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September 2017 Archives

Housing during Chapter 13

South Carolina consumers sometimes find themselves overwhelmed by their financial obligations. When other debt relief efforts fail, filing for bankruptcy may be the best option for obtaining a fresh financial start. One concern for many people in Chapter 13 bankruptcy is whether they will be able to purchase or rent a new home.

Fed report reveals growing revolving debt delinquencies

South Carolina residents may be aware that household debt in the United States has been growing steadily. Banks tightened their underwriting standards in the wake of the 2008 financial crisis, but they have become more willing to extend credit in recent years as the economy has thrived. However, data from the Federal Reserve Bank of New York indicates that this willingness to lend has resulted in a large number of Americans falling behind on their credit card payments.

Attorney general settlements lead to changes to credit reporting

South Carolina consumers might be interested in some new rules that apply to credit reporting. The Consumer Financial Protection Bureau reports that approximately 43 million people in the U.S., nearly one in five with credit reports, have medical collections actions listed thereon. Less than 8 percent of those listed collections have been marked paid, and it is unknown how many of them might have been paid by insurers and should therefore be removed.

Costs and benefits in seeking debt relief assistance

Some South Carolina residents facing financial hardship are likely to wonder about the costs associated with bankruptcy. Even if a person can protect their home from foreclosure, reduce interest payments and set up manageable payments on their debt, filing expenses could sometimes make bankruptcy a worse deal than going it alone. Fortunately, bankruptcy itself is not very expensive on the front end, and the marginally higher cost of professional assistance could result in several benefits.

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