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August 2017 Archives

How debt settlement compares to bankruptcy

South Carolina residents may find that the debt relief industry doesn't operate like it did 10 years ago. This is because increased regulation has narrowed the number of companies offering debt relief services. In some cases, people have actually had a positive experience using a third party to help negotiate favorable loan terms on their behalf. However, the industry isn't necessarily as good to consumers as it claims to be.

New concerns raised by increased debt totals

According to the latest Household Debt and Credit Report, Americans have accumulated a record $12.8 trillion in consumer debt. Of that amount, $1.2 trillion is related to auto loans and $1.3 trillion is related to student loans. Many South Carolina residents are burdened by auto loan debt, and it has increased around the country by 70 percent since 2010 according to the Federal Reserve Bank of New York.

Attorneys respond to bankruptcy trustee request for passwords

South Carolina consumers who file for bankruptcy need to provide information about finances, but bankruptcy lawyers say that trustees in another state are overstepping with some requests. Two Maryland trustees are asking debtors to disclose login information for their Amazon Prime, eBay and PayPal accounts. The debtors are also required to leave the accounts open and cannot change their passwords for at least 10 days.

The ACA may be responsible for fewer personal bankruptcies

Personal bankruptcies throughout America hit their peak in 2005. Since there, there have been 12 straight years of declining rates, and there has been a 50 percent drop since 2010. That year, there were 1.5 million consumer bankruptcies compared to 766,000 in 2016, and there are few signs that this trend will not continue in South Carolina and across the U.S. Many observers say that the Affordable Care Act has played a role in this trend.

Lightening the burden of student loans

Increasingly, in South Carolina and across the U.S., people who borrowed money to pay for school are struggling to pay it back. For individuals who relied on private loans, which are typically more expensive than other borrowing options, there may be ways to secure temporary or permanent relief. Contacting an attorney may be an important step toward reducing or eliminating debt payments.

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