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Blog Posts in July, 2015

  • Secured Debt vs. Unsecured Debt

    As you are contemplating filing Bankruptcy, it is important that you understand the major differences between secured debt vs. unsecured debt and how these debts are treated in a Bankruptcy filing. Secured Debt: Secured debt is attached to an asset (such as an item or object) that serves as collateral. Generally speaking if you default on your secured debt, the lender can seize the asset and sell ...
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  • Credit Counseling and Debt Management Requirement Prior to Bankruptcy Filing

    In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. One of the changes includes a requirement that all debtors complete a credit counseling course from a government approved credit counseling agency PRIOR to filing their Bankruptcy filing. Credit Counseling must be completed 180 days prior to filing a ...
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  • What is the 341 Meeting of the Creditors?

    What is The 341 Meeting of the Creditors? After your bankruptcy petition has been filed, you will be required to attend a hearing in Charleston, SC usually a month after the filing date. Section 341of the Bankruptcy Code requires the debtor to make a personal appearance at a creditor’s meeting (which is why it’s called a 341 meeting). The Trustee appointed to your case, yourself and your attorney ...
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  • What is a Chapter 7 Bankruptcy Anyways? Part 2

    What is a Chapter 7 Bankruptcy Anyways? Part 2 Do I Qualify to File for a Chapter 7 Bankruptcy? To qualify for a straight Chapter 7 Bankruptcy, you have to meet the South Carolina Census Median Income test for the number of people in your household. Note that your income is your averagegross income (before taxes) for the last six calendar months prior to filing your Bankruptcy petition, excluding ...
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  • What is a Chapter 7 Bankruptcy or Straight Bankruptcy Anyways? Part 1

    What is a Chapter 7 Bankruptcy / Straight Bankruptcy Anyways? Part One Many times when I meet with my clients for a bankruptcy consultation, I find that more likely than not, they are misinformed of what a Chapter 7 Bankruptcy (or Straight Bankruptcy) really is. At our first meeting, as soon as I walk into the door my potential clients bombard me with a million questions like: How can I stop ...
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  • Bankruptcy Filing: What Does My Attorney Need?

    Not sure what to provide us prior to filing Bankruptcy in South Carolina? Here are your answers. After your FREE CONSULTATION with Attorney Lam you will be given a Bankruptcy Filing Questionnaire. The questionnaire is ten pages of very precise and in-depth questions. Each one of these questions must be answered truthfully and to the best of your ability. We need to have a complete understanding of ...
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