Russell A. Demott's Answers

Chapter 7 discharged no assets and tax filing

There is no bankruptcy reason you can't do your own taxes. The bankruptcy will have no effect on your tax liability, and you'll file as you normally would. Personally, my view is to hire a CPA or at least a tax preparer, but that's entirely up to you. Any discharge of indebtedness as a result of bankruptcy is not taxable. On a side note, I'm glad you did not reaffirm your mortgage. There is no need to do this. If you continue making the mortgage payments, there is nothing the lender can...

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I filed chapter 13 and the debt was 45,000.00 now its 145,000.00 is this legal for them to add 100,000.00 to my judgement.

I agree that there's not much information to do on. I assume that you are asking if the amount due can go up during your 13 case? If that's the question, no. The claim filed is as of date of filing. Also, what happened to your 13? Are you in it now? You should contact your bankruptcy lawyer (if you have one). If not, you should seek legal counsel about this. You have the right to object to inaccurate proofs of claim. In SC if the judgment was paid down to $45k, I don't see how it could...

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Can I file bankruptcy chapter 13 if

It's impossible to address this question without more facts. Don't feel bad. Most of the inquiries I get are similar to this. Consumers don't really understand how fact dependent bankruptcy is. SC exemptions (assuming you can use them--you'd need to have lived her for two years) are pretty generous. Exemptions determine how much property you get to keep. For example, you get $53,375 in home equity, $5,350 in equity in a vehicle, and other exemptions. These exemptions determine how much...

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In South Carolina, if a creditor has won a judgment, can that creditor force you to sell your house?

This depends on how much equity you have in your home. Equity is measured by the value of your home less any liens, like mortgages. For example, if your home is worth $200,000 and you owe $100,000 on your mortgage and have no other liens, you have $100,000 of equity. The judgment is a lien on any property you own in the county in which it's recorded. In South Carolina, it's got "active energy" for only 10 years. That means it's only a lien for 10 years after it's recorded, and it cannot be...

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My husband was advised to NOT file for bankruptcy, but to NOT pay on his credit cards BY A BANKRUPTCY ATTORNEY! Is this wise?

First, no, you are not going to become liable for your husband's debts. Second, as to the advice, my assumption is that perhaps your husband was told he was judgment-proof and could either file to get his debts discharged or do nothing. That's not necessarily bad advice. I give clients their choice and just told a client that today. He has no assets and is judgment-proof. Most of the time, however, clients wish to file to get closure and stop the harassment, as was the case with my...

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I recently received a request and writ for garnishment (income tax refund/credit) from the state of Michigan for Capital One.

I assume they are trying to garnish your MI refund which they can do in MI. (I'm licensed there and in SC). However, there is nothing to garnish--no refund. The bigger issue is getting your debt resolved via bankruptcy or debt settlement. You should contact a lawyer here in SC for that and discuss your entire financial situation--this debt and any others. If this is the only one you have left, you could just settle it, which would help your credit score improve. The writ of garnishment...

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SC state debt collection laws, fair debt collection act

Creditors cannot take your social security. In fact, there is no garnishment for collection of consumer debts in South Carolina (except for very rare cases). Your social security is exempt from legal process both under federal law and South Carolina law. Also, you are entitled to exempt up to $51,450 in equity in your home, which would include the land and mobile home. (Equity is the values less any mortgages or other liens on the property). To put in bluntly, they are lying to you. Doing...

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Should I file for bankruptcy?

I doubt you'd have any trouble with keeping your home, either if you file bankruptcy or decide not to file. Under South Carolina law, you can claim an exemption in real or personal property used as your homestead. That exemption is found in section 15-41-30(A)(1) and is currently in the amount of $53,375 per owner, so if the home is owned by both of you, you'd double that. It's not clear whether the $35,000 is in your name or joint, so you'd need to sort that out. It may be that only one...

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I am a general contractor. Will I lose my license if I file bankruptcy on my personal debts-nothing to do with my work/jobs.

No. The Bankruptcy Code specifically prohibits this in section 525(a). I have filed bankruptcy cases for many contractors, real estate agents, and even lawyers. There has never been a problem with a former client's license (of any type). As to what chapter you file, that really depends on the facts of your case. Sometimes you can choose 7 or 13. With other cases, you are required to do a 13 to get your discharge. I see you are in York county. I would recommend you contact Lee O'...

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Can debt collector get more money from loan that paid off under chapter 13 bankruptcy?

I agree with my colleague, Bill Balena. Since you are in Florence, I'd recommend you contact Eric Reed, another colleague of mine. Eric is an outstanding bankruptcy lawyer and will be able to help you with this matter.

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