Tips to Ensure Your Financial Stability

Tips to Ensure Your Financial Stability

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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

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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

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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!

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 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.

What Happens in a Chapter 7 Bankruptcy?

What Happens in a Chapter 7 Bankruptcy?

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When someone comes to our office to meet with our bankruptcy attorney, many times they ask about what exactly happens during the Chapter 7 bankruptcy process. There are many myths about bankruptcy, and our bankruptcy lawyer takes time to help our clients understand all of the options available to them. Our next series of articles will discuss what happens in a Chapter 7 bankruptcy. Let’s get started:

Overview of Chapter 7

Chapter 7 bankruptcy is designed to provide a debtor relief from debts owed to creditors. It is different from Chapter 13 bankruptcy, which essentially re-organizes debt into a structured plan to pay. In the case of Chapter 7, all qualifying debts may be completely discharged.

Qualifying for and Filing Chapter 7

A debtor must meet a certain set of requirements to qualify for filing Chapter 7 bankruptcy. A bankruptcy attorney can help a debtor determine whether or not they are qualified. If they are qualified to file Chapter 7, then the bankruptcy lawyer will move towards preparing the actual filing. This is a petition to the court which includes a comprehensive and detailed list of all the debtors property, debt, and creditors.

Our next article will outline more details about filing Chapter 7 bankruptcy.

When considering bankruptcy, Charleston residents and those in surrounding areas who need a trusted bankruptcy attorney may choose to engage Drose Law Firm. Our bankruptcy lawyer handles all types of bankruptcies and debt resolution cases. We have been in business for more than three decades and will be here to serve you if you need us. Give us a call to learn more today.

What Items and Income Are Exempt from Bankruptcy?

What Items and Income Are Exempt from Bankruptcy?

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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.

What Can I Exempt from Bankruptcy in South Carolina?

What Can I Exempt from Bankruptcy in South Carolina?

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Many of the clients who come to us are fearful that they will “lose everything” when they file bankruptcy. This is simply untrue. While you may lose some assets, there are provisions for certain assets to either be partially or fully exempt. It is extremely important for you to disclose all of your assets, property, equity, retirement accounts, etc. to your bankruptcy attorney. Our next series of articles will discuss some of the different types of assets that may be protected during the bankruptcy process. Let’s get started:

Equity in Your Home

In most cases, you can protect a portion of the equity you have in the primary home that you declare as your residence. Your bankruptcy lawyer can tell you how much equity may qualify for exemption based on your marital status and the current amount allowable under South Carolina law.

Some Personal Property

Some personal property may qualify for exemption from bankruptcy. While you will need to discuss this in depth with your bankruptcy attorney, examples of personal property that may be exempt include books, clothing, household goods, appliances, jewelry, firearms, crops, burial plots, and animals.

Our next article will cover more types of assets that may be protected under South Carolina bankruptcy law.

When it comes to filing bankruptcy, Charleston residents and those in surrounding areas have trusted the Drose Law Firm for more than three decades. Our bankruptcy lawyer handles only debt resolution cases. Whether you have a simple bankruptcy or a complex filing, our bankruptcy attorney is happy to review your case. Give Drose Law Firm a call to schedule a consultation today.

How Can Filing Bankruptcy Help Ease the Stress of Debt?

How Can Filing Bankruptcy Help Ease the Stress of Debt?

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The thought of filing bankruptcy can be intimidating.  Our bankruptcy attorney has been working with clients to help them resolve debt issues for more than three decades.  We not only know the physical process of filing bankruptcy; we also understand the emotions that can occur as a result.  We sometimes meet with clients who are so overwhelmed, they feel there is no way out.  They often ask us if filing bankruptcy will really ease their stress.  While we cannot wave a magic want to make your stress go away, our bankruptcy lawyer can say with quite certainty that many clients report feeling much less stress after filing bankruptcy.

We are continuing our series of articles discussing some ways filing bankruptcy can ease the stress of being in debt.  Our previous article covered the fact that once your bankruptcy attorney files for you, an “automatic stay” takes effect and creditors will be required to stop contacting you. We also discussed the ways in which different types of bankruptcy can resolve debt issues. Today, we will look at two more ways filing bankruptcy can reduce stress of debt.

Prevents Foreclosure

Filing Chapter 13 bankruptcy can help prevent your home from going into foreclosure.  This is because when your bankruptcy attorney files Chapter 13 on your behalf, you are essentially asking for the ability to re-organize your debt, allowing you to catch up on your mortgage and/or finance your past due payments in accordance with the payment plan that has been established as part of your Chapter 13 bankruptcy.

Retain Assets

Filing bankruptcy can help protect your personal assets that you already own (i.e., jewelry, clothing, furniture, etc.) as well as help you retain some that you don’t.  For instance, if you have a car loan and are behind on payments, you may be able to keep the vehicle under your bankruptcy financial restructuring plan.  

When in need of an experienced lawyer to help them file bankruptcy, Charleston residents and those in surrounding areas trust the Drose Law Firm.  Give us a call to meet with our bankruptcy lawyer today.