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August 2016 Archives

A look inside a fee-only Chapter 13 bankruptcy

The details of a 2016 bankruptcy court ruling could help South Carolina debtors understand their options. In this case, a bankruptcy trustee had rejected an elderly couple's proposal to file for Chapter 13 and only pay attorney and filing fees along with small payments to creditors over 36 months. The trustee opposed the plan because the couple qualified for a Chapter 7 filing.

Settlement funds may belong to Chapter 13 Creditors

Individuals in South Carolina who opt for Chapter 13 bankruptcy know that they can expect some challenges over the next three to five years. That's because Chapter 13 allows debtors to keep their property while repaying creditors over a set period of time. After the repayment plan is completed, most remaining unsecured debt is discharged.

Handling refunds in a South Carolina bankruptcy case

Chapter 13 bankruptcy allows those with regular income to reorganize debts and pay them back over a period of three or five years. However, there have been cases where creditors decide to return funds to a debtor. In one case, the IRS had a priority unsecured claim of $7,333 against a man who was to pay that money in monthly installments. Another case involved a woman who filed for Chapter 13 and owed $97,933 to a creditor called Selene Finance.

Can bankruptcy save your home?

When South Carolina homeowners find themselves having financial problems, the possibility of foreclosure may become a significant concern. While some people are able to make their mortgage payments while trying to manage their debt, others cannot. This puts these consumers at risk of losing their home and having to find a new place to live.

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