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 ... Continue Reading »
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Life insurance is an important topic, especially if you're filing bankruptcy. Your life insurance policies are relevant to your assets, your expenses, and the means ... Continue Reading »
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 ... Continue Reading »
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott The United State Supreme Court has held that a debtor cannot claim the auto ownership expense on the Bankruptcy Code's means test unless the debtor has ... Continue Reading »
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, ... Continue Reading »
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy involves assembling documents for your lawyer--lots of documents. If you don't know this yet, well, Grasshopper, you have just begun your quest to ... Continue Reading »
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott In prior post about the bankruptcy means test, I focused on the means test as being a tool to sort out Chapter 7 bankruptcy cases from ... Continue Reading »
Written by Summerville Bankruptcy Lawyer, Russell A. DeMott Passing the bankruptcy means test doesn't mean you're cleared for takeoff for a Chapter 7 bankruptcy. I pointed this out in my last post ... Continue Reading »
Bankruptcy Median income figures change again on March 15. Unless your debts are primarily business debts, these figures help the court determine whether or not you must complete the means ... Continue Reading »
[caption id="attachment_652" align="alignleft" width="300" caption="Photo by Kim Held"][/caption] Written by Charleston Bankruptcy Lawyer, Russell A. DeMott In part one and part two of The Bankruptcy Means Test, I explained the shaky foundation of the ... Continue Reading »
[caption id="attachment_580" align="alignleft" width="336" caption="Photo by Marissa DeMott"][/caption] 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 ... Continue Reading »
Photo by Kim Held 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 ... Continue Reading »
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" ... Continue Reading »
