The COVID-19 pandemic has affected many people’s lives, including loss of jobs and closure of businesses. It has, without a doubt, greatly affected the economy. In line with this, many individuals and businesses are declaring bankruptcy. Thus, the U.S. government founded the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was enacted…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Bankruptcy is GOOD for your credit score! “Wait a second!” you say, “bankruptcy ruins your credit for 10 years. Everyone knows that!” False. People come to me with preconceived ideas about bankruptcy. Some even show up and proclaim, “I’m not here to discuss bankruptcy.” If you ask…
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,…
Guest Post by Northern Michigan Bankruptcy Lawyer, Paul Slough There’s no shortage of exploitative “get out of debt” offers. One area ripe with abuse is the arena of non-attorneys who prepare bankruptcy papers. These “bankruptcy petition preparers” are defined in the bankruptcy code as “a person, other than an attorney for the debtor or…
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott Last year over a million people filed bankruptcy. Here’s a breakdown of the demographics of those filers.
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott If you need to file bankruptcy, you must first determine whether you are above median income for the state in which your live. Unless your debts are primarily business debts, this determines whether or not you must complete the means test portion of the bankruptcy schedules…
click to call