Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Whether you file a Chapter 7 or a Chapter 13 bankruptcy, you’ll have your bankruptcy hearing (also called a First Meeting of Creditors or 341 Hearing) in this building. It’s the Sun Trust building on the corner of King and Queen Streets in Charleston. South Carolina…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott The means test analysis begins with calculating your current monthly income (“CMI”). This is one of the many concepts I detest about our new bankruptcy law, the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”). Despite its name, CMI isn’t really current monthly income. …
DetailsWritten by Summerville Bankruptcy Lawyer, Russell A. DeMott Clients are naturally concerned about their retirement funds. And they should be. All of us will get to the point in our lives when we can no longer work. Our retirement savings, along with our Social Security, will be our sole sources of income.…
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Written by Summerville Bankruptcy Lawyer, Russell A. DeMott One of the things I’ve noticed lately is that most of my clients have a strong sense of guilt and confusion about their financial problems. “How did I get here?” “Why is the economy so bad?” “How is it that I need to file bankruptcy?”…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott In “Should I Try Credit Counseling? (Part One)” I discussed the fact that credit counseling–and by this I mean a debt repayment plan–is an appropriate solution for some clients in some situations. If a client wants to try a debt repayment plan and has the…
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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…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott If you want to file a Chapter 7 bankruptcy, and your income is over the median income for your state, you must take a “means test” to help the court determine whether you are eligible for Chapter 7 bankruptcy. The purpose of the means test is…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Whether you file Chapter 7 bankruptcy or Chapter 13 bankruptcy, the “automatic stay” goes into effect immediately when your case is filed. The stay prohibits almost all collection actions against you. It’s a terrifying feeling not being able to answer your phone or…
DetailsWritten by Charleston Bankruptcy Lawyer, Russell A. DeMott When evaluating your financial situation, don’t let your emotions get in the way. Chapter 7 or Chapter 13 bankruptcy may be the right solution, especially if you have assets with no equity. I recently met a very distressed client. He had three…
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Written by Summerville Bankruptcy Lawyer, Russell A. DeMott If you file bankruptcy, whether it’s a Chapter 7 case or a Chapter 13 case, you’ll have to go to a hearing. There is no bankruptcy law about what you should wear, but I have a few tips. As I’ve discussed before, if you file bankruptcy, you’ll…
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