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October 2014 Archives

What are the requirements of a Chapter 13 repayment plan?

South Carolina individuals who file for bankruptcy relief pursuant to Chapter 13 must submit a repayment plan to the court. While the plan is often filed at the same time as the petition, with an exception for situations in which an extension is granted by the court, it must be filed no later than 14 days after the filing of the petition.

How means testing works in South Carolina

In South Carolina and throughout the nation, bankruptcy is designed to provide debtors with relief when they find themselves unable to pay their bills and still cover their living expenses. People who are struggling financially can work with the courts to either have their debts written off or restructured into more affordable payments. Before either plan of action can be approved, the courts will conduct means testing to determine whether the debtor will be eligible to file under Chapter 7.

How Chapter 7 bankruptcy cases work

An individual who may be overwhelmed because of debt might seek a fresh start through bankruptcy. Chapter 7 may be appropriate if there are not secured assets to protect as this form of bankruptcy is a liquidation. Prior to filing under Chapter 7, however, an individual must participate in mandated credit counseling, proof of which will be submitted along with the bankruptcy petition. Additionally, a means test is completed to ensure that this form of bankruptcy is permissible based on an individual's income and obligations.

Obtaining loan modifications during Chapter 13

A loan modification may enable a South Carolina homeowner to avoid foreclosure. When a loan is modified, the terms of the loan are changed to help a borrower stay current with payments. A loan modification may take place even if a borrower is in the midst of a Chapter 13 bankruptcy. Filing for bankruptcy may give a homeowner leverage because an automatic stay goes into effect as soon as the case is filed.

On the credit card debt trap, and how to escape it

What would you do if you were suddenly laid off from your job? What if the job search that followed took months to finally yield a new job? Or how about if you suffered a major medical emergency? How would you cope with the immense medical bills coupled with a sudden loss of income due to your inability (or reduced capacity) to work?

The Huggins Law Firm, PA

Columbia Office
1812 Lincoln Street
Suite 201
Columbia, SC 29201

Phone: 803-764-1558
Fax: 803-764-1563
Columbia Bankruptcy Office

Columbia Office

Charleston Office
925-D Wappoo Road
Charleston, SC 29407

Phone: 843-509-0039
Fax: 866-481-2325
Map & Directions

Charleston Office