How Much Will My Chapter 13 Payments Be?
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Once we decide a Chapter 13 bankruptcy is in your best interest, the next question you’ll probably ask is, “how much will my Chapter 13 payment be?”
South Carolina Median Income Figures for Cases Filed After November 1st
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott South Carolina median income numbers effective November 1, 2011 are now out. They are as follows: Household of 1: $37,660 Household of 2: $47,853 Household of 3: $50,824 Household of 4: $62,912 For each household member over four, add $7,500. What’s this mean? You had to ask.…
Want to File Bankruptcy? Then NO WHINING!
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy requires some work. Sure, you expect the bankruptcy lawyer to work, but there’s also some work that the client must do. The straight scoop If you take time to get to know me, you’ll discover that I’m, well, blunt. As subtle as a…
What’s an Asset in Bankruptcy?
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott When you meet with your bankruptcy lawyer, you’ll have to fill out a fairly lengthy questionnaire about your finances. Among other things, you’ll need to tell your lawyer about your assets–property you have which must be disclosed, valued, and, if possible, claimed as exempt. Some assets…
Chapter 13 Bankruptcy: Should You Buy a Car Prior to Filing?
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…
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…
Filing Bankruptcy with Your Husband: “Stand by Your Man”
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy when you’re married usually means both spouses filing together, but not always. The Bankruptcy Code is clear that even when a married couple files together, there are–almost always–two, separate bankruptcy “estates.” That means the husband’s estate is one estate, and the wife’s is another.…
Senior Citizens and Bankruptcy: When the Wolf is at Grandma’s Door
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…
South Carolina Bankruptcy Median Income Figures DOWN!
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…
