bankruptcy attorneys

Do These Things if You Are Considering Filing Bankruptcy

bankruptcy attorneys

Considering bankruptcy?  If so, there are some things that bankruptcy attorneys advise that you do and don’t do before filing.  Let’s take a look:

Make a List of Your Assets

Making a list of your assets is a must.  If you wish to get a head start, you can begin making your list before meeting with a bankruptcy lawyer.  One of the first things your bankruptcy attorney will do is ask you to write down everything you have and own.  It is important to be completely honest and not try to hide assets or give them to a friend or family member to “hold.”  Your bankruptcy lawyer needs to know and see everything.

Don’t Run Up Additional Debt

Just because you are considering bankruptcy does not mean you should run up additional debt.  There can be consequences to doing this so be sure to consult your bankruptcy attorney before making any large purchases.

Keep Your Retirement Funds Where They Are

Bankruptcy attorneys advise against draining your retirement accounts. Leave everything where it is until you meet with your bankruptcy lawyer. Some or all of your retirement accounts may be exempt from creditors.

The Drose Law Firm has more than three decades of experience helping individuals file bankruptcy.  Charleston residents trust our bankruptcy attorney because of his personalized approach to help them “reset” and get back on track.  Remember, not all bankruptcy lawyers are alike.  You want to hire a bankruptcy attorney who is qualified and has a comprehensive understanding of bankruptcy laws.  At the Drose Law Firm, bankruptcy is all we do.  If you are considering filing Chapter 7 or Chapter 13, we can help. Give us a call to learn more today.

bankruptcy lawyers

Will I Lose My Home If I File Bankruptcy?

bankruptcy lawyers

Probably one of the most common questions bankruptcy lawyers are asked by clients is if they will lose their home when they file bankruptcy. While each individual circumstance is different, in most cases, you will not lose your home. However, you will still be required to make your mortgage payments if you wish to keep your home.  Here are some additional factors to consider: 

  • Chapter 13 bankruptcy is a restructuring of debt.  If you are facing foreclosure and wish to keep your home, your bankruptcy attorney may propose a re-payment plan that covers catching up on delinquent mortgage payments.
  • You are allowed to exempt some of the equity of your home from bankruptcy. Your bankruptcy lawyer can discuss how this may work in your case.
  • Depending on your circumstances, Chapter 13 bankruptcy may allow you to eliminate a wholly unsecured second mortgage on your home. A wholly unsecured second mortgage is one where there is no equity in your home to attach. Again, your bankruptcy attorney will need to look closely at this to determine if your existing second mortgage qualifies.

When filing bankruptcy, Charleston area residents know they can trust the Drose Law Firm to find them the freedom and relief they need. While some bankruptcy lawyers take a “cookie cutter” approach, our bankruptcy attorneys personalize our services and are passionate about providing qualified, experienced advice to the clients we serve.  If you are considering filing bankruptcy in Charleston or surrounding areas, we’re here to help.  Give Drose Law Firm a call today!

Help! I’ve Filed Bankruptcy But Creditors Keep Calling

Help! I’ve Filed Bankruptcy But Creditors Keep Calling

Theoretically, when you file bankruptcy, your creditors should stop calling you.  You may still be contacted by creditors until your bankruptcy notice fully processes.  However, there are some debt collectors who may be relentless and still choose to contact you. If this happens, there are a few steps you can take.

Tell Them You Have Filed

The first step you should take if you are contacted by creditors after your bankruptcy attorney files for you is to let them know you have filed and ask them to stop calling you.

Make a Detailed List of Creditors Who Call

As you inform creditors who call you that your bankruptcy lawyer has filed for you, be sure to keep a log of each call.  Write down the name of the creditor, name of the person calling you (if you are able to get it), when they called (date and time), and a brief synopsis of the conversation. This could be useful if action needs to be taken against a persistent debt collector as discussed below.

Let Them Know You Are Prepared to Take Legal Action

Once you have informed your creditors that your bankruptcy attorney has filed on your behalf, they should stop calling you. If they do not, then you are well within your rights to inform them that you are prepared to take legal action if they continue to harass you.  Be sure to consult with your bankruptcy lawyer on your full rights and recommended verbiage to use in your particular situation.

