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?
December 4, 2012 By
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 says, in part: … [Read more...]
How to Decide Whether Bankruptcy is Right for You
November 30, 2012 By
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
August 25, 2012 By
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?
October 14, 2010 By
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
September 22, 2010 By
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...]
Charlotte Bankruptcy Education for Realtors & Financial Professionals
January 19, 2010 By
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...]
Small Business Bankruptcy Basics
October 30, 2009 By
My friend and fellow bankruptcy attorney Susanne Robicsek and I recently spoke to a group of local small business owners gathered at Central Piedmont Community College in Charlotte, North Carolina. In this tough economy business owners are wise to acquaint themselves with the legal options they may need to employ if their companies hit the shoals. It was a pleasure spending an afternoon trying … [Read more...]
Moving Through the Python, Bankruptcy Cycles
August 12, 2009 By
Yesterday's Charlotte Observer article (wherein I'm quoted) explains why we're only seeing the front end of the bankruptcy python for real estate developers, small businesses and individuals. While the Western District of North Carolina has seen more bankruptcy filings in eight months of this year than in all of 2008, most experts expect filings to increase through 2010 and pass all previous … [Read more...]
I don’t want to file, but should I?
August 4, 2009 By
Some people are not good candidates for bankruptcy, including: Those with too many non-exempt assets; for them, we develop asset planning & protection strategies Those who cannot afford to file bankruptcy Those with no income or who have so few non-exempt assets that they are essentially “judgment proof” Those with finances so complicated by trusts and tax shelters … [Read more...]