Written by Charleston Bankruptcy Lawyer, Russell A. DeMott When you go to court for your Chapter 7 bankruptcy hearing in Charleston, you’ll likely notice someone sitting over to the right watching the proceedings. Every once in a while he–or she–will ask questions. Who is this? Or, as my clients usually put it, “Who’s…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott 401(k) loans are treated differently in Chapter 7 bankruptcy than they are in Chapter 13 bankruptcy. And by “401(k) loans” I mean any deferred compensation loans–403(b)s, 457s, and other similar qualified plans. In Chapter 7, 401(k) loans are basically ignored. It’s my practice to show…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott The United State Supreme Court has held that a debtor cannot claim the auto ownership expense on the Bankruptcy Code’s means test unless the debtor has a payment on the vehicle. Ransom v. FIA Card Services, No. 09-907 (January 11, 2011). Prior to the Supreme Court’s decision,…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy–in Charleston or anywhere else–means money is tight. Bankruptcy also gives the “honest but unfortunate debtor” a fresh start. Debts are discharged, and there’s a financial second chance. Part of that second chance for most folks is to come up with a budget. …
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Mortgage modification in bankruptcy is a confusing topic. Some say you can. Some say you can’t. As with most bankruptcy issues, the answer is: “It depends.” However, it’s clear that if you have a wholly unsecured mortgage, you can “strip off” or “value” the mortgage…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy when you’re married usually means both spouses filing together, but not always. The Bankruptcy Code is clear that even when a married couple files together, there are–almost always–two, separate bankruptcy “estates.” That means the husband’s estate is one estate, and the wife’s is another.…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott I frequently get questions about judgments. Some of the questions I’m asked are: Must I file bankruptcy prior to being sued? Must I file bankruptcy prior to the judgment being filed? Is it true that I can’t discharge the debt once there’s a judgment entered? Once…
Guest post written by Philadelphia Bankruptcy Lawyer, Dan Mueller When I first started taking bankruptcy cases in the 1990s, I rarely had a senior citizen as a client. Today, it is not unusual to see people in their 70s and older in desperate financial straits. (My oldest client is 90.) Most of us assume…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott South Carolina bankruptcy filers will now have to face the reality of lower median income figures starting November 1. “Median” means the 50th percentile–that is, half people in that group are above that point and half below. The Bankruptcy Code’s means test is a key component…
click to call