Fueling Your Financial Stability

Fueling Your Financial Stability

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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

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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.

Getting Back on the Road to Financial Stability

Getting Back on the Road to Financial Stability

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Hiring a bankruptcy lawyer and filing bankruptcy can give you a second chance at financial stability. However, you must be committed to changing your lifestyle and the habits that contributed to filing bankruptcy. When it comes to saving money, there are certain practices that can make a huge difference in your financial stability. Our next series of articles will explore some healthy habits to help you achieve and maintain financial peace.

Track Your Spending

Tracking your expenses can help you identify areas where you might be overspending so you can adjust your habits accordingly. In the old days, you had to track this on a handwritten piece of paper. Today, there are many budgeting apps that make this task easy and convenient. Some even allow you to categorize transactions and set spending limits for different categories, allowing you to stay within your budget and avoid unnecessary expenses.

Once you have a handle on your expenses, you can start looking for ways to cut back. For example, you might realize that you’re spending an enormous amount of money on restaurants and dining out. Making even small adjustments to your habits can help you save money without feeling like you’re sacrificing too much.

Plan Ahead

One of the biggest obstacles to financial stability is unexpected expenses. Car repairs, medical bills, and home repairs can all add up quickly, and if you don’t have a plan in place, you might find yourself struggling to make ends meet. Consider creating a financial plan that considers both short-term and long-term goals. It’s also a good idea to set aside money for unexpected expenses. Starting an emergency fund can give you peace of mind and protect you from financial hardship down the road. Make a plan to save a certain percentage of your income each month and stick to it, even if it means making some sacrifices in your discretionary spending.

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

The bankruptcy attorney and debt resolution professionals at Drose Law Firm can help you navigate bankruptcy and IRS issues. Our bankruptcy lawyer has more than three decades of experience walking clients through the process of bankruptcy and helping them back on the road to financial stability. If you’re deep in debt and see no way out, then our bankruptcy attorney can help. When it comes to filing bankruptcy, Charleston residents and those in surrounding areas trust Drose Law Firm with their debt resolution issues. Give us a call to schedule a consultation with our bankruptcy lawyer today.

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

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

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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?

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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.

Understanding Your Expenses for the Means Test

Understanding Your Expenses for the Means Test

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As we have discussed in previous articles, one of the first orders of business when you hire a bankruptcy attorney is to conduct what is referred to as a “Means Test.” Your bankruptcy lawyer will use the Means Test to determine whether you qualify to file for Chapter 7 bankruptcy. It’s important to note that if you do not qualify for Chapter 7 – which discharges debt – your bankruptcy attorney will likely recommend Chapter 13 bankruptcy, which re-organizes debt.

The Means Test considers both your “necessary” expenses and your “discretionary” expenses. Our previous article covered examples of what are considered necessary expenses. Today, we will look at examples of what may be classified as discretionary expenses when it comes to the Means Test.

Entertainment

This may include items such as movies, books, magazines, recreation, and hobbies.

Personal Care

This may include haircuts/styling, nails/manicures/pedicures, cosmetics, etc.

Gifts

This may include holiday gifts, birthday gifts, anniversary gifts, etc.

Savings

This may include money in a traditional savings account, retirement savings, emergency fund savings, etc.

When filing bankruptcy, Charleston residents and those in surrounding areas have sought the services of the Drose Law Firm to assist them with their bankruptcy filings. The bankruptcy lawyer at Drose Law Firm has been handling debt resolution cases for more than 30 years. If you plan to file bankruptcy, consider engaging a bankruptcy attorney who is familiar with the process. Give Drose Law Firm a call to schedule a consultation today.

Calculating Your Expenses for the Means Test

Calculating Your Expenses for the Means Test

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When you engage a bankruptcy attorney to handle your bankruptcy case, you will be subject to a Means Test to determine if you qualify to file for Chapter 7 bankruptcy. Your bankruptcy lawyer will ask you to gather some information about your monthly expenses. This includes both your necessary and discretionary expenses. You will need to provide documentation of your expenses, such as receipts, bills, or bank statements.

What expenses are considered “necessary” and which ones are considered “discretionary?” Your bankruptcy attorney will discuss these in regard to your specific circumstances, but we can take a peek at each of these in general. Today, we will look at what are considered “necessary” expenses:

Housing and Utilities

This includes your mortgage or rent, as well as any property taxes and insurance. You will also need to include any utility bills, such as electricity, gas, water, and sewage.

Transportation

Car payment, car insurance, and gas expenses. If you use public transportation, you will need to include those expenses as well.

Food

Groceries and any other food-related expenses such as dining out.

Childcare

If you have children who require childcare in order to work, you will need to include those costs here.

Medical:

This includes any medical or dental bills that you have incurred. It also includes health insurance premiums.

Other Necessary Expenses:

This may include items such as clothing, education costs, and pet care.

Our next article will cover “discretionary” expenses.

