A few years ago, I did a post entitled, “Filing Bankruptcy and My Security Clearance.” Everything I’ve said in that post remains true. The fact of the matter is that the bankruptcy doesn’t disqualify you from obtaining or maintaining a security clearance. As I explain to clients, the federal government doesn’t have a problem with you…
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Filing bankruptcy can help you get your driver’s license back if it’s been suspended for failure to pay a judgment. South Carolina law provides that if a judgment is entered against you as a result of an auto accident, your license will be suspended until the judgment is paid. S.C. Code Ann. § 56-9-430. However, if…
DetailsIRAs 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. …
Details“Pro bono” means free. That’s not the literal translation of the Latin words, but it’s the real meaning. Almost any bar association, whether it’s the American Bar Association or various state bar associations like the South Carolina Bar Association, extols the virtues of lawyers doing pro bono legal work. Simply put, one of the core…
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Chapter 13 is about one thing: payments. As I tell my clients, “pay early and pay often.” If you fail to make payments, your case gets dismissed and then you’re in trouble again. Dismissal could mean losing cars, your home, or facing renewed interest from the IRS–never good things. 1325(c) to the rescue That section…
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The U.S. Trustee Program announced new median income figures effective for those filing bankruptcy on or after November 15, 2013. The figures are as follows: Household of one: $39,301; household of two: $48,891; household of three: $54,010; household of four: $62,490. Okay, there’s nothing terribly noteworthy about these changes but… I confess, I made…
DetailsOnce again, we’re facing a possible federal government shutdown. (See Shutdown Nears as House Votes to Delay Healthcare Law and, for comic relief, Boehner Advises Americans to Delay Getting Cancer for a Year). How will this affect operations of bankruptcy courts? The Bankruptcy Court for the District of South Carolina has issued a statement through Chief…
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If you have second mortgage on your home and have already filed Chapter 7 bankruptcy, filing a Chapter 13 to strip (wipe out) your second mortgage may be a viable option. This strategy (7 followed by 13) is commonly referred to as a “Chapter 20.” But I thought I had to wait several years before…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Determining what the value of your home is when you file your bankruptcy is a difficult, but important, task. Years ago… Years ago, tax assessment values (called various things in various states–here in South Carolina called the “tax appraisal”) tended to be low. Taxing authorities generally could…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott File your taxes! That’s right. Filing your income taxes is the key to discharging tax debt in bankruptcy. The 3/2/240 rule There are numerous bankruptcy blog posts out there about discharging taxes in bankruptcy. It boils down to the 3/2/240 rule. You can read about there here in…
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