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Columbia South Carolina Bankruptcy Law Blog

How to take action when you are struggling with debt

After the holiday period, many of us find ourselves having a reality check when we have a look at our bank statements and receive reminders for unpaid bills. Not feeling in control of our financial situation can feel overwhelming at times. It is important that the situation is not left unaddressed, because this will only lead to problems becoming worse.

If you are concerned about your unpaid debts in the state of South Carolina, it is important that you look into possible ways to take action now. If you are not proactive in your approach, you may risk losing your home or car in the foreseeable future.

How to stick to your budget in 2019

The new year is famous for kick-starting goal-setting and fueling determination. But toward the end of January, it’s also common for many to run out of gas, leaving these goals behind.

If 2019 is supposed to be your year to reach financial stability, here a few tips that can help keep you from abandoning your budgeting resolution.

Can Chapter 13 bankruptcy help me to avoid foreclosure?

If you are struggling with debts and maintaining a healthy cash flow in the state of South Carolina, you may be worried about losing your home to foreclosure. This can be a very real possibility for those who have not been able to keep up with their loan repayments.

The potential lose of your home is one reason why it is important that you take action and utilize one of the many options you have in order to avoid foreclosure and keep your house. One option that many struggling home owners choose is filing for Chapter 13 bankruptcy.

Can debt be both good and bad?

If you are like most Americans, you are living with a lot of debt. But some of that debt could be good.

The average amount of debt for the average citizen hovers around $32,000 to $37,000, which does not include a mortgage. For people between the ages of 45 and 54, their debt including a mortgage averages around $134,000.

How to mange your medical debt

Dealing with a sudden illness can be emotionally and physically crippling. It can be very stressful to know that you will have to undergo grueling treatment or a serious operation, and having uncertainties about your prognosis can be very stressful indeed. When your health insurance is lacking in coverage for your medical needs, financial stress can also bring a significant amount of tension to your life.

A person's debt can build up rapidly when they are undergoing medical treatment. In 2007, medical bankruptcy filers with health insurance had an average debt of $18,000, and those without health insurance had average debts of $27,000. If you are struggling with medical debt, it is important that you understand how to effectively address the issue in the state of South Carolina.

Taking action to prevent foreclosure

The holiday period can be one of the most difficult times of the year when it comes to our finances. It can be easy to ignore your debt situation and decide to bury your head in the sand while opting to use credit cards instead of your own funds.

The start of the new year is a time to get back to reality and face financial issues. If you own a home, you may be worried about being able to pay off debts and interest while at the same time making mortgage repayments. If you default on mortgage repayments, you can be at risk of facing foreclosure. This is why it is important that you take all the steps you can in order to avoid foreclosure as a priority.

How you can benefit from the Credit Card Act

During the holiday months, it can be so easy to mindlessly use your credit card when paying for gifts and groceries. By doing this, many people lose control of their debt, and they suffer as a result of the high-interest rates on the debt.

If you are feeling stressed about the credit card debt that you have acquired, it is important that you learn more on the rights and benefits available to you under the law. One law that you will likely be able to benefit from is the Credit Card Accountability, Responsibility, and Disclosure Act (the CARD Act).

How to avoid getting into debt in 2019

With the new year often comes fresh aspirations of who we want to become. Every human is often striving to grow or else frustrated in their state of complacency. However, the temptation is to disregard wise financial advice at the emotional response to what we perceive will meet our needs. A new workout gadget, an expensive gym membership, and a new vehicle, just to name a few.

Setting the intention for a healthier year should include your finances as well. Your financial well-being is just as important as your physical health. It is what gives your life stability and structure. However, high amounts of debt will sink your joy and peace of mind, if you let it.

Did you know these items are exempt from liquidation?

When it comes to Chapter 7 proceedings, it can be frightening to imagine all the personal property you'll need to liquidate or sell. That being said, you may be surprised by just how much you can keep. Most bankruptcy filers are pleased when they find out that they can maintain possession of their furniture, their household appliances, their car and other items they hold dear.

Here are the four primary categories of property that will benefit from exemptions during Chapter 7 liquidation:

Tips for parents for avoiding holiday overspending

Over the holiday season, one great desire many parents have is to make the holidays as merry and bright as possible for their kids. It is important for parents though to not let this desire lead to overspending.

The temptation to overspend on the kids can be strong. According to a recent survey, just a little short of half of parents (45 percent) say that, regardless of cost, they attempt to get everything on their child’s holiday wish list.

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Columbia, SC 29210

Phone: 803-807-2565
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Florence, SC 29501

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