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The COVID-19 pandemic has affected many people’s lives, including loss of jobs and closure of businesses. It has, without a doubt, greatly affected the economy. In line with this, many individuals and businesses are declaring bankruptcy. Thus, the U.S. government founded the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was enacted to help alleviate the economic effects of the pandemic and relieve the bankruptcy process many go through today. What is…
When things don’t work out for you financially and your liabilities far exceed your assets, filing for bankruptcy seems like the next best option—and in many cases, it is. The federal courts can relieve people of previous debts or provide more favorable repayment plans so that debtors can start over on a clean slate. Like most things, though, there are upsides and downsides to filing for bankruptcy. Suffice it to say, it is not always…
The Coronavirus Aid, Relief, and Economic Security Act was signed into law by the President on March 27, 2020.  The CARES Act suspends the collection of student loans owned by the federal government, including interest, through September 30, 2020.  It does not apply to student loans that are not owned by the Department of Education.  In addition, borrowers who are already qualified under the Public Service Loan Forgiveness program, or Income-Driven Repayment program should be…
Student loan debt has long been a cause of great annoyance to personal bankruptcy lawyers. Many of my Charleston area clients struggle with student loan repayment. As I have discussed before in this blog, bankruptcy courts in South Carolina interpret the Bankruptcy Code to limit the circumstance in which you can use bankruptcy to eliminate or reduce student loan debt. Currently, the standard for discharging student loan requires you to show undue hardship and the…
Student loan debt has long been a cause of great annoyance to personal bankruptcy lawyers. Many of my Charleston area clients struggle with student loan repayment. As I have discussed before in this blog, bankruptcy courts in South Carolina interpret the Bankruptcy Code to limit the circumstance in which you can use bankruptcy to eliminate or reduce student loan debt. Currently, the standard for discharging student loan requires you to show undue hardship and the…
Student loan debt has long been a cause of great annoyance to personal bankruptcy lawyers. Many of my Charleston area clients struggle with student loan repayment. As I have discussed before in this blog, bankruptcy courts in South Carolina interpret the Bankruptcy Code to limit the circumstance in which you can use bankruptcy to eliminate or reduce student loan debt. Currently, the standard for discharging student loan requires you to show undue hardship and the…
Student loan debt has long been a cause of great annoyance to personal bankruptcy lawyers. Many of my Charleston area clients struggle with student loan repayment. As I have discussed before in this blog, bankruptcy courts in South Carolina interpret the Bankruptcy Code to limit the circumstance in which you can use bankruptcy to eliminate or reduce student loan debt. Currently, the standard for discharging student loan requires you to show undue hardship and the…
We’re seeing more and more situations here in the Charleston area in which people have “tax messes.” Here are some things to keep in mind about tax problems. 1. File your taxes on time. Failure to file is actually a crime. You may need an extension. If you can’t file on time, file for an extension, but don’t just ignore the problem. Keep in mind that getting an extension to file does not mean…
We’re seeing more and more situations here in the Charleston area in which people have “tax messes.” Here are some things to keep in mind about tax problems. 1. File your taxes on time. Failure to file is actually a crime. You may need an extension. If you can’t file on time, file for an extension, but don’t just ignore the problem. Keep in mind that getting an extension to file does not mean…
We’re seeing more and more situations here in the Charleston area in which people have “tax messes.” Here are some things to keep in mind about tax problems. 1. File your taxes on time. Failure to file is actually a crime. You may need an extension. If you can’t file on time, file for an extension, but don’t just ignore the problem. Keep in mind that getting an extension to file does not mean…