Make sure you understand your rights as a debtor Under federal law, people who are dealing with overwhelming debt have the opportunity for a fresh start. Fundamentally, that’s what bankruptcy is, and it’s an option to consider if you can’t keep up with your payments or pay down your debts. The bankruptcy process can be...
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Will Chapter 7 Bankruptcy Stop Me from Being Evicted?
Bankruptcy is meant to be a way out for people stuck in difficult financial situations. If you’re dealing with overwhelming debt, there’s a good chance you’re also having trouble keeping up with your rent, endangering your housing situation. In those circumstances, it’s natural to ask whether bankruptcy can stop you from being evicted from your...
Read MoreUnderstanding the Impact of Bankruptcy on Your Credit Score
If you're considering bankruptcy, you're probably worried about how it will affect your credit score. Your credit score plays a big role in your financial life—it influences loan approvals, housing opportunities, and even job offers. It’s understandable that the idea of your score taking a hit can make bankruptcy seem intimidating. But while bankruptcy can...
Read MoreReport: Average American Debt Now Exceeds $100,000
It’s no surprise that Americans are struggling with debt, but recent reports have put some numbers to just how severe the debt crisis has become. As Business Insider reported, new data reveals that the average debt an American consumer holds is $104,215. That figure includes mortgages, auto loans, credit cards, student loans, personal loans, and...
Read MoreHow Long Does Bankruptcy Stay on Your Credit Report?
If you’re considering filing for bankruptcy in South Carolina, you likely have questions and concerns. Among the most common questions we get is how bankruptcy will affect your credit report. One of the myths about bankruptcy that just won’t die is that filing for bankruptcy will ruin your credit forever. In our experience, bankruptcy is...
Read MoreWhat is the Role of a Bankruptcy Trustee?
Filing for bankruptcy can be a challenging process. You need to gather and submit a great deal of information about your finances, and you need to interact with several people who play various roles in the process. One of the most important roles in that process is the bankruptcy trustee. Your guide to the legal...
Read More“Zombie Debt” and Its Consequences in South Carolina
Sometimes, old debts can simply seem to fade away. Perhaps they’ve been written off by the creditor as impossible to collect, or perhaps they are simply forgotten. However, unscrupulous debt collectors can sometimes bring those old debts “back from the dead.” It’s called zombie debt, and it can make a significant difference in your quality...
Read MoreNew Rules Make It Easier To Discharge Student Loans in Bankruptcy
Student loan debt in the United States totals $1.727 trillion, marking the first-ever annual decline in 2023. As of March 3, 2024, the outstanding federal loan balance stands at $1.602 trillion, accounting for 92.8% of all student loan debt, with 43.2 million borrowers holding federal student loans. The average federal student loan balance is $37,088,...
Read MoreAnalyzing Credit Card Usage Patterns and Trends
When to file for bankruptcy for credit card debt The soaring average credit card debt in the U.S. - hitting between $6,360 and $11,000 per borrower in 2023 - indicates the financial strain affecting countless individuals. However, breaking free from the cycle of credit card debt is often a monumental task. For many, the solution...
Read MoreAmerican Debt Soars to $17.5 Trillion
Is bankruptcy the right option for you? American debt is skyrocketing to record highs, with $17.5 trillion in personal debt as of the last quarter of 2023. The average amount owed nationwide is more than $100,000 per household. Many households are swimming in debt, but a lifeline is available. In South Carolina, declaring bankruptcy can...
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