Bankruptcy

Keyword Cleanout Post!

Update: Fixed the link to Ms. Wilkinson’s website - my apologies, Dana! (And to the sculptor in Vermont - though, must say, nice work.)

Did you type in a phrase in Google to get here? This post, the first in what I hope to be a regular series (perhaps monthly, maybe more often if I get inspired), will answer your question, whatever it is! Basically, I’m going to take some of the keywords reported back to me in my statistics, and address them here, in one post. Sound like fun? Let’s play!

1. who is laura t. coffey - She’s the person who writes the weekly 10 Tips column for MSNBC.com. Sometimes quoted here on this blog.
2. dana wilkinson, south carolina, lawyer - Yes. And a damn fine one, too.
3. cosigners family bankruptcy - OK, I got several permutations of this one, including the heartbreaking “i cosigned for a car and she made her payments late so i filed bankruptcy on that debt.” Here’s the skinny on cosigning: yes, it’s YOUR debt, if you cosign. I’m sorry to tell you that. I know it’s not fair. If she doesn’t make the payments, it goes on her credit, and yours. If you declare bankruptcy, though, your personal liability is discharged (but hers isn’t, unless she files and is discharged, too). But neither personal discharge will eliminate the lender’s rights against the car - meaning, they can still repo the car, despite the fact that you’ve got a discharge. What they can’t do is expect you to pay deficiencies or late fees or the like. There’s another post on this subject here.
4. can you get sc after being bankrupt - Can you get what? Santee Cooper? Sure, if you pay a deposit. Saint Kitts and Nevis? Probably not unless you win the lottery. Seychelles? South Carolina? The Safety Car? Santa Cruz? A little more specificity here would be welcome.
5. four primary reasons for filing bankruptcy - Statistically? Or in my experience? If you’re talking about my personal experience, that’s medical trauma/unexpected illness (either debtor’s or family member’s); loss of job; divorce; overspending (yes, it does happen - just not as much as creditors want Congress to think it does). Statistically - um, you’d think I’d be able to find that somewhere, wouldn’t you? I’ll keep looking.
6. can elderly people be cosigners for personal loan? - Can they? Sure. Should they? I don’t recommend it except in very narrow circumstances.
7. SC Law Updates - wow. On everything? I mean, I can try to include more case law updates here for bankruptcy and foreclosure law, but that’s a pretty tall order … On a more serious note, though, you might try the following resources for general South Carolina legal information: SC Code of Laws; SC General Assembly Current Legislation landing page; SC Judicial Department (including advance sheets - case opinions); SC general state government portal.




8. Wilmington Trust Robert Moser - Either the president of Sun Trust Delaware Trust Company, in Wilmington Delaware, or a Wilmington NC police detective. Take your pick. (Probably others, too.)




9. sc law on payday loans - I have been remiss in not passing along this product before now. The SC Appleseed Legal Justice Center has published a fantastic resource for this topic - “Payday Lenders And the Law - Know Your Legal Rights Before Turning That Check Into Cash” (available here in English and here en Espagnol)




10. how to protect yourself if your husband defaults on a loan - Oh, boy. Talk about sensitive topics. While you’re not liable yourself, unless the loan’s for a necessity of life or you cosigned for the loan, it will still affect your financial lives together. My advice, although I’m not a marriage counselor, is to make sure you both fully hash out your financial histories, and have a clear understanding of needs, goals, and expectations (preferably before saying “I do”). After the wedding, the advice is the same for anyone who wants to protect their credit rating: check your credit reports periodically, and make sure you get a look at all three CRAs, not just one (as they each sometimes report different debts). Make sure you know in whose name the debt in your marriage has been placed, and if your name is on that loan, you need to take some responsibility for making sure it gets paid on time.
    

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