Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Chapter 13 bankruptcy is a tool of sorts. You can do some things in Chapter 13 you just can’t do in Chapter 7–stripping mortgages, for example.
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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…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy requires some work. Sure, you expect the bankruptcy lawyer to work, but there’s also some work that the client must do. The straight scoop If you take time to get to know me, you’ll discover that I’m, well, blunt. As subtle as a…
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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 test. Life insurance is critically important to your financial health I’ll be up front about my bias. I am a…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott When you meet with your bankruptcy lawyer, you’ll have to fill out a fairly lengthy questionnaire about your finances. Among other things, you’ll need to tell your lawyer about your assets–property you have which must be disclosed, valued, and, if possible, claimed as exempt. Some assets…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Chapter 13 bankruptcy changed significantly in 2005 with the advent of our new Bankruptcy Code. As I tell my clients, “Chapter 13 used to be a marathon; now, it’s an iron man contest.” Prior to the change in the law, Chapter 13 filers had to pay…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott When you go to court for your Chapter 7 bankruptcy hearing in Charleston, you’ll likely notice someone sitting over to the right watching the proceedings. Every once in a while he–or she–will ask questions. Who is this? Or, as my clients usually put it, “Who’s…
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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…
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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 a payment on the vehicle. Ransom v. FIA Card Services, No. 09-907 (January 11, 2011). Prior to the Supreme Court’s decision,…
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Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Filing bankruptcy–in Charleston or anywhere else–means money is tight. Bankruptcy also gives the “honest but unfortunate debtor” a fresh start. Debts are discharged, and there’s a financial second chance. Part of that second chance for most folks is to come up with a budget. …
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