401(k) bankruptcy charleston mt. pleasant

Bankruptcy and Your 401(k) Loan

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…

Details
driver's license restoration

Means Test Car Ownership Expense Decided by U.S. Supreme Court

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,…

Details
coupons and bankruptcy

Bankruptcy and Coupons

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.  …

Details
credit cards goose creek bankruptcy

The Credit Card Game

Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Credit cards. They are why many of my clients end up in bankruptcy. I compare credit card issuers to drug pushers. They always need new people to get hooked on their drug. And they want you to use, use, use–just don’t overdose. Unfortunately, many do overdose. Credit…

Details
mortgage statement for bankruptcy

Mortgage Stripping in Bankruptcy

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…

Details
filing bankruptcy with your spouse summerville, south carolina

Filing Bankruptcy with Your Husband: “Stand by Your Man”

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.…

Details

Mortgage Modification Checklist

Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Mortgage modification is a hot topic lately.   And most commentators have rendered a verdict: Mortgage modification programs like HAMP and HAFA (Home Affordable Modification Program and Home Affordable Foreclosure Alternatives) have been a colossal   failure. Still, some homeowners have achieved the impossible to obtain modification…

Details
mt. pleasant bankruptcy and deregulation

Bankruptcy Filings and Collateralized Debt Obligations

Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Here’s a chart I came across that illustrates the spread of collateralized debt obligations (CDOs for short). Basically, banks and other mortgage lenders sold these CDOs and Wall Street bought them without regard to the quality of the underlying obligations contained in these securities.   Simply put,…

Details
bankruptcy and holidays

Avoiding the Holiday Debt Trap

Guest Post written by Atlanta Bankruptcy Lawyer, Bryce Angell We’ve all been there before. The holidays come and it’s spend, spend, spend. Family and friends receive their gifts and are glowing with cheer, love and thankfulness. Somehow, we manage to scrape up the extra money–with just a little help from credit cards and overtime. January…

Details
bankruptcy and judgments charleston south carolina

Judgments and Bankruptcy

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…

Details