What Items and Income Are Exempt from Bankruptcy?

What Items and Income Are Exempt from Bankruptcy?

What Items and Income Are Exempt from Bankruptcy?

We are continuing our series of articles discussing the various types of items and income that may be exempt from bankruptcy in South Carolina. Our previous articles discussed equity in your home, personal property, retirement accounts, and equity in your automobile. While only an experienced bankruptcy attorney can advise you of what is exempt in your case, here are more types of items and income that may qualify for exemption.

Professional Tools and Equipment

If you have specific tools and/or equipment that you need and use to perform your work, then these may qualify for exemption. Examples include commercial tractors, lawn mowers, welding equipment, books, computers, telephones, and any other professional equipment you use to earn income. If you have any tools of the trade that you think may qualify, be sure to disclose these to your bankruptcy attorney.

Alimony and Child Support

If you are receiving any alimony or child support, this is exempt from your bankruptcy filings. Once again, be sure to disclose all alimony and/or child support payments you receive to your bankruptcy lawyer.

Many people think that filing bankruptcy means losing everything. That is simply not the case. A bankruptcy lawyer can help you navigate through the difficult process and advise you of what assets you may be able to retain. When it comes to filing bankruptcy, Charleston residents and those in surrounding areas have trusted Drose Law Firm for more than three decades. Our bankruptcy lawyer handles debt resolution, debt settlement, and foreclosure resolution cases, including IRS debt resolution. Give us a call to schedule a consultation with our bankruptcy attorney 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!

mortgage refinance

Two new mortgage refinance programs launching this summer

It’s About to Get Easier for Over a Million Homeowners to Refinance Their Mortgages

Two new mortgage refinance programs launching this summer should make it a little easier for lower-income borrowers to save on their home loan payments.

Starting on June 5, Fannie Mae will offer a product called Refi Now. Freddie Mac’s version, called Refi Possible, is set to launch on August 30. Borrowers with loans backed by Fannie or Freddie and who make 80% or less than their area’s median household income will qualify.

read article on money.com

Reverse Mortgage Loans

Reverse Mortgage Loans

A number of our clients have used reverse mortgages responsibly – like anything, there are lenders in the industry trying to take advantage of people, but if you find someone you trust, and have proper representation, a reverse mortgage can be a good fit.