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9 Mistakes To Avoid When You Are Having Money Problems

Using Money From Your Ira Or 401(K) To Pay Debts.  This can be a costly error. Using retirement funds to pay off debts can hurt you in numerous ways.  The vast majority of retirement accounts are exempt. This means your creditors cannot get at them and you won’t lose them if you file for bankruptcy.  Using retirement money to pay debts that can be discharged in bankruptcy, like credit card and medical debt, rarely makes sense. If you file for…

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Converting Chapter 13 to Chapter 7

Those who file under Chapter 13 are expected to execute a repayment plan over the course of three or five years. But what happens when you can’t continue to make payments due to some hardship like a sudden illness or the loss of a job? If this happens, your Chapter 13 bankruptcy goes into default and your case is dismissed, but you still have options available to you. One of those options is converting a Chapter 13 to a Chapter…

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Is there a certain amount of debt to qualify for bankruptcy?

There is no established minimum debt amount to file for bankruptcy. But it probably wouldn’t make a lot of sense unless you were struggling severely to make payments on current debts. Whether filing for bankruptcy makes sense for you will depend entirely on your circumstances. Debt qualifications for bankruptcy are related to how much you earn and how much you owe. Chapter 7 filers may earn too much money or have too much disposable income to file for Chapter 7…

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Bankruptcy and Unemployment

Bankruptcy and unemployment are often topics that come up together. If you are unfortunate enough to be unemployed, you may be faced with difficult financial decisions. You may be unable to pay bills and not have enough money to make ends meet. Bankruptcy may be a solution for you.   If you have questions about your specific situation, Steadman Law Firm can help. Call us today at 843-442-8670.   Can I File Bankruptcy If I Am Unemployed?   Yes. You can file…

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How Does Chapter 13 Work?

While some folks are forced to file under Chapter 13, many more choose to file under Chapter 13 because of its unique advantages over Chapter 7. With the help of a bankruptcy attorney, you devise a repayment plan to be executed over the course of three or five years. At the end of the bankruptcy, whatever debt hasn’t been repaid is discharged. In this article, we’ll discuss how Chapter 13 bankruptcy works. Chapter 13 Bankruptcy: An Overview Chapter 7 bankruptcy…

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