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April 2015 Archives

Credit card debt with large balances

Some South Carolina residents know that having credit is sometimes necessary. This is dependent on one's income and largely on the type and amount of debt. Several parameters make a considerable difference when lenders decide whether credit is extended.

Debt consolidation offers option for people in debt

For people in South Carolina facing high credit card bills, debt consolidation can offer an option for bringing together their debts so that they do not have to pay multiple high interest rates. Before going through with debt consolidation, they might consider the terms of the agreement. Debt consolidation may allow them to obtain lower payments, but it may be over a longer period with higher overall interest rates. They also have to go through an extensive application process to qualify debt consolidation.

Backlog may allow homeowners to keep foreclosed homes

A backlog of foreclosure cases in many states is allowing some homeowners to remain in possession of their homes even when they are substantially behind in their mortgage payments. This could be true for cases that drag out too long in South Carolina as well. In many states including South Carolina, the courts have to approve foreclosure cases. However, many states are experiencing backlogs in their court systems, causing some cases to drag out for years. Once the applicable statute of limitations has been exceeded, however, some attorneys are arguing that the foreclosure action should not be allowed to continue.

Supreme Court mulls overturning old bankruptcy decision

South Carolina homeowners with underwater mortgages along with other debts may be considering bankruptcy relief to find protection from creditors and opportunities for make a new start. Authorities agree that this is especially common among people with second mortgages. A case that has gone before the U.S. Supreme Court holds out the possibility of sweeping changes for people whose amount owed on their mortgages is higher than the value of their property.

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
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Charleston Office