Blog Posts - Bankruptcy
Can I Be Sued or Garnished While I Am in a Bankruptcy Plan?
Whether you are applying for Chapter 7 or Chapter 13 bankruptcy, an automatic stay will be in effect against creditors who are attempting to seize your home or repossess your property. The automatic stay is a court order which prohibits creditors from suing you or garnishing your wages. This protection...
READ MOREHow Can I Rebuild My Credit After Filing for Bankruptcy in South Carolina?
You can rebuild your credit after filing for bankruptcy in South Carolina. What many people misunderstand is that, by the time a person considers bankruptcy, most people have a poor credit score already. Rebuilding credit is usually faster after a bankruptcy than if you don’t do anything at all to...
READ MORECan I File For Bankruptcy Without a Lawyer in South Carolina?
Hiring a bankruptcy lawyer is not as expensive as most people fear and that a good bankruptcy lawyer will usually save you a lot more money than it costs by reducing your monthly debt repayment. This does not include the fees to enroll in the required credit counseling course, to...
READ MOREWhat Documents Do I Need to File for Bankruptcy in South Carolina?
Declaring bankruptcy can be stressful and time-consuming, but it is necessary if you cannot afford to pay off your debt. Bankruptcy allows debtors to get creditors off their backs and eventually restore their credit. Most individuals file under Chapter 7 or Chapter 13. Before filing a bankruptcy petition, you will...
READ MOREDo I Have to Appear in Court for a Bankruptcy Hearing in South Carolina?
If you have come to the decision to file bankruptcy, the last thing you want to think about is having to present your case in front of a judge. Although the anxiety of the bankruptcy process can be overwhelming, in many cases, you may not be required to attend a...
READ MOREDo I Need to Live in South Carolina for a Certain Amount of Time to File for Bankruptcy Here?
If you are considering bankruptcy as an individual, you may be able to file under Chapter 7, Chapter 11, or Chapter 13. Your specific financial situation will dictate which chapter you can apply under, with many individuals qualifying for more than one type of bankruptcy. To be eligible to file...
READ MOREDifferences between Chapters of Bankruptcy
Bankruptcy is designed to give those who find themselves facing far more debt than they can handle a financial escape route. The laws, however, are complex, and the requirements are exacting. Additionally, there are different forms of bankruptcy to be considered. An experienced Columbia, SC bankruptcy lawyer can help you...
READ MOREShould I File for Bankruptcy before or after the Divorce?
Divorce and financial concerns go hand in hand, and if bankruptcy is in the picture, you undoubtedly have questions about when to file. The bottom line is that it depends on the unique circumstances of your case and your situation. Discuss your bankruptcy-related concerns with an experienced Columbia, SC bankruptcy...
READ MOREWill Bankruptcy Discharge My Credit Card Debt?
If you are drowning in credit card debt and considering bankruptcy as a solution, you are naturally wondering if the process will discharge your credit card debt. It’s completely understandable to be concerned about your financial future and to search for answers. At Reed Law Firm, we want to assure...
READ MORECan I File Bankruptcy if I Owe Money to the IRS?
Dealing with financial difficulties and debts you cannot pay is extremely stressful, especially when you owe money to the IRS. The thought of filing for bankruptcy might have crossed your mind as a possible solution to your debt problems, but you may be wondering if it is even possible to...
READ MOREHow does bankruptcy affect my credit score, and how long will it stay on my record?
If you have grinding debt that leaves you facing grim financial circumstances, bankruptcy can provide you with far more stable financial footing. It is also, however, very likely to negatively impact your credit score. If you’re considering bankruptcy, there’s a good chance that your credit score isn’t doing you any...
READ MORECan I keep my home and car if I file for bankruptcy?
While you may be able to keep your home and your car if you file for bankruptcy, there are some important requirements to keep in mind. Further, Chapter 7 and Chapter 13 bankruptcies are structured in different ways, and one or the other may work better for you when it...
READ MOREWill Bankruptcy Stop Creditor Harassment and Collection Actions?
