in South Carolina, experts remain cautiously optimistic about the state's economic recovery. With the recent stabilization of the job market and promising indicators of growth in key industries, there is hope that the tide may soon turn for those struggling with financial difficulties.For now, bankruptcy remains a viable option for individuals and businesses seeking relief from overwhelming debt. As the economic landscape continues to evolve, it is crucial for those in need of assistance to seek guidance from legal professionals and financial advisors to determine the best course of action for their specific circumstances.
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