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

May 2017 Archives

Supreme Court rules on time sensitive debt collection

Those in South Carolina interested in bankruptcy matters or considering bankruptcy may have more to mull over as the U.S. Supreme Court's May 15 decision created a lot of questions. In Midland Funding, LLC v. Johnson, the court decided 5-3 that federal law is not violated when debt collectors file 'stale" claims.

U.S. consumer debt reaches all-time high

Families in South Carolina and around the country now owe more money to banks and credit card companies than ever before. A report released on May 17 by the Federal Reserve Bank of New York put total U.S. household debt at $12.73 trillion at the end of the first quarter of 2017. The previous high was $12.68 trillion, which was reached at the outset of the 2008 financial crisis.

Bankruptcy and building credit again

South Carolina consumers who are considering bankruptcy might be concerned about how they will rebuild their credit. Depending on whether a person has filed for Chapter 13 or Chapter 7 bankruptcy, the bankruptcy will remain on credit reports for seven or 10 years, but this does not mean that their credit is ruined. There are several steps people can take to improve their credit.

Trustee not permitted to alter payment plan, judge rules

When South Carolina debtors file for a Chapter 13 bankruptcy, they set up a payment plan to repay creditors out of their income over three or five years. The payment plan is approved by a court and administered by a trustee. In some cases, after a payment plan is approved, a mortgage lender might file a claim that lists a different payment amount than what has been approved in the plan. If this is the case, the trustee must pay the amount on the claim and not in the payment plan going forward. However, the trustee is not permitted to make changes to the payment plan itself.

Court finds that woman's debt can be discharged

South Carolina residents may be interested to know that a debtor may be able to discharge credit card debts quickly after acquiring them. This was the ruling of the U.S. Bankruptcy Court for the Northern District of West Virginia in a case against World's Foremost Bank. The bank that issued the credit card contended that the debtor in question didn't have the right to discharge a $7,993 credit card cash advance.

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