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Posted By
Attorney Huong Lam
When you’ve been dealing with significant debt burdens for years on end, you may eventually decide to get a fresh start, by filing for Chapter 7 bankruptcy . This form of bankruptcy allows you to “discharge” most forms of unsecured debt, including mounting credit card balances and bills from major medical expenses. Because of this, Chapter 7 is often referred to as “debt forgiveness.” However, in ...
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Posted By
Attorney Huong Lam
As Myrtle Beach bankruptcy attorneys, 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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Posted By
Attorney Huong Lam
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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Posted By
Lam Law Firm
Many of us often feel like we never have as much money as we would like to have or simply are unable to save as much as we should. If you feel like you are living from paycheck to paycheck, it might be time to reexamine how your funds are being allocated and if you can cut back on any superfluous items that are holding you back financially. Below is a list we have compiled of some items you can ...
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Posted By
Attorney Huong Lam
Chapter 13 bankruptcy is designed to help debtors seek financial independence by helping them reorganize and restructure their debts in order to pay them off over a period of three to five years. However, there are limits on how much debt you can have in order to file for this particular type of bankruptcy. Let’s take a closer look at these limits and discuss how you can fit under them through ...
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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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 ...
Continue Reading
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Posted By
Attorney Huong Lam
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 ...
Continue Reading
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Posted By
Attorney Huong Lam
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 ...
Continue Reading
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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Lam Law Firm, LLC
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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Posted By
Attorney Huong Lam
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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