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Recent Posts in Bankruptcy Category

  • Tips on How to Balance Your Budget

    When many of us hear or see the word “budget,” we tend to have a visceral reaction to it. The fact is that we all know we need to have a budget, but people are often afraid of what that means in terms of their lifestyle. Americans perceive budgeting as a loss of fun. No more nights out on the town, shopping at the mall, treating yourself to a delicious dinner at a new restaurant, or trips to the ...
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  • How to Save Money

    Everyone wants to stretch their dollar and get the most out of what they earn, but figuring out how to accomplish this can be difficult if you are not sure where to start. If you never balanced a budget, how do you go about learning how to save money in a realistic way that allows you to address your needs while reaching your financial goals? This is a predicament most Americans frequently face. ...
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  • Spend Less Than You Earn

    Everyone wants to build wealth and enjoy the feeling of financial comfort, but not everyone understands how to go about achieving this. Essentially, the basics of becoming wealthy are to spend less than you earn, save, invest, and repeat the cycle. While it certainly sounds straightforward enough, if you are just beginning to embark on the process of budgeting, this might be difficult to actually ...
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  • Creating a Budget

    Creating a budget might not sound like the most exciting thing to do, but it is absolutely necessary if you want to take charge of your financial situation and achieve your goals, both immediate and future. If you are new to this and not sure where to even begin, this might seem overwhelming, but creating a budget does not have to be an insurmountable task. Moreover, once you create it, managing ...
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  • Benefits of Declaring Bankruptcy

    As a Myrtle Beach bankruptcy firm, we often hear about the fears and drawbacks many clients believe about bankruptcy. Some of them are true, while others are wildly unsubstantiated flat-out false. However, one thing that many people have in common: they’re uncertain as to just how badly their lives will be affected going forward. However, what many of these people don’t realize is just how many ...
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  • Can I File for Bankruptcy if I'm Unemployed?

    If you lose your job, it’s easy to fall into a spiral of financial hardship. In today’s job market, it can be extremely difficult to find stable employment again, especially if you need to do so quickly in order to take care of your family. This means it’s also not uncommon for unemployment to lead to someone needing to declare bankruptcy. However, can you declare bankruptcy if you don’t have a ...
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  • Three Ways to Rebuild Credit After Bankruptcy

    One of the reasons many people staunchly refuse to consider bankruptcy as a viable method of debt relief is the belief that their credit will be irreparably ruined. This is far from the truth: while your credit will be impacted by declaring bankruptcy, most people’s rating has already been damaged so severely through late and missed payments that a declaration won’t actually hurt it that much ...
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  • Be Careful Using Social Media During Bankruptcy

    Social media is all about sharing: whether it’s what you ate for dinner, a cute photo of your dog, or a video of your young child taking their first steps, we share our thoughts, feelings, and emotions with the world. Unfortunately, this habit of sharing can go too far and actually put you in a bad situation, especially if you’re involved in a legal issue like declaring bankruptcy. Beware ...
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  • Can I Get Sued for Delinquent Credit Card Debt?

    If you’re struggling with credit card debt, the constant calls from debt collectors and pressure from creditors can be overwhelming. However, you might be wondering if things can take an even bigger turn for the worse and your creditors can move to take legal action against you. Unfortunately, the answer is yes, a credit card company could potentially sue you and a lawsuit can be extremely ...
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  • Four Common Bankruptcy Myths Debunked

    Filing for bankruptcy isn’t really something that people want to go through, and many people have developed a lot of incorrect or misguided knowledge from a variety of sources. These common myths and misconceptions may be so engrained that they’ve taken root in social common knowledge, often encouraging more people to not even consider this option that they could otherwise benefit from. Here are ...
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  • Can I Buy a House After Bankruptcy?

    Home ownership is the dream for people everywhere, however those who are in financial trouble may feel as though they’ll never reach that point. When you’re struggling to make the payments you already have, it can be difficult to obtain a loan in order to purchase a home, let alone save up enough money to actually make a down payment. Yet we find that many people who are in this situation don’t ...
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  • What Bankruptcy Can & Can’t Do

    American case law is in a constant state of striking a balance between a business’ right to operate and an individual’s right to their own property. As a result, our nation has pioneered a forgiving and powerful consumer rights system, the crown jewel of which is our bankruptcy process. However, as powerful as it is, there’s plenty of misunderstanding about what it can actually do. Today’s blog ...
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  • Resolve to Spend Better in 2017

    Don't let the new year create new debt and problems in your life. Create a personal/family budget in a spreadsheet as your New Year's resolution. 1. Start with your net income. 2. Next, track your spending over a month or two. Try and use cash or make sure to pay off any credit card balance each month. Too much card use can promote overspending. 3. Estimate your excess income each month. If there ...
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  • 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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  • Being Wise after Bankruptcy

    Being Wise after Bankruptcy One of the most common questions I get during my bankruptcy consultations, “How long does the Bankruptcy stay on my credit report?” The quick answer to that is, 10 years. I start to see foreheads crinkle and eyes bulging. “10 years is a long time!” they say. How will I ever have credit to buy a car or a home in the near future, they ask? Just because the bankruptcy ...
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  • Household Size and Bankruptcy

    Household Size and Bankruptcy What constitutes a household in a bankruptcy? Are their certain people that live with you that don’t count? Why does this even matter? This blog will briefly address the different types of household occupants and how they fit into your filing. There are actually no clear cut rules for this, so if you are unsure, please consult your attorney. 1. Yourself – This is the ...
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  • Smart Tips for a Smooth Bankruptcy

    Smart Tips for a Smooth Bankruptcy After years of practicing bankruptcy law, I start to notice a trend in what my potential clients were doing prior to their bankruptcy petition. 99% of the time, they are doing things that they simple are not supposed to do prior to filing for bankruptcy. The things they do will make any bankruptcy attorney cringe. So, in order to prevent these behaviors from ...
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  • Finances, Creditor Harassment, Bankruptcy, and You - Part 3

    You Always Have Options… What if you feel that your debt has gotten too out of control? What are your options for debt relief? Part 3 of our series will go into details of the bankruptcy process. This is also where our bankruptcy attorneys can assist. Sometimes calling a creditor can help. If you have extenuating circumstances, some companies will work with you. Although this is a good place to ...
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  • Finances, Creditor Harassment, Bankruptcy, and You - Part 2

    In part 1 of our series we discussed the importance of organization. But of course, keeping files organized does not pay off your creditors. What can you do to erase your debt? This is a touchy subject and you really do have to be careful. Debt Consolidation is a popular and tempting choice for many consumers. If you can combine all your debts into one lump sum with one company, maybe things will ...
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  • Finances, Creditor Harassment, Bankruptcy, and You - Part 1

    A call from a creditor can be a stressful thing, especially if they are coming from numerous companies. This aggravation can be compounded if the debt has been sold from company to company and you start losing track. How can you get your finances under control? What are your rights in terms of creditor harassment? Below are some tips to gain the footing you need to get your credit back under your ...
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