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November 2017 Archives

Americans like to spend during the holidays

South Carolina residents and other Americans are poised to spend about $660 per person this holiday season, according to NerdWallet's 2017 Consumer Holiday Shopping Report. It looked at the shopping habits of 2,000 people aged 18 and over to come to this conclusion. While spending may not be up significantly from 2016 levels, roughly a quarter of respondents said that they overspent last year.

When bankruptcy is the best option

South Carolina residents may find themselves with significant debt because of a medical issue or poor money management skills. In most cases, the only way to overcome that debt is to make a large sum of money quickly. However, if that is not a realistic option, it may be possible to file for bankruptcy. In 2016, roughly 800,000 people filed for protection from creditors.

Low bankruptcy filing rates could indicate trouble

Although some South Carolina residents have struggled through challenging economic times in recent years, they may be encouraged by economic news showing that bankruptcy filings have diminished, reaching their lowest levels across the country for the last 10 years. However, there could be indicators that filings will climb again in the near future based on the data recorded for the most recent year. Statistics show that the one-year decline for the period ending in September of 2017 was the lowest annual decrease in bankruptcy filings for the last 10 years.

Changing debt limits for Chapter 13

Debtors in South Carolina who are considering legal options to resolve their substantial debt may be interested to know that there are calls for the debt limits for Chapter 13 bankruptcy to be modified or eliminated. If such a change were to be made, it would impact individuals who do not qualify for Chapter 13 with its current limits and for whom filing for Chapter 11 would be too expensive.

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