Posts

Tips to Ensure Your Financial Stability

Tips to Ensure Your Financial Stability

in , ,
Tips to Ensure Your Financial Stability

After you’ve filed bankruptcy, your finances will be more stable and your bankruptcy lawyer may choose to offer you some friendly strategies and tips to help you remain on the path of financial stability. We are concluding our series of articles discussing strategies to consider to help ensure your financial stability.

Invest in Your Future

It’s important to invest in your future and to consider long-term investments such as retirement. Depending on your age and income, there are a variety of investment options available to you.

If you’re just starting out, consider opening a 401(k) or Individual Retirement Account (IRA). These accounts allow you to save for retirement while taking advantage of tax breaks and compounding interest. It’s also important to diversify your investments to minimize risk and maximize potential returns.

Do your research and talk to a financial advisor to determine the investment options that are right for you. It’s important to set yourself up for financial stability and security later in life.

Adopting responsible spending habits can be challenging, but the benefits are well worth it. As we discussed in depth in our series on financial stability, by tracking your spending, planning ahead, avoiding impulse buying, using cash, shopping smart, starting an emergency fund, and investing in your future, you can keep your wallet happy and your finances on track.

Drose Law Firm has spent the last 30+ years handling debt resolution cases, including bankruptcy. Charleston residents and those in surrounding areas consult with us when they determine that bankruptcy is an option to consider. Our bankruptcy attorney is well-versed on the law governing Chapter 13 and Chapter 7 bankruptcy in South Carolina. Not all attorneys are bankruptcy attorneys, so consider this when researching your options. If you need debt resolution, our bankruptcy lawyer can help. Give us a call to schedule a consultation today.

Achieving Financial Security After Filing Bankruptcy

in , ,

Bankruptcy attorneys often offer tips and strategies to help clients back onto the path of financial stability after they’ve filed bankruptcy. We are continuing our series of articles discussing some tips on how to achieve financial stability. Our previous articles discussed the importance of shopping smart and getting the best deals on the items you need. We also covered why you should track your spending, plan ahead, and use cash instead of credit. Today, we will discuss starting an emergency fund.

Start an Emergency Fund

Having money set aside for unexpected expenses can be a lifesaver. If you don’t already have an emergency fund, make it a priority to start one as soon as possible.

There’s no one-size-fits-all approach to emergency funds, but a good rule of thumb is to save at least three to six months’ worth of living expenses. This will give you a cushion in case you lose your job or face an unexpected expense like a medical bill or home repair.

You can start small and build up your emergency fund over time. Make a budget that includes a line item for savings and make a habit of putting a certain percentage of your income toward your emergency fund each month. Even if you can only save a few dollars at first, every little bit helps.

Our next article will conclude our series on achieving financial stability. If you plan to file bankruptcy, Charleston residents and those in surrounding areas have sought the services of Drose Law Firm for more than 30 years. Our bankruptcy lawyer handles only debt resolution cases. The first thing your bankruptcy lawyer will do is assess your current financial situation, administer a “means” test, and then determine if you qualify to file either Chapter 7 or Chapter 13 bankruptcy. Your bankruptcy lawyer will then handle all of the filings and litigation associated with your case. Not all bankruptcy attorneys work exclusively in debt resolution, but we do, and we stand ready to work with you. Give us a call to schedule an appointment with our bankruptcy lawyer today.

Fueling Your Financial Stability

Fueling Your Financial Stability

in , ,

After filing bankruptcy, your bankruptcy lawyer will encourage you to take measures to help prevent getting into financial trouble again in the future. We are continuing our series of articles designed to help fuel your financial stability. Our previous article discussed the importance of tracking your spending, planning ahead, avoiding impulse buying, and using cash instead of credit cards. Today, we will discuss another tip to help you become financially stable as recommended by our bankruptcy attorney.

Shop Smart

Shopping smart means getting the best possible value for the items you need. Before you make a purchase, compare prices among different retailers to make sure you’re getting the best deal. Use price comparison websites or apps to make this process easy and convenient.

You can also look for discounts, coupons, or other promotions to save money on your purchases. Many retailers offer discounts for signing up for their email list or offer loyalty programs that reward you for your repeat business.

When you’re shopping for big-ticket items, it’s especially important to do your research. Read reviews from other consumers and compare prices to make sure you’re making an informed decision. By taking the time to shop smart, you can save money without sacrificing quality.

