The Huggins Law Firm, PA
Call to Schedule a Free Consultation
Columbia 803-764-1558 Charleston 843-509-0039

March 2017 Archives

Court decision clarifies loan modification rules

South Carolina residents may be interested in learning about a recent ruling made by the Fourth Circuit. As a general rule, a borrower cannot modify a lender's claim if it is secured only by his or her principal residence. The court found that escrow fund interest, insurance proceeds or other mortgage earnings were incidental to the lien. Therefore, they were also not subject to any sort of modification in a chapter 13 case.

Collection agencies and credit reports

South Carolina residents who owe money to a collection agency might worry that this will affect their credit score, but there are a number of circumstances in which this is not the case. If an insurance company has paid a person's medical bill or it is within 180 days of the debt, this is not supposed to appear on the credit report.

How medical debt impacts South Carolina residents

According to a study from the Urban Institute, roughly 25 percent of working adults around the country have overdue medical debt. That is actually a decrease from roughly 30 percent in 2012. An improving economy and the presence of the Affordable Care Act are cited as possible causes for this decrease. However, simply having an insurance policy doesn't mean that an individual avoids falling behind on medical debts.

Credit card usage increases in South Carolina

According to the Nilson Report, which is a credit card and mobile payment trade publication, credit card debt in the U.S. exceeded $1 trillion dollars as of the end of 2016. Increased household income and improved outlook on the economy are considered to be the reasons that borrowing has reached a level not seen since the Great Recession.

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