Written by Charleston Bankruptcy Lawyer, Russell A. DeMott In “Should I Try Credit Counseling? (Part One)” I discussed the fact that credit counseling–and by this I mean a debt repayment plan–is an appropriate solution for some clients in some situations. If a client wants to try a debt repayment plan and has the…
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott If you need to file bankruptcy, you must first determine whether you are above median income for the state in which your live. Unless your debts are primarily business debts, this determines whether or not you must complete the means test portion of the bankruptcy schedules…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott If you want to file a Chapter 7 bankruptcy, and your income is over the median income for your state, you must take a “means test” to help the court determine whether you are eligible for Chapter 7 bankruptcy. The purpose of the means test is…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Whether you file Chapter 7 bankruptcy or Chapter 13 bankruptcy, the “automatic stay” goes into effect immediately when your case is filed. The stay prohibits almost all collection actions against you. It’s a terrifying feeling not being able to answer your phone or…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott When evaluating your financial situation, don’t let your emotions get in the way. Chapter 7 or Chapter 13 bankruptcy may be the right solution, especially if you have assets with no equity. I recently met a very distressed client. He had three…
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott If you file bankruptcy, whether it’s a Chapter 7 case or a Chapter 13 case, you’ll have to go to a hearing. There is no bankruptcy law about what you should wear, but I have a few tips. As I’ve discussed before, if you file bankruptcy, you’ll…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Congress passed the new bankruptcy law, BAPCPA (“Bankruptcy Abuse Prevention and Consumer Protection Act”) in 2005. The irony has been that while our “representatives” have made it more cumbersome for their consumer constituents to obtain bankruptcy relief, they have continued to borrow money at…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott The Bankruptcy Code requires debtors to list all debts in their bankruptcy paperwork (called “schedules”). You cannot pick what debts to include in your bankruptcy and what ones to leave out. This is true for both Chapter 7 and Chapter 13 bankruptcy. I often hear…
Written by Summerville Bankruptcy Attorney, Russell A. DeMott You want to avoid filing bankruptcy. Everyone does. What are your options? What about credit counseling? Let’s first define what I mean here. First, there are two kinds of “credit counseling.” There’s the credit counseling you must do prior to filing your…
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