Our next article will cover some strategies to help you set up and establish an emergency fund.

Drose Law Firm has been providing debt resolution services for more than three decades. When it comes to filing bankruptcy, Charleston residents and those in surrounding areas trust our bankruptcy attorney to handle their paperwork and logistics.  Our bankruptcy lawyer understands the emotional aspects and difficulties that often accompany filing either Chapter 7 or Chapter 13 bankruptcy. Our entire team offers friendly, compassionate services as we guide you every step of the way. Give us a call to schedule a consultation with our bankruptcy lawyer today!

Becoming Financially Stable

Becoming Financially Stable

in ,

After filing bankruptcy, you need to be pro-active in taking control of your finances and embracing this second chance of financial freedom. The last thing you want after filing bankruptcy is to have to make another appointment with a bankruptcy attorney in the future. If you want to maintain your financial stability you need to make some serious lifestyle changes.

We are continuing our series of articles discussing some strategies to help you maintain your financial stability. Our previous article discussed the importance of tracking your spending and planning ahead. Today, we will look at more strategies to consider.

Avoid Impulse Buying

We’ve all been there; you’re walking through a store and you see something that catches your eye. Before you know it, it’s in your cart without really thinking about whether you need it or not. Impulse buying can be a huge detriment to your budget.

When you’re tempted to make an impulse purchase, take a step back and ask yourself if you really need it. Is it just something that caught your eye in the moment?  One way to avoid impulse buying is to stick to a list. Whether grocery shopping or running errands, making a list of the things you need before you leave home can help you avoid making impulse purchases.

Use Cash Instead of Credit Cards

Credit cards can be a great financial tool, but they can also tempt us to overspend. Credit card debt is one of the main reasons why people consult a bankruptcy lawyer. It’s so easy to swipe your card and forget about the bill that will come due at the end of the month. Avoid the credit card trap by using cash instead. When you’re shopping, bring only the amount of cash that you plan to spend. Leave your credit cards at home to avoid the temptation to overspend. This will help you stick to your budget and avoid unnecessary expenses. If you do need to use a card instead of cash to make a purchase, consider using a debit card instead. This way, you’ll only spend what you have in your bank account, and you won’t accrue debt that you’ll have to pay off later.

Our next article will cover more tips to help you maintain financial stability.

If you need a bankruptcy lawyer, the debt resolution professionals a Drose Law firm are here to help. When filing bankruptcy, Charleston residents and those in surrounding areas have trusted the Drose Law Firm to handle their debt resolution issues for more than 30 years. Our bankruptcy attorney does not take on personal injury, malpractice, criminal law, civil lawsuits, or any other type of cases, he concentrates solely on debt resolution. If you’re having money issues and don’t know where to turn, our bankruptcy lawyer can help. Give Drose Law Firm a call today.

What Happens If I Fail the South Carolina Bankruptcy Means Test?

What Happens If I Fail the South Carolina Bankruptcy Means Test?

in ,

As we’ve discussed in previous articles, if you plan to file bankruptcy in South Carolina, you must take a bankruptcy Means Test. You can either do this on your own or engage the services of a bankruptcy attorney. If after taking the Means Test you do not qualify for Chapter 7 bankruptcy, your bankruptcy lawyer will likely encourage you to explore alternative options such as Chapter 13 bankruptcy. However, there are also other approaches that can help overcome a failed Means Test.

After carefully considering your income, expenses, and overall financial situation, your bankruptcy lawyer may suggest exploring the options of refinancing a home, selling a car, or negotiating with creditors to reduce monthly bills. A bankruptcy attorney can assist in evaluating your financial situation and determine if there are any legal strategies that might enable you to pass the Means Test.

Failing the South Carolina bankruptcy Means Test can be a frustrating and overwhelming experience. However, individuals must not give up hope. You can explore all of your options with the assistance of an experienced bankruptcy attorney. At the Drose Law Firm, our bankruptcy lawyers understand the complexities of the bankruptcy process and will guide you through your options. If you plan to file bankruptcy, Charleston residents and individuals throughout South Carolina have been utilizing us for more than three decades to handle their debt resolution cases. Are you ready to stop creditors from calling and free yourself of the stresses associated with being in debt? If so, give us a call to schedule a consultation today.