If you are considering bankruptcy, you’re undoubtedly experiencing considerable stress in relation to your finances, and you may have come to the conclusion that bankruptcy is your only hope. Fortunately, it’s not all bad news. The fact is that bankruptcy can stop your creditors from harassing you and from engaging...
READ MOREHow Does Bankruptcy Affect My Credit Score in South Carolina?
Having a good credit score prior to filing for bankruptcy means that your credit score could be heavily affected after you file. On the other hand, if you have a poor credit history on various accounts and you have a high debt-to-asset ratio, this means your credit rating is already...
READ MORECan I File for Bankruptcy More Than Once in South Carolina?
Yes. You can file for bankruptcy more than once in South Carolina. Most people file for bankruptcy to get a discharge. This is an order that eliminates all qualifying debts. The court grants this order at the conclusion of the debtor’s bankruptcy case. Take note, however, that bankruptcy discharges are...
READ MORECan I Stop Creditors From Harassing Me If I File for Bankruptcy in South Carolina?
Yes. Filing for bankruptcy in South Carolina can stop creditors from harassing you. When you file for bankruptcy, the automatic stay will go into effect and stop all creditor collection activities. However, it’s crucial to note that while creditors may persistently attempt to verify or collect debts, they are not...
READ MOREWhat Debts Can Be Discharged Through Bankruptcy in South Carolina?
You can discharge most debts when you file for either Chapter 7 or Chapter 13 bankruptcy in South Carolina. There are just some debts that you can’t discharge regardless of which chapter of bankruptcy you file. If you’re considering filing for bankruptcy, it’s in your best interest to speak to...
READ MORECan Filing Stop Bill Collectors from Calling
If you find yourself facing crushing debt, filing for bankruptcy can help in a range of ways, and one of these is that it can put an end to all those bill collectors who simply will not leave you alone. When it comes to your debt, you can reach a...
READ MORECan I Be Discriminated Against for Filing for Bankruptcy
Filing for bankruptcy can afford you a financial do-over that clears the decks for a smoother future, but many people consider it less than honorable. The fact is, however, that those who seek bankruptcy face their own serious consequences, such as taking a significant hit in terms of their credit...
READ MORECan I Own Anything After Bankruptcy?
If you are considering bankruptcy, you may be wondering if you will be left with nothing in your name. This is a misconception that many people have, keeping individuals who could benefit from bankruptcy from getting the help they need. These myths keep hard-working people from getting back on their...
READ MOREWhat Can Bankruptcy Do for Me?
Whether it be due to credit cards, student loans, or a medical emergency, you may be in over your head trying to pay off debt. In some cases, your best option may be to file for debt relief. Bankruptcy has given many people a new lease on life, freeing them...
READ MORECan I Get Credit Cards During Bankruptcy?
You have filed all the necessary paperwork, but your bankruptcy has not yet been discharged. You go shopping with your friend and learn that you can get twenty percent off your current purchase if you open a charge card. Considering how great a deal it is, you think there is...
READ MOREWhat Will Happen to My Home and Car if I File for Bankruptcy?
In 2023, 452,990 people filed for bankruptcy in the United States. If you are facing financial hardship, filing for bankruptcy can offer you much-needed relief. Applying for bankruptcy can be overwhelming, with many people questioning if they can keep their home and car if they file. In this article, our...
READ MOREWhat Different Types of Bankruptcy Should I Consider
Bankruptcy can give you a new financial lease on life, but it is also a complex legal process that can be daunting. In South Carolina - and elsewhere in the nation - the vast majority of individuals and couples who choose bankruptcy to help them overcome crushing debt and get...
READ MOREWill Bankruptcy Affect My Credit Score
If you are facing bankruptcy, you can expect it to affect your credit score, but all is not lost. There are steps you can take to limit the effects and to build your credit back up after filing. An experienced South Carolina bankruptcy attorney can not only help you get...
READ MOREWhat is a Reaffirmation Agreement
The idea behind bankruptcy is either discharging all or part of your debt (Chapter 7), which means erasing it altogether or reorganizing your debt in an effort to make it more manageable (Chapter 13). Under certain circumstances, however, you may want to continue paying a debt to retain the asset,...
READ MOREWill I Have to Go to Court?
If you are having the kind of financial problems that leave you considering bankruptcy, you have enough stressors to deal with, and the thought of taking on the additional hurdle of going to court may be more than you can handle. However, the bankruptcy process – though legally challenging –...
READ MORECan I Lower My Mortgage Payments if I File for Bankruptcy
If you are considering bankruptcy, your mortgage payments are often a significant concern, and questions about the potential of lowering mortgage payments are common. The good news is that, under some circumstances, it is possible to lower your mortgage payments, and an experienced South Carolina bankruptcy attorney can help. Chapter...
READ MOREIs Bankruptcy Information Public Information?
While bankruptcy information is a matter of public information, this does not mean that everyone you know will automatically be notified that you declared bankruptcy. In fact, the information is generally shared only under limited circumstances and should not affect your interest in obtaining the financial relief you need. An...
READ MOREWhat Does it Cost to File?
Filing for bankruptcy can be costly and can significantly affect your credit, but it can also allow you to get a handle on your finances and provide you with a fresh start. Breaking down the cost of declaring bankruptcy allows you to better understand what is involved, and if you...
READ MORECan I Keep My Home and Car If I File for Chapter 7 Bankruptcy
People who are planning on filing for Chapter 7 bankruptcy usually question whether or not they can keep their homes and vehicles because these are their most valuable possessions. For most people, yes, they can keep their homes, vehicles, and almost all their property when they file for bankruptcy in...
READ MOREHow to Make Creditors Stop Calling and Help You Pay Off Debts
Creditors, usually through debt collection agencies, are allowed to contact debtors to collect the money they are owed. They cannot employ threatening or deceptive tactics to do so. They cannot also call you whenever or wherever you are. While it is their right to recover the money you owe them,...
READ MOREIn South Carolina, What Property Can I Keep?
The primary goal of filing for bankruptcy is to give debtors a chance to live their lives and fix their finances without worrying about insurmountable debt. However, many people are concerned about losing property when they file for bankruptcy. Understandably, one of the most commonly asked questions about the bankruptcy...
READ MORECan You File Bankruptcy for Medical Bills
A sudden illness or injury that results in a trip to the hospital can significantly hurt your financial health if you do not have the funds to cover the medical bills or health insurance. Unfortunately, millions of Americans are also suffering from medical debt. In fact, a recent study found...
READ MOREHow Often Can I File for Bankruptcy
Bankruptcy helps people who are overwhelmed by debt get a handle on the problem by either entering a repayment plan or liquidating assets as a means of repayment. While there is no limit to the number of times a person can file for bankruptcy in their lifetime, there are specific...
READ MOREBenefits of Hiring a Bankruptcy Attorney in South Carolina
Hiring a bankruptcy lawyer can be a crucial step when you are facing financial distress and considering filing for bankruptcy. Below are several benefits of seeking professional legal representation in such circumstances. To discuss your specific situation and options, reach out to our bankruptcy lawyer at Reed Law Firm as...
READ MOREWill Bankruptcy Wipe Away My Debts
Whether you are thinking of filing for a Chapter 7 or Chapter 13 bankruptcy to manage your financial health, your primary goal is to have as much of your debt discharged or wiped out so you can take back control of your finances. Once your debts have been wiped out,...
READ MOREHow Bankruptcy Attorneys in South Carolina Can Help You
Millions of people will face financial challenges and consider filing for bankruptcy at some point in their lives. While the mere idea of filing for bankruptcy might seem stressful, it can restore your finances and let you build a more stable financial foundation for you and your family. The benefits...
READ MOREHow Will Bankruptcy Affect My Credit Score?
Bankruptcy is a significant financial decision that can have lasting implications on your credit score and financial future. While it provides a way for individuals overwhelmed by debt to get a fresh start, it may also come with consequences, particularly for your credit score. Here are some ways that bankruptcy...
