Russell A. DeMott is a Charleston, South Carolina bankruptcy lawyer who represents consumer debtors in Chapter 7 and Chapter 13 bankruptcy. He is the author of the Charleston Bankruptcy Blog. He is also a member of the South Carolina Bankruptcy Blog. He files bankruptcy cases for clients in the Charleston, South Carolina division, which runs from Myrtle Beach to Beaufort. The DeMott Law Firm also represents clients in foreclosure defense and mortgage modification. You can also connect with Russ on Google Plus Russell DeMott. Russ can be contacted directly at (843) 695-0830 or by email at russ@demottlawfirm.com.

 

Author: Russell DeMott, Charleston Bankruptcy Lawyer

03 Apr Payday Loans by Any Other Name: Still Not a Rose!

payday loansPayday loans can be dangerous forms of credit. Interest rates are astronomically high (according to an FDIC advisory, between 300 and 1000 percent when calculated annually), a significant number of payday loan customers take out multiple loans per year, and it’s difficult to determine a legitimate company from a fly-by-night business front. Many customers get trapped in a never ending cycle. By the time the loan comes due on the next payday (along with an additional $1.50 to $2 for every $10 borrowed), the customer can’t afford to repay the loan and pay his current bills. He then takes out another payday loan for just a bit more. When one loan company stops extending credit, the customer moves to the next, borrowing to pay off the first. Nothing about this sounds good or appealing, right?
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03 Jan Filing Bankruptcy? Know Thy Expenses!

confused man If you're filing bankruptcy, you'll need to know your monthly expenses--food, clothing, transportation, medical--you name it. And you need to help your attorney know those expenses, too. Accurately budgeting for expenses is extremely important. Expenses can determine (1) whether you'll file Chapter 7 or Chapter 13 and (2), if you file Chapter 13, how much your payments will be--generally for five years. Don't give your bankruptcy attorney a list of crap When I review most clients' expenses, I see a sloppy, ill-prepared list of expenses which usually makes no sense and looks like the client spent about ten minutes completing the form. It's not that my clients don't know it's important, either. On the top of that page on my client questionnaire, it says, "THIS SECTION IS VERY IMPORTANT. IT CAN DETERMINE WHETHER YOU ARE ELIGIBLE FOR A CHAPTER 7 OR CHAPTER 13 BANKRUPTCY. PLEASE MAKE SURE TO LIST ALL YOUR EXPENSES, EVEN ONES WHICH DO NOT FALL WITHIN THESE CATEGORIES." Still, after this not-so-subtle reminder of how "very important" this is, I usually get a half-hearted attempt at listing expenses. In a nutshell, I get a list of crap. Know Thyself! A smart guy named Socrates once said, "Know Thyself." Filing bankruptcy is all about that. You and your bankruptcy attorney need to know everything about your finances--assets, debts, income, expenses--everything. And you most certainly need to know what your expenses are.
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