If you filing bankruptcy, Charleston residents and individuals throughout South Carolina have turned to the Drose Law Firm for assistance. Our bankruptcy lawyer handles solely debt resolution cases and has been doing so for more than three decades. Considering filing bankruptcy? If so, give us a call to schedule a consultation with our bankruptcy attorney today!

What is a Bankruptcy “Means Test”

What is a Bankruptcy “Means Test”

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One reason people choose to hire a bankruptcy lawyer is because the process to file is complicated and can be quite confusing. For instance, not everyone qualifies to file Chapter 7 bankruptcy as certain criteria must be met. The “Means Test” determines if you are eligible to file for Chapter 7 bankruptcy. Your bankruptcy attorney can explain this further, but here is a summary:

The first part of the Means Test examines your household income and compares it to the median income for a household of your size in South Carolina. If your household income is below the median income, you will automatically qualify for Chapter 7 bankruptcy. If your household income is above the median income, you will need to complete the second part of the Means Test, which looks at your disposable income.

Disposable income for purpose of the Means Test is defined as your monthly income after subtracting certain allowed expenses, such as taxes and child care costs. If your disposable income is less than $100 per month, you will qualify for Chapter 7 bankruptcy. To complete the second part of the Means Test, you will need to provide your bankruptcy lawyer with the following:

  • Your most recent federal tax return
  • Your pay stubs from the last six months
  • A list of all of your debts
  • A list of all of your assets
  • Any other documents requested by your bankruptcy attorney.

Our next article will answer some common questions about the Means Test.

If you are considering bankruptcy, Charleston residents and those in surrounding areas trust the bankruptcy lawyer at the Drose Law Firm to help guide them through the process. Some law firms have multiple practice areas (i.e., auto accidents, malpractice, criminal, civil, etc.) At Drose Law Firm, our bankruptcy attorney only handles debt resolution and has been doing so for more than three decades. Give us a call to  schedule a consultation with our bankruptcy lawyer today.

What to Expect When Filing Chapter 7 Bankruptcy

What to Expect When Filing Chapter 7 Bankruptcy

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We are continuing our series of articles discussing what to expect when filing Chapter 7 bankruptcy. Our previous articles gave an overview of what Chapter 7 bankruptcy is and explored the actual filing process. We also covered how you and your bankruptcy lawyer will be required to meet with your creditors before receiving the final discharge order. Today, we will look at what else to expect when filing Chapter 7 bankruptcy.

Credit Rating

Unfortunately, filing Chapter 7 bankruptcy will significantly damage your credit for up to 10 years. You may still be able to obtain credit, but it will be more costly (i.e., higher interest rate) and limited (i.e., lower credit limit). Your bankruptcy lawyer can suggest some strategies to help you re-build your credit after filing Chapter 7 bankruptcy.

Hiring a Bankruptcy Attorney

Filing bankruptcy can be quite complicated, so if you are considering filing Chapter 7, you may wish to hire an experienced bankruptcy attorney to help navigate the process. A bankruptcy attorney can file the paperwork, attend creditor meetings, provide suggestions on how to re-build your credit, and deal with any associated red tape.

It is often stressful for individuals to consider filing bankruptcy. Charleston residents and those in surrounding areas engage Drose Law Firm because our bankruptcy lawyer only handles debt resolution. If you are considering bankruptcy, we welcome the opportunity to talk with you. Give us a call to schedule a consultation with our bankruptcy attorney today.

What Can I Expect When I File Chapter 7 Bankruptcy?

What Can I Expect When I File Chapter 7 Bankruptcy?

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One of the first questions clients ask our bankruptcy attorney is what can they expect when they file Chapter 7 bankruptcy. This series of articles covers some of the basics about Chapter 7 bankruptcy. Our previous article covered how bankruptcy lawyers should go over the different types of bankruptcy with their clients, including providing and overview of Chapter 7. They should also discuss what the process of filing Chapter 7 bankruptcy entails. Here are a few more things you can expect:

Meeting with Creditors

A trustee will be appointed by the court to supervise your bankruptcy. You will then need to meet with your trustee and creditors an answer questions about your debts and property. Your bankruptcy lawyer will be present at this meeting.

Discharge Order

After the bankruptcy has been filed and you’ve answered all questions from the trustee and your creditors, your case will continue to be reviewed. If there are additional questions or concerns, those will need to be addressed by your bankruptcy lawyer on your behalf. Once all the requirements have been met to the satisfaction of the court, you will receive a discharge order which relieves you from your unsecured debt.

When represented by a bankruptcy attorney, a discharge order in many cases can be granted in approximately three months. If you have a lot of property or extenuating circumstances, the process could take longer. Drose Law Firm has spent more than three decades handling cases involving bankruptcy. Charleston residents and those in surrounding areas turn to our bankruptcy lawyer for their debt resolution and debt settlement needs. Give us a call to schedule a consultation today.