READ MORESteps during the Chapter 7 bankruptcy process
Facing overwhelming debt can place strain and stress on virtually every area of your life. If you are struggling with balances that you can no longer manage on your own, you could feel discouraged, assuming that there is no way out for you. Thankfully, debt problems are not insurmountable when...
READ MOREWhat are the benefits and potential drawbacks of bankruptcy?
If you owe a significant amount of debt, you know that this can impact multiple areas of your life. You will experience the stress and strain that comes from knowing you owe more money than you can pay, and you may not believe that you can ever catch up on...
READ MOREWhat is going to happen to your property during bankruptcy?
For consumers overwhelmed by debt and past-due balances, it can seem like there may be no way out. Dealing with debt may be an insurmountable issue, which is why many people choose to seek the protection of bankruptcy. This option can provide an applicant with a way to deal with...
READ MOREWhat will happen to your house if you file for divorce?
Owing a significant amount of debt can be a burden on your life. You may find that your financial struggles carry over into other areas, and you could be facing the additional stress of debt collectors, notices from creditors and constant pressure to pay. You might feel like you cannot...
READ MOREAddressing the timeline to finalize bankruptcy filings
There might be few things in life as stressful and harrowing as going through extended periods of monetary unrest. The trials of debt could affect your life in various ways, and while there might be a variety of steps to take to pursue much-needed financial relief, choosing a path can...
READ MOREEvaluating recent reports on increases to bankruptcy filings
Financial challenges can arise under a multitude of scenarios, and sometimes it might not be easy to keep debt at bay. Issues with debt can gradually build with time or seem to appear overnight, and the fallout thereof may have a lingering impact on your life and leave you with...
READ MOREHow much does bankruptcy cost? (And can I afford it?)
Bankruptcy is a tool available to South Carolinians overwhelmed by debt. It can help you and your family get out from under the burden of mounting interest and principal and start fresh. However, bankruptcy itself is not free. Filing fees and credit counseling To start with, both Chapter 7 bankruptcy...
READ MORECertain fears about the bankruptcy process may be unnecessary
While it is no secret that fear can be a powerful motivator, allowing such an emotion to influence your decisions might not always prove favorable. In some cases, fear may even be an unnecessary response, as it may simply stem from prevalent myths or even misinformation about how a process will unfold. ...
READ MOREHow to successfully conquer holiday debt
Every year, most Americans anticipate spending hundreds of dollars on gifts, celebrations and food during the holiday season. However, 2020 will be the biggest year for holiday spending as sales grow rapidly for the holidays. According to a survey from Magnify Money, the average person racks up $1,325 throughout November...
READ MORENew rules give debt collectors more ways to harass you
A new rule by the Consumer Financial Protection Bureau (CFPB) - which was initially created to protect consumers - tilts the playing field in favor of debt collection agencies. Under the new rule, finalized Nov. 4, bill collectors can contact you not just by phone but also by email, text...
READ MORECan I keep my car after filing bankruptcy in South Carolina?
One common reason that people want to avoid bankruptcy is the prospect of losing their possessions. Among those they are most afraid of giving up is their vehicle, since getting to work and other places is difficult without it. If you find yourself needing to file bankruptcy, you likely have...
READ MOREYou can rebuild your credit after filing for bankruptcy.
Depending on the chapter of bankruptcy, your bankruptcy filing will be on your credit report for up to a decade after filing. This leads many to believe that bankruptcy will do permanent damage to their credit score and that their credit score will cut them off from future home loans...
READ MORECan bankruptcy now discharge student loan debt? It's not that simple
It is not often a bankruptcy court ruling makes national headlines. Yet one recent case involving student loan debt did just that, with words from the judge offering a glimmer of opportunity for the countless individuals saddled with such loans. In the case, a chief U.S. bankruptcy judge in Manhattan...
READ MOREWill filing for bankruptcy affect your housing and employment?
For whatever reason, you find yourself struggling with an overwhelming amount of debt. You can no longer meet your financial obligations, and creditors are calling. Perhaps you are exploring the possibility of filing for Chapter 7 bankruptcy, but you have concerns about how it could affect your life. While there...
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