May 28, 2017

What to do When Creditors Call You at Work

Creditors and collection agencies use so-called "robo-dialing" technologies to call debtors at work, home and on their cell phones day after day.  The best advice is to not talk to them, unless you have a proposal for repaying the debt in full. If you have a smart phone, you can set it to "reject" the call, but of course this won't make your debts go away. You can send a cease and desist … [Read more...]

Is Bankruptcy Right For Me? Questions to Ask Yourself

There are some things regarding family finances that serve as a warning that the family should take a good hard look at their financial situation and determine how to remedy the situation.  I have listed some of these below.  If your family has had one or more of these happen, do not put off addressing what may be in your financial future. 1.  There are months in which there is not enough money … [Read more...]

I’ll Just Ignore the Certified Letters

Some people think they can tie their creditors' hands by ignoring requests for payment or by contesting their debts with a credit bureau. They also call my office for help cleaning up their credit reports, which is not a service I offer. If you wish to dispute an entry to your credit report, I suggest you use this letter guide, provided courtesy of the Consumer Credit Counseling Service of … [Read more...]

Doesn’t the IRS Say My Debt Forgiveness Income Can’t Be Taxed?

All this talk about mortgage principal reduction and mortgage modification in the general press is incomplete and often confusing. People searching for answers can even find that information on government websites is too general for their specific needs. Take, for example, debt forgiveness income. This IRS page on The Mortgage Forgiveness Debt Relief Act and Debt Cancellation is helpful. Is … [Read more...]

How to Decide Whether Bankruptcy is Right for You

There are financial and emotional reasons to seek bankruptcy protection. Let's consider both categories. Financial questions to ask yourself Are you able to make more than a minimal payment on your debts every month? How many times in the last year have you been late or skipped a payment on a debt? What is your total debt relative to your annual income? The higher your debt to annual … [Read more...]

What to Look for in a Bankruptcy Attorney: Experience

Unfortunately, in this recession, bankruptcy and debtor/creditor relations is a growth industry, and as such there are some Johnny Come Latelys. The fact is, experience counts, and the cheapest bankruptcy attorneys in town are not the most experienced.   When it comes to handling your financial concerns, you want experience. When I meet with new clients, I sometimes find out that they've … [Read more...]

Challenge Your Foreclosure?

For struggling homeowners trying to avoid foreclosure, the processing errors admitted to by GMAC and Chase could mean an opportunity to challenge the banks. If you can stomach a bit of crude humor, Jon Stewart sums up the situation rather well. Mon - Thurs 11p / 10c Foreclosure Crisis On a more serious note After 40 years of helping families and businesses … [Read more...]

Bankruptcy Counseling instead of Head in the Sand

I won't weigh in on the remedies prescribed by economist David Rosenberg here, but I salute the intelligence of his agreement with my comparison of our economy to a python that just took on a big meal. If you or your business are struggling financially, consulting with our offices might reveal coping strategies for you until better times emerge.  Putting your head in the sand and hoping for … [Read more...]

Income Tax and Bankruptcy

We find that many people in financial distress owe taxes in addition to credit card bills and student loans and business debts. Before you succumb to an offer by a so-called tax specialist, educate yourself. MYTH: Income taxes are never dischargeable in a bankruptcy case TRUTH: Income taxes may be dischargeable in a bankruptcy case. Dischargeability depends on a number of factors, including, but … [Read more...]

Charlotte Bankruptcy Education for Realtors & Financial Professionals

With bankruptcy filings surging, people are turning to non-bankruptcy  financial professionals  for bankruptcy counseling. These professionals include real estate agents, non-bankruptcy attorneys, financial advisors and others. Then there's the internet. It's human nature to try to help a client, but sometimes the advice given by someone with no bankruptcy training can do the person in … [Read more...]