Fail The South Carolina Bankruptcy Means Test

What Factors Would Cause Me to Fail The South Carolina Bankruptcy Means Test?

in ,

Filing for bankruptcy in South Carolina is a complex and challenging process, which is why many people consult with a bankruptcy attorney to discuss their situation. As we’ve discussed in previous articles, before filing bankruptcy, you must first pass the South Carolina bankruptcy Means Test to determine your eligibility for Chapter 7 bankruptcy. Your bankruptcy lawyer will facilitate the Means Test which compares your income to the state’s median income to determine if you have enough disposable income to repay your creditors.

The Means Test examines your monthly revenue for the six months preceding your bankruptcy filing. This includes all forms of income such as salaries, dividends, etc. Then, certain priority debts such as alimony, child support, and taxes are deducted from your monthly income to determine your disposable income.

Reasons for failing the Means Test include:

High Income or Expenses

If your individual income is higher than South Carolina’s median income level for your household size, you may fail the means test. In addition, if your necessary expenses such as mortgage payments, car payments, and other bills are too high, it can push your disposable income over the threshold.

Errors or Mistakes

Filing the Means Test requires detailed information. Even a simple clerical error can throw off the results. Miscalculations of income, expenses, or debts can result in an inaccurate assessment of the individual’s income and their eligibility for bankruptcy.

If you plan to file bankruptcy, Charleston residents and those in surrounding areas have trusted the bankruptcy attorneys at the Drose Law Firm to conduct the South Carolina bankruptcy Means Test and handle their bankruptcy filings. If you plan to file bankruptcy now or in the future, our bankruptcy lawyers are here to help. Give us a call to schedule a consultation today.

Cases in Review: February, 2015

Cases in Review: February, 2015

in

“Cases in Review” highlights recent cases that may by of particular interest to consumer bankruptcy practitioners   It is brought to you by Consumer Bankruptcy Abstracts & Research and the National Consumer Bankruptcy Rights Center.

open document

Student Loan Flow Charts

Student Loan Flow Charts

in ,

Use these charts to help you understand student loan options and processes. Read more

Student Loan Primer

Student Loan Primer

in ,

This primer is intended to provide you with an introduction to the subject matter, and does not provide legal advice. The document contains hypertext links to websites created and maintained by other organizations. These links are provided for your convenience, and are not intended to endorse any views expressed on the outside sites, or endorse any particular products, services or organizations. We do not control or guarantee the accuracy, relevance, timeliness, or completeness of the information provided. Student loan programs do change periodically, so be sure to check with the original source for more current information.

open document

Refinancing After Bankruptcy

Refinancing After Bankruptcy

in

By Carrie Reeder

Refinancing after a bankruptcy can seem like an especially difficult challenge, but it doesn’t have to be. Six months after your bankruptcy has been finalized, you can find lenders willing to refinance your mortgage. In fact, refinancing your mortgage can help rebuild your credit to good standing in two year’s time. The following steps will help you find the best refinance lender while helping you rebuild your credit record.

Preparing For Refinancing

Right after bankruptcy, you have six months to prepare to refinance your mortgage. Begin by establishing good payment history by regularly paying your bills and current mortgage. This is also a good time to open a credit card account to start establishing good credit history.

If possible, also start building up a savings account. The more cash assets you have, the better your application will look. Consider having a garage sale or taking a second job to raise funds.

Researching Lenders

Once you are ready to refinance, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal.

With bankruptcy on your credit report, you will typically need to work with a sub prime lender. You can expect to pay a few percentage points above a traditional mortgage, which you can find through online mortgage companies.

Choosing Your Refinancing Package

You may be offered a chance to cash out part of your home’s equity when refinancing your mortgage. If you need to make home improvements or buy a car, this may be a good option. However, if you keep your home’s equity in place, you are improving your credit.

Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved. Before the loan is finalized though you have the opportunity to review the loan again.

After Refinancing

With your refinancing completed, you can plan to lower your interest rates through refinancing in two years by building up your credit score. Continue to make regular payments and add to your cash reserves. Before you apply to refinance again, review your credit report to be sure your bankruptcy closed all past accounts on your record. With a solid credit history behind you, you can apply to traditional mortgage lenders.
bankruptcy

Carrie Reeder is the owner ABC Loan Guide (http://www.abcloanguide.com), an informational website about various types of loans.

To view Carrie’s recommended sources for refinancing after a bankruptcy online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml.