How much does bankruptcy cost? (And can I afford it?)
Reed Law Firm | Columbia Bankruptcy Law Blog
by jonathan.brandis@thomsonreuters.com
1M ago
Bankruptcy is a tool available to South Carolinians overwhelmed by debt. It can help you and your family get out from under the burden of mounting interest and principal and start fresh. However, bankruptcy itself is not free. Filing fees and credit counseling To start with, both Chapter 7 bankruptcy and Chapter 13 bankruptcy require you to pay a fee to file in court. The basic filing fee for Chapter 7, also known as liquidation bankruptcy, is $245. The basic fee for filing for Chapter 13, or reorganization bankruptcy, is $235. The court will charge other fees as you move through bankruptcy. A ..read more
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Creating a strategy to reduce or eliminate credit card debts
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
3M ago
The pursuit of financial stability is a goal that many individuals in South Carolina may share, but things might not always go as intended. Sources of monetary unrest can come in numerous fashions, each of which may place significant strain on your finances and leave you in search of ways to overcome debt hurdles. Credit card debt is a prime example of a type of financial concern that may pose a threat to your future, and with high interest rates on many credit accounts, such issues may only continue to build with time. Creating a strategy to reduce credit card debt burdens may seem a daunting ..read more
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Addressing your options when facing extensive student loan debts
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
3M ago
The dream of pursuing higher education is a goal that many individuals in South Carolina share, and obtaining financial aid may often be a necessary component of this equation. However, while a college education may help improve your career opportunities, getting your dream job might not happen overnight.  While you are still working toward furthering your career, your financial situation might not be as healthy as you would like, and the strain of monetary obligations could weigh heavily on you. Student loan debts can be a significant financial hurdle at times, and you might wonder what ..read more
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Making sure it’s the right time to file bankruptcy
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
5M ago
If you’ve been struggling to make ends meet, you are no doubt not the only person in South Carolina to currently facing financial distress. In fact, data shows that many families, whether single or dual income, are having trouble making ends meet. You might be considering filing for bankruptcy, which can be a valuable financial tool to alleviate debt and start afresh toward a stronger financial future. Timing is a key factor when it comes to determining if you should file a bankruptcy petition in court. In conjunction with timing, your expenditures and other financial information from recent m ..read more
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Evaluating some common questions about the bankruptcy process
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
5M ago
It might come as no surprise that dealing with high levels of debt can be stressful, as similar issues could take a significant toll on numerous areas of your life in South Carolina. While seeking relief from debt could help protect your financial stability, choosing a path that best fits your needs can seem an intimidating task. While bankruptcy could be a viable tool with which to pursue relief from the trials of debt, you may still have some reservations about the process. Evaluating some of the most prevalent questions regarding bankruptcy may help provide much needed insight on whether su ..read more
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Knowing how issues with debt might affect your well-being
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
6M ago
Sources of financial strain can arise under a multitude of scenarios, regardless of whether debt builds up over time or seems to appear overnight. While it might not come as a surprise that dealing with debt can be a stressful experience, knowing how similar issues could affect your life may be another matter entirely. Studies indicate that prolong bouts with debt could affect various aspects of your life and may cause you to experience numerous physical or emotional health repercussions. Understanding the toll debt could take on your life could prove integral to helping you prepare to evaluat ..read more
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How did the pandemic affect business bankruptcy filings?
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
6M ago
Since the start of the pandemic, many small businesses in South Carolina and throughout the United States have experienced financial hardship and logistical challenges. During a period when many companies were unable to do business in person, some were able to pivot and shift many aspects of their operations online. However, most businesses experienced lower profits, fewer sales and other issues that impacted the overall financial health of the company.   As a result of pandemic-related impacts, your company may be in a position where your debt has quickly outpaced your company’s abi ..read more
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Seeking relief from the trials of debt before retirement
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
7M ago
There may be numerous factors to address while preparing for retirement, and you might spend decades planning and saving for this stage of life. While you may feel it vital to approach the golden years of your life with stable finances and limited monetary obligations, things might not always work out as intended.  Unfortunately, debt can take on various forms, and similar issues could leave you wondering if you can still enter retirement without altering your strategy. Knowing how to tell if debt might remain a concern and when it could be time to seek insight on your available options f ..read more
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Foreclosure remains a concern for many after the moratorium ends
Reed Law Firm | Columbia Bankruptcy Law Blog
by aprilfaxonvertumarketing
8M ago
While owning a home might be one of your long-term goals in life, it can also be a demanding endeavor that can carry a great deal of responsibility. Even if you can manage mortgage payments initially, should circumstances in life leave you facing substantial financial challenges, the fallout may prove disastrous. The thought of losing your home to foreclosure can be a harrowing concept that may leave you in search of advice on how to prevent a similar outcome. Now that the federal financial moratorium is over, you might have questions about what this could mean for your situation and about you ..read more
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Don’t let attorney fees scare you
Reed Law Firm | Columbia Bankruptcy Law Blog
by tad.hendrickson@thomsonreuters.com
10M ago
Filing bankruptcy is a time of upheaval and many difficult decisions. While it may seem counterintuitive to add more expense by paying a bankruptcy attorney, getting help from someone who has helped hundreds of others often makes sound financial sense. Bankruptcy attorneys understand the client’s circumstances and offer a variety of accommodations to help: Free consultations mean that it costs nothing to discuss the situation and whether bankruptcy is the right move. There is nothing to lose. Flexible payment plans that fit the client’s means. While some national companies process large number ..read more
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