When you file for Chapter 13 bankruptcy in South Carolina, your repayment plan must pass several tests before the court will approve it. Two of the most important and often confusing requirements are the best interests of creditors test and the liquidation analysis. These concepts work together to determine the minimum amount you must pay…
DetailsWhen you file for bankruptcy, the trustee assigned to your case scrutinizes your financial behavior leading up to the filing. Understanding what triggers their suspicion can help you avoid costly mistakes and legal complications. The 90-Day and One-Year Lookback Periods Trustees examine your financial transactions within specific timeframes before filing. They can review payments to…
DetailsWhen you file for Chapter 7 bankruptcy, keeping your vehicle often becomes a critical concern. Transportation to work, school, and daily activities is essential for most households. Vehicle redemption under Section 722 of the Bankruptcy Code provides a powerful option that allows you to keep your car while paying significantly less than what you owe…
DetailsIf you’re considering Chapter 13 bankruptcy in the Charleston area, you’ve probably heard about something called the “means test.” Don’t worry. Despite its intimidating name, it’s simply a financial calculation that helps determine your bankruptcy options and payment plan structure. What Is the Means Test? The means test is a standardized formula that looks at…
DetailsWhen you file for bankruptcy in Charleston, you’ll work with a bankruptcy trustee, a court-appointed officer who oversees your case. Many clients ask what exactly this person does and how their role differs between Chapter 7 and Chapter 13 bankruptcy. Understanding the trustee’s responsibilities helps you prepare for what lies ahead and sets realistic expectations…
DetailsWhen financial hardship strikes, bankruptcy can provide the fresh start you need. But choosing between Chapter 7 and Chapter 13 bankruptcy isn’t always straightforward. These two options serve different purposes and work best for different financial situations. Chapter 7 eliminates most unsecured debts quickly. Chapter 13 reorganizes your debts into a manageable payment plan over…
DetailsThese numbers represent real families losing homes. Most foreclosures stem from preventable mistakes that compound over time. Understanding these errors and acting quickly may can save your home. Mistake #1: Ignoring Early Warning Signs Homeowners often dismiss late notices, assuming they have time to catch up. Missing one mortgage payment triggers a 30-day delinquency. Missing…
DetailsYou may want to consider buying a car prior to filing your Chapter 13 bankruptcy case. Filing bankruptcy isn’t a matter of going to your bankruptcy lawyer’s office, plunking your money down, and signing a few documents. It involves planning. First, there’s the obvious need to determine what chapter you should file under–typically 7 or…
DetailsSome people have severe financial crises due to a variety of life events. Just because you have a lot of debt doesn’t mean you can sell everything and pay your creditors. Some programs and bankruptcy alternatives may be suitable for your needs. If you don’t want to liquidate all of your assets and have some…
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Being sued by a debt collector is scary, especially for those of you facing your first lawsuit. Go through these steps as you formulate a response. First, DON’T PANIC! Realize that you’ll have ample time to respond. In South Carolina, you have 30 days from the date you’re served to answer the complaint. That’s plenty…
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