Free Consultations! Call Today!

843.695.7700

Recent Posts in Bankruptcy Category

  • 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 ...
    Continue Reading
  • How Bankruptcy Affects Your Student Loans

    There’s a common misconception that student loans are impossible to discharge. Granted, the test for discharging student loans is difficult, perhaps unreasonably so. Filing for student loan discharge is also cost-prohibitive—you’ll absolutely need an attorney to help you do it, but paying them is difficult for people who are unable to make their student loan payments. However, there are definite ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • 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 ...
    Continue Reading
  • Top Three Reasons for Bankruptcy Filings

    Top Three Reasons for Bankruptcy Filings – Bankruptcy Does not Only Happen to Bad People Bankruptcy comes with a certain stigma. No one wants anything to do with that word. They avoid it like the plague. It’s an ugly word. It’s an ugly place to be. I agree. BUT it doesn’t necessarily mean that people who are in this predicament are bad people . Contrary to what you may think, the people that we ...
    Continue Reading
  • Tips to Avoid Creditor Harassment - Stop Bothering Me!! Stop Calling Me!!

    Tips on stopping creditor harassment and debt collector harassment When you have stacks of bills piling up, one of the most frustrating things can be calls from creditors and debt collectors. In order to stop the harassment, your best defense is to know how to handle the situation and know your rights. This blog will quickly go through the steps that may help you stop the calls. Who Are You ...
    Continue Reading
  • Reestablishing Your Credit After Bankruptcy - Part 4

    Reestablishing your credit After Bankruptcy Part 4 – Keeping on Track So you have your budget, you have a nice new secured credit card, and you have made sure that your credit report is accurate. What now? Now you have to continue to make good financial decisions. For an example, make sure that you pay all of your bills on time. Each person has their own way of keeping track. Here are some ...
    Continue Reading
  • Reestablishing Credit Part 3 - Type of Credit for Those Who Have Filed Bankruptcy

    Reestablishing Credit Part 3 – Type of Credit for Those Who Have Filed Bankruptcy Secured Credit Cards Secured credit cards are a popular way for those who have filed bankruptcy to start establishing credit after a discharge. These are sometimes called pre-paid credit cards. They act more like debit cards since you are required have money deposited on the card in order to use it. However, most ...
    Continue Reading
  • Reestablishing Credit Part 2: Emergency Funds, Non-Dischargable Debts, & Money Mistakes

    Reestablishing Credit Part 2 – Another important part of a sound financial future is saving and Reestablishing Credit. This may sound impossible, especially in a Chapter 13, but if you work on your budget (as discussed in Part1 ) it is possible to put away a little bit of money so that you are more prepared for emergencies. A good rule is to try and establish savings that equal 3 to 6 months of ...
    Continue Reading
  • Reestablishing Credit Part 2: Before You Begin & Your Credit Report

    Part 1 – Before you Reestablish Credit For many, bankruptcy is seen as a new lease on life–a fresh start. If you find yourself in the situation of having to file, there are so many worries about the future. What about your credit report? How do you rebuild? How can you be active in your financial future? The key is to start rebuilding as soon as possible. In both a Chapter 7 and 13 bankruptcies, ...
    Continue Reading
  • Chapter 13 - How Much am I Paying Back?

    What is Paid Back in a Chapter 13 Plan? In a Chapter 13 plan, you are looking at paying back a percentage of your unsecured debt to your creditors. This percentage will be determined by how much you can afford to pay back. Like I tell my clients, this percentage is different for each and every debtor because no one financial situation is the same. If my client A and Client B have the same amount ...
    Continue Reading
  • The Means Test

    Means Test and Bankruptcy Are you in debt and looking to file Bankruptcy? Well, first you must pass the test…the means test that is. In 2005, the United States Bankruptcy court made several changes to the law, the most noteworthy for this blog being the addition of a means test that is used to prevent wealthy debtors from filing a Chapter 7 Bankruptcy. This test was put into effect as a means to ...
    Continue Reading
  • Two Reasons Why You Should Be In a Chapter 13 Bankruptcy

    Deciding to enter into bankruptcy is a painstaking process where you will want to carefully consider all your options. One important decision that will need to be made is choosing the type of bankruptcy, typically between either a Chapter 7 or Chapter 13. In this article, the bankruptcy attorneys at the Lam Law Firm go into the details of why a Chapter 13 Bankruptcy may be the best option for your ...
    Continue Reading
  • Can I Keep My Car And Home When I File for Bankruptcy? Myrtle Beach Bankruptcy Attorneys Weigh In.

    Can I Keep My Car And Home When I File for Bankruptcy? This is probably one of the most pressing and common questions I get from folks that call or come in to consult with our Myrtle Beach bankruptcy attorneys. Whether you know bankruptcy is in the looming future or is something more eminent, it is definitely a legitimate concern that you should have. Bankruptcy comes with many negative ...
    Continue Reading
Page 1 of 2