If you have second mortgage on your home and have already filed Chapter 7 bankruptcy, filing a Chapter 13 to strip (wipe out) your second mortgage may be a viable option. This strategy (7 followed by 13) is commonly referred to as a “Chapter 20.” But I thought I had to wait several years before…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Determining what the value of your home is when you file your bankruptcy is a difficult, but important, task. Years ago… Years ago, tax assessment values (called various things in various states–here in South Carolina called the “tax appraisal”) tended to be low. Taxing authorities generally could…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott File your taxes! That’s right. Filing your income taxes is the key to discharging tax debt in bankruptcy. The 3/2/240 rule There are numerous bankruptcy blog posts out there about discharging taxes in bankruptcy. It boils down to the 3/2/240 rule. You can read about there here in…
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…
Twice 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”…
Written 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…
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.
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.…
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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