South Carolina Median Income Update: April, 2013

  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”…

Bankruptcy & Life Insurance

Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Life insurance is an important topic, especially if you’re filing bankruptcy.   Your life insurance policies are relevant to your assets, your expenses, and the means test. Life insurance is critically important to your financial health I’ll be up front about my bias.   I am a…

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…