Chapter 13 Bankruptcy and the “Mulligan Rule”
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Chapter 13 bankruptcy is a tool of sorts. You can do some things in Chapter 13 you just can’t do in Chapter 7–stripping mortgages, for example.
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Chapter 13 bankruptcy is a tool of sorts. You can do some things in Chapter 13 you just can’t do in Chapter 7–stripping mortgages, for example.
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Chapter 13 bankruptcy changed significantly in 2005 with the advent of our new Bankruptcy Code. As I tell my clients, “Chapter 13 used to be a marathon; now, it’s an iron man contest.” Prior to the change in the law, Chapter 13 filers had to pay…
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,…
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…
Written by Charleston Bankruptcy Attorney, Russell A. DeMott I have a soft spot in my heart for my bankruptcy clients, but this couple really stands out. As described below, they did indeed go “kicking and screaming” into bankruptcy. They were fighting back against an economic tide that no one could fight brought on by…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy involves assembling documents for your lawyer–lots of documents. If you don’t know this yet, well, Grasshopper, you have just begun your quest to learn about bankruptcy law. And here’s one key thing to remember: It’s a moving target. (Hence picture of the guy…