Reed Law Firm, P.A. - bankruptcy

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Columbia South Carolina Bankruptcy Law Blog

Making the most of your post-bankruptcy fresh start

People file bankruptcy for many reasons. Unexpected medical bills can be a financial hardship. Sometimes mismanaged credit spirals out of control. If you decide to file for bankruptcy, you have probably heard the common refrain that “bankruptcy provides a clean slate.“ However, seldom is that phrase followed by suggestions for making the most of a fresh start.

How should you restart your financial future after bankruptcy? Here are a few places to begin:

How Chapter 7 bankruptcy could alleviate medical debt

Even the most financially responsible people are subject to situations that are beyond their control. While you may have a reasonable amount of savings and a reliable job, medical issues that are not covered by insurance can have the power to land anyone in a very stressful situation.

If your financial situation has been damaged by unforeseen medical bills, it is likely that you are feeling stressed and overwhelmed. Needing to deal with health concerns as well as financial concerns can seem impossible at times, but by taking action to understand the law, you may be able to gain a fresh financial start.

Don’t miss these financial warning signs

Many people will have ups and downs in their finances. Life happens, and sometimes we are forced into less than ideal situations.

However, it’s important to recognize the difference between a rough patch in your finances and signs of a general downward trend. Here are some financial warning signs to watch for:

How to effectively fight foreclosure

Having a high mortgage repayment plan can make the possibility of foreclosure a reality if you unexpectedly start to have financial challenges. Not everybody has the luxury of savings to help them in the event of being made unemployed or having to pay unexpected medical bills.

If you are worried about being able to afford your mortgage and want to avoid losing your home through foreclosure, you should make sure that you understand the options available to you. Many people that go through foreclosure often face problems because they failed to take action earlier.

4 ways to be free of credit card debt

Credit cards can be so tempting to use, especially when you are struggling financially, and you have already exceeded your monthly budget. Credit cards can feel as though you are not spending your own money, which can feel exhilarating when going through the mall and looking at the endless possibilities.

In many ways, it is true that the money you are spending on the credit card is not your own. But this means that at some point, you are going to have to pay it back. In addition, if you are late on your credit card repayments, you will be subject to potentially high-interest rates. If you feel that you are drowning in credit card debt, it is important to take action to free yourself from the burden.

Putting an end to wage garnishment

Being subject to wage garnishment can be extremely demotivating and distressing. It can feel as though you do not have autonomy in your life because you are working only to have wages taken from you in order to pay off debt. Wage garnishment measures are generally only put in place when a person is severely late on their debt repayment obligations and can afford to pay off their debt.

If you want to put an end to the wage garnishment that you are subject to so that you can live a life free of debt, it is important that you take the time to consider your options. Your wage garnishment may only be put to an end under certain circumstances.

Evaluating Chapter 13 bankruptcy as a solution to debt

There are many options for those struggling with debt in South Carolina. Because of the many options available to you, you may be finding it difficult to know which way to turn. By learning about the pros and cons of your options, it is more likely that you will be able to choose the option that will work best for you.

Chapter 13 bankruptcy offers debtors a way to restructure their finances so that they can generate a healthy cash flow, making it possible to earn enough money to repay their debts over a number of years. This takes a great deal of discipline, but Chapter 13 filers can benefit from an automatic stay, and they may have some of their debts dismissed.

How Chapter 7 bankruptcy can help address medical debts

If you are suffering financially due to unexpected medical bills, the situation may feel completely out of your control. Medical debt can be particularly problematic for a person's finances because a person needing medical attention may also be losing wages as a result of not being able to work.

Your health should be the top priority when making any medical decision. But the stress of medical debts can have a significant impact on a debtor's health, leading to a vicious cycle. It is important, therefore, that you take care of yourself while looking at the possible solutions for your financial situation.

What is foreclosure fraud?

If you are struggling to pay your mortgage in Columbia, you may feel like you have lost control of your finances, and you may be confused as to your current financial state. Unfortunately, there have been instances of scams taking advantage of people in this position. They target people who are desperate to improve their cash flow quickly.

It is important that you are aware of some of the most common types of foreclosure fraud so that you are able to watch out for them when improving your financial situation. You should also take the time to understand your legal rights so that you can stand up for yourself if you do become victim to foreclosure fraud.

Simple strategies to tackle your credit card debt

If you are feeling overwhelmed by debt on your credit card, it can be so tempting to ignore the problem and pretend that the debts do not exist. However, this strategy will never work in the long-run. Life can be so much more enjoyable when you do not have the burden of debts at the back of your mind because the issue will always have to be dealt with eventually.

If you want to get started in taking control of your credit card debts, it is a good idea to start understanding some of the most basic strategies for doing this. By changing your spending behavior slightly, you may be able to get back on track with your finances.

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Columbia Law Office
220 Stoneridge Drive, Suite 301
Columbia, SC 29210

Phone: 803-807-2565
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