When it comes to bankruptcy, Charleston residents and those in surrounding areas have trusted Drose Law Firm for more than 30 years. If you find yourself in need of an experienced and compassionate bankruptcy attorney, we are here. Give us a call to learn more today!

bankruptcy attorney

Do I Qualify for Chapter 7 Bankruptcy?

bankruptcy attorney

There are two types of bankruptcy options that a bankruptcy attorney can file: Chapter 7 and Chapter 13. Under Chapter 7 bankruptcy, most unsecured debt is discharged.  Chapter 13 bankruptcy is a debt reorganization and consolidation.

Not everyone qualifies to file Chapter 7 bankruptcy.  If you wish to consider Chapter 7, your bankruptcy lawyer will need to be provided with an accurate accounting of your income and debt as well as the size of your household.  Your bankruptcy attorney will calculate your median state income and, in most cases, if your income is below median, then you will be able to file for Chapter 7.  We often see those who are underemployed or unemployed qualify for Chapter 7 bankruptcy. Charleston area residents who do not qualify for Chapter 7 bankruptcy may choose to file Chapter 13.

If you are considering either Chapter 7 or Chapter 13 bankruptcy, it is important to engage a qualified and experienced bankruptcy attorney.  The Drose Law Firm only handles bankruptcy.  Charleston residents and those in surrounding areas appreciate our expertise, compassion, and willingness to get the job done.  Our goal as your bankruptcy lawyer is to ease your financial stress and put you on the path to financial freedom!

Would you like to learn more about whether you qualify for Chapter 7 bankruptcy and/or which type of bankruptcy may be right for you?  If so, our friendly staff and bankruptcy attorney are ready to talk to you.  Give us a call to schedule an initial consultation today!

Medical Debt

This charity plans to buy out $278 million of medical debt

A national charity has announced it will buy out the unpaid health care bills of 82,000 low-income patients.

RIP Medical Debt has reached a deal to buy $278 million in debt from Ballard Health, according to The Wall Street Journal. Many of those patients never should have been billed at all under the hospitals’s financial-aid policies, but seemingly failed to fill out the proper applications. Health care costs have soared recently, and bills are haunting patients.

Read article on Fortune.com

Common Myths About Bankruptcy

Common Myths About Bankruptcy

(part two)

We are continuing our series on debunking common myths about bankruptcy.  Our previous article emphasized the importance of disclosing all of your debts to your bankruptcy attorney.  We also discussed certain debts that are often not eligible for discharge including child support, alimony, tax debt and liens.  Today, we will look at two more myths surrounding bankruptcy.

Eliminates All Debt

Not all debts are necessarily forgiven in a bankruptcy.  As we mentioned in our previous article, most tax debt is not forgivable and liens have certain stipulations associated with them. Debt not declared in your bankruptcy, criminal fines, and debt arising out of a DUI injury or death are among the debts not eligible to be eliminated through bankruptcy. Your bankruptcy attorney can explain which of your debts are eligible for discharge.

Student Loans Forgiven

In most cases, bankruptcy does not eliminate the responsibility of paying back student loans.  There are some circumstances where you may be granted undue hardship, but this is not common. If you have student loans, be sure to discuss options with your bankruptcy lawyer.

Considering bankruptcy? Charleston residents and those in surrounding areas throughout the Lowcountry have counted on the Drose Law Firm to handle their bankruptcy and creditor/debtor needs for three decades. Our bankruptcy attorney will carefully evaluate your situation and make a recommendation as to the type of bankruptcy that best suits both your immediate needs and long term goals.  When it comes to financial matters, not all bankruptcy lawyers are alike.  We invite you to experience the Drose Law Firm difference today!

What Debts Can Bankruptcy Eliminate?

What Debts Can Bankruptcy Eliminate?

