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 Debt buyers claim they have the right to collect for the original creditor. But do they? You couldn’t pay that credit card debt a few years ago, and so you stopped paying it. MasterCard called for a while, but the calls eventually stopped. Now, Shark Collections called…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Student loans are, practically speaking, almost non-dischargeable in bankruptcy. The Bankruptcy Code and the law interpreting it says, in essence, that the debtor must be disabled and that he must prove he is–and will be–unable to repay the student loans. The fact that you paid a fortune…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Wage garnishment is extremely limited in South Carolina, though debt collectors will attempt to convince you otherwise. Still, there are exceptions you need to understand. While almost all other states have wage garnishment statutes, South Carolina has taken a different path. In South Carolina private parties…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott This isn’t the first time I’ve written on bankruptcy and its effect on your credit score. In “How Long Will Bankruptcy Screw Up My Credit,” I addressed this topic. That post stresses that your credit score should not be your primary concern when you file…
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…
Guest Post Written by Rome, Georgia Bankruptcy Lawyer, Jeff Kelly When filing bankruptcy, if your spouse has not signed any contracts with you, your spouse’s credit score will not be affected by your filing. Before you file bankruptcy, make a list of every single debt you have in the entire world. Next, you should…
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