IRAs enjoy significant protection from creditors and the bankruptcy trustee. In fact, there are multiple statutory protections. Here in South Carolina–we’re an “opt out” state, so if you file bankruptcy here, you must claim South Carolina exemptions–we have at least three different IRA exemptions, and they all protect IRAs. But that wasn’t always the case. …
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott “The bankruptcy trustee will sell all your jewelry” isn’t an accurate statement about what happens when you file bankruptcy. Over the last few months, I’ve had a couple of clients with jewelry they valued at fairly high amounts or were uncertain about. Because of this, I referred…
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.…
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott Chapter 13 bankruptcy is all about payments. As I’ve said before, the Chapter 13 bankruptcy trustee is happy if you “pay early and pay often.” That’s true here in Charleston, and it’s the same in all other bankruptcy districts. But how much do you pay?…
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott During a recent bankruptcy hearing, one of our Charleston Chapter 7 trustees said, “I believe in life after bankruptcy.” He said that to a very nervous debtor attempting to calm her nerves. What the bankruptcy trustee said was not only true, but it was an act…
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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