The United States Trustee’s Office announced that it has suspended debtor audits. The 2005 Bankruptcy Code (BAPCPA– “Bankruptcy Abuse Prevention and Consumer Protection Act”) required the audits, which are performed by accounting firms under contract with the U.S. government. The suspension is solely due to budgetary constraints–the government is up to its eyeballs in debt…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Senior citizens have problems with debt just like everyone else. Over the last couple of weeks, I’ve met with two sweet older ladies to discuss their financial problems. First things first The first thing I do when dealing with an older client is to determine what assets…
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 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.…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Bankruptcy can help you stop repossession and even allow you to get your vehicle back after it’s been repossessed. Shooting the repo man is not only a serious crime, it’s also unnecessary. Do some searches about repo men and shootings, and you’ll find that this is a…
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 Mortgage modification in bankruptcy is a confusing topic. Some say you can. Some say you can’t. As with most bankruptcy issues, the answer is: “It depends.” However, it’s clear that if you have a wholly unsecured mortgage, you can “strip off” or “value” the mortgage…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Mortgage modification is a hot topic lately. And most commentators have rendered a verdict: Mortgage modification programs like HAMP and HAFA (Home Affordable Modification Program and Home Affordable Foreclosure Alternatives) have been a colossal failure. Still, some homeowners have achieved the impossible to obtain modification…
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…
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