The United States Trustee’s Office announced that it has suspended debtor audits. The 2005 Bankruptcy Code (BAPCPA– “Bankruptcy Abuse Prevention and Consumer Protection Act”) required the audits, which are performed by accounting firms under contract with the U.S. government. The suspension is solely due to budgetary constraints–the government is up to its eyeballs in debt…
DetailsTwice a year median income figures are updated. These figures drive the consumer bankruptcy process. If you’re the below median income for your household size, you usually (but not always) qualify for a Chapter 7 bankruptcy. If you’re above median income, your chances of qualifying for a Chapter 7 are less likely. The “means test”…
DetailsWritten by Charleston Bankruptcy Lawyer, Russell A. DeMott Using your credit card to pay taxes may make sense–sometimes. However, there are important considerations to using credit cards for this purpose. Kelly Phillips Erb, a Philadelphia tax lawyer and blogger at “Tax Girl,” recently wrote a great post entitled, “Five Ways to Pay Your Taxes When…
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By Greenville Family Law Attorney Rustin Duncan, Associate at King Law Offices, Greenville, South Carolina The current financial downturn has led to financial stress for millions of married couples in our country.
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I’ve said that buying college is like buying anything else: you need to be wise consumer. I came across this interesting infographic a few days ago at FrugalDad.com, a great website for money-saving tips. What follows below is a short post following the graphic by my friend and law school classmate, Dr. James Klauber. Dr.…
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Written by Charleston Bankruptcy Lawyer, Russell DeMott There’s some good news for disabled student loan borrowers. Student loans are a huge problem. Absent “undue hardship,” which is nearly impossible to prove in most instances, student loans are non-dischargeable in bankruptcy. However, bankruptcy isn’t your only option. Anyone with student loan problems should first try every…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott South Carolina median income numbers for cases filed on or after November 1, 2012 are now in effect. They are as follows: Household of 1: $38,442 (down from $38,849) Household of 2: $49,523 (up from $49,363) Household of 3: $52,447 (up slightly from $52,428) Household of 4:…
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Guest post written by Atlanta Bankruptcy Lawyer, Peter Bricks I recently read a story in the Newnan Times Herald about a struggling Coweta, Georgia mother of three teenagers who won a quarter-million dollars in the Georgia lottery. She talked about how she was going to use the money to save for her kids college and…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott I met this client back in 2010. Her financial problems were largely caused by a failed marriage in which she was left “holding the bag.” Her case was involved and required numerous meetings because, with her income, it was difficult to put her in a Chapter 7…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Bankruptcy isn’t always your only option or even your best option. For some, it’s the perfect solution. For others, it would just cause them more trouble than it’s worth. A reverse mortgage may be the answer Reverse mortgages are a great solution for those who are, in…
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