Being a judge isn’t a popular calling lately–at least during the Republican Presidential primary season. Courts are blamed for everything that ails society. For example, Republican Presidential contender Rick Santorum laid out his view that the judicial branch of government is the least important branch. He explains his view by stating: Our founders intended for [...]
Russell A. DeMott, Charleston Bankruptcy Lawyer
We all know that individual tax returns are due on April 15 (or a day or two later if April 15 is on a weekend). But Congress inserted a little tax time craziness into sections 1308 and 1307 of the new and drastically unimproved Bankruptcy Code of 2005. Section 1308(a) states: (a) Not later than [...]
The debtor education course. It’s the second course required by the Bankruptcy Code–the ticket out of bankruptcy, at least if the debtor wants his discharge. I confess I’ve always wondered what my clients thought of the course. Calling it a “course” is a bit much. It only takes an hour or two, and there’s not [...]
Most of us have an idea of what income is for federal or state tax purposes. Wages are income, as are gains on the sale of stock. Dividends and interest also qualify. We know that. It’s intuitive and easy to understand. The classic definition of income is that it’s the return on labor or capital. [...]
Words are powerful. The word “bankruptcy” carries enormous emotional baggage. People hear it and immediately jump to conclusions. “Failure,” “shame,” “irresponsibility,” “ruin” all come to mind. Recently, I met with an elderly couple. They had significant cash flow problems, and a Chapter 13 bankruptcy would benefit them greatly. As I do with all prospective clients, [...]
The Bankruptcy Code mandates that the debtor take a credit counseling course within 180 days prior to filing bankruptcy. The course is one of the many useless hoops debtors must jump through prior to filing their bankruptcy petition. If you really want to avoid bankruptcy, this “course” is not helpful I, like any other [...]