One question bankruptcy lawyers are often asked is, “what debts can bankruptcy eliminate?” While the exact answer depends on the type of bankruptcy being filed and your overall situation, in many cases, bankruptcy will discharge most types of unsecured debt.  Let’s take a closer look:

Various Types of Unpaid Bills

Unsecured debt is debt that is not backed by any assets. Bankruptcy can discharge unsecured financial obligations such as medical bills, overdue utility and phone bills, and memberships.  Your bankruptcy lawyer can clarify which debts are unsecured and eligible for discharge through bankruptcy.

Personal Loans

Any personal loans made to you by another individual that are not secured by collateral may be discharged through bankruptcy filings.  Be sure to disclose all personal loans to your bankruptcy attorney.

Unsecured Credit Card Balances

Balances on unsecured credit cards may also be discharged during a bankruptcy.  Your bankruptcy attorney will be able to determine whether or not your credit card debt is secured or unsecured.

Some secured debt such as mortgages, auto loans, etc. can also be eliminated provided you relinquish and return the property.  It is extremely important to disclose all of your debts and financial obligations to your bankruptcy attorney so we can examine everything. It is also important to note that debt not listed on your filing will not be eligible for discharge. Remember, not all lawyers handle bankruptcy.  Charleston residents and those in surrounding areas have trusted the Drose Law Firm to handle their bankruptcy and creditor/debtor needs for 30 years. Give us a call to learn more today!

Debunking Common Myths About Bankruptcy

Debunking Common Myths About Bankruptcy

There are many myths about bankruptcy.  While it does eliminate the burdens of most debt, some debt is exempt.  The Drose Law Firm is comprised of bankruptcy attorneys who are direct and up front when discussing the different types of bankruptcy options with clients.  Our next series of articles will debunk some common myths about bankruptcy.

If I File Bankruptcy, I Will No Longer Be Responsible for Child Support or Alimony

A good bankruptcy lawyer should be up front and honest about the fact that child support and alimony will not be discharged in your bankruptcy.  You will still be responsible to fulfill those obligations after you’ve filed bankruptcy.

Bankruptcy Will Resolve My Tax Debt

In most cases, you will still be responsible for your tax debt after filing bankruptcy.  However, there are some circumstances where bankruptcy attorneys can help you get relief for outstanding tax debt that needs to be resolved. If you have unpaid taxes, be sure to discuss all options with your bankruptcy lawyer.

All My Liens Will Be Forgiven If I File Bankruptcy

While filing bankruptcy will discharge you from some debt, if you have any liens or unsecured debt, creditors can still seize your property to recover some of what is owed.  Let’s say you owe the bank $4500 on your car loan.  Bankruptcy will eliminate that debt, but, you will not be able to keep the car.  The property and/or collateral attached to the debt will go back to the creditor. You should discuss any pending liens with your bankruptcy attorney.

Our next article will debunk more myths about filing bankruptcy.

When it comes to bankruptcy, Charleston residents call on the Drose Law Firm to help free them of their debt burdens.  Remember not all bankruptcy lawyers have your best interests in mind. We serve clients throughout the Lowcountry and look forward to helping you achieve the freedom you deserve.  Give us a call to schedule an appointment with a qualified and experienced bankruptcy attorney today!

Cases in Review: February, 2015

Cases in Review: July, 2018

“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.

Scam Targets Bankruptcy Filers

Scam Targets Bankruptcy Filers

Phone scammers are targeting bankruptcy filers in several states, using personal information from filings and posing as attorneys to get intended victims to immediately wire money to satisfy a debt.

The National Association of Consumer Bankruptcy Attorneys issued a warning that “Under no circumstances would a bankruptcy attorney or staff member telephone a client and ask for a wire transfer immediately to satisfy a debt. Nor would the bankruptcy attorney and staff ever threaten arrest if a debt isn’t paid.”

Bankruptcy filers in Vermont and Virginia reportedly have received calls. Vermont’s Attorney General says scammers use software to “spoof” the Caller ID system so the call appears to be originating from the phone line of the consumer’s bankruptcy attorney. Typically the calls come late in the evening or during non-business hours to make it difficult for intended victims to verify the call by contacting their attorney.

Consumers receiving this kind of call are advised to hang up and contact their bankruptcy attorney as soon as possible. Do not give any personal or financial account information to the caller.

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source:  uscourts.gov