Monthly Archives October 2018

Seniors Increasingly Turning to Bankruptcy

According to the Consumer Bankruptcy Project’s recent study, the rate at which individuals aged 65 years and older are filing for bankruptcy has more than tripled since 1991. As seniors’ reliance on old-fashioned pension plans shifts to voluntary 401(k)-type plans, and as Social Security and Medicare become more restrictive, seniors are finding themselves increasingly unable to cope with rising healthcare costs. If you’re concerned that filing for bankruptcy will affect your retirement accounts, have no fear. Under federal bankruptcy law, almost all tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing, and defined-benefit plans, are exempt in bankruptcy. IRAs and Roth IRAs
Read More

Tie the Knot Twice

The joy and excitement of finding that special someone for a second time in life and entering into a marriage can be quickly dampened by the realities of mixing your individual property together. Excited couples often come in with the idea of having a pre-nuptial agreement or attempting to mesh their estate planning ideas together. Difficulties often arise when the couple has different ideas as to whether the new spouse will be receiving all of their individual property, some of it, or none of it. It is important to work through it so that proper documents can be executed and
Read More

Why Be Embarassed

Even though it may make perfect financial sense for them to file for bankruptcy, some people avoid filing because they feel embarrassed or ashamed. To begin with, any stigma that might be attached to bankruptcy is unwarranted. Failed businesses, severe medical illness and loss of job are just some reasons people file for bankruptcy. The vast majority of people who file for bankruptcy are responsible individuals facing overwhelming circumstances that force them to seek the only legal option open to them. If you’re facing serious debt problems, filing for bankruptcy can be a powerful remedy. It stops most collection actions,
Read More

NOW OFFERING MEDIATION SERVICES

Pruitt Law Offices S.C. is pleased to announce that Attorney Sally Hoelzel is a trained family mediator who is able to act as a neutral facilitator to assist those who wish to pursue mediation as an alternative to the traditional family court process. See our FORMS section or call today for more information.
Read More

Resolving Differences

Divorce can be an emotionally challenging process that involves matters that range from petty to life-changing. While each party wants to get his or her fair share, it is not necessary to go to court to ensure that everyone’s interests are properly addressed.  Divorcing couples have the option to use out-of-court dispute resolution proceedings (mediation) to facilitate a voluntary settlement. These informal negotiations, conducted with or without the aid of attorneys, can be used to mediate many divorce issues:  child custody/placement, support, property division, tax implications and more.  Attorney Sally A. Hoelzel is a trained neutral attorney-mediator and can guide
Read More