Board Certified Specialist in Bankruptcy
In nearly 40 years of practicing bankruptcy law, I've learned a lot about human nature. One of those things is that the vast majority of people want to pay their debts. Almost invariably, they do not want to file bankruptcy because of the perceived stigma. This is understandable, but it may lead to a decision that in the long run becomes costly and painful. To meet that desire to make good on … [Read more...]
Clients often ask me whether filing a bankruptcy case will affect their eligibility for student loans. Generally, these are parents who plan to seek PLUS loans for their kids’ college educations, but sometimes it is the client who plans to go back to school and needs financial assistance in order to do so. The bankruptcy code is specific The Bankruptcy Code contains a specific provision … [Read more...]
One of the heartbreaking realities of my practice in insolvency law is getting a phone call from an adult child who has just learned that a credit card company has sued or obtained a judgment against his or her parent, or that their parent’s real estate is in foreclosure because of missed mortgage, HOA or real estate tax payments. In my line of work, it is rare to see a senior citizen with a … [Read more...]
Yes, it costs money to file for bankruptcy protection. This post covers court costs and legal fees related to Chapter 7, Chapter 13 and Chapter 11 bankruptcy cases. Too often, I counsel folks who qualify for bankruptcy protection who’ve been spending their money trying to avoid filing. They spend it on so-called debt relief programs; they spend it trying to keep their home out … [Read more...]
On December 13, 2011, the President signed into law H.R. 2192, the National Guard and Reservist Debt Relief Extension Act of 2011. This law exempts certain military and homeland defense members from a means-test presumption of abuse in determining eligibility for Chapter 7 bankruptcy relief. In essence, it extends a similar protection that has been in place for a while now. There is, of … [Read more...]
Filing a Chapter 13 bankruptcy case isn’t as straightforward as a Chapter 7 case. I usually find that my Charlotte area clients who need Chapter 13 bankruptcy protection have issues with businesses and partnerships that need to be unwound or otherwise dealt with; they often have unpaid tax liabilities with the state and IRS; and they may have a number of mortgaged properties and other … [Read more...]
After several years of speaking with our clients about loan modifications to save homes and hearing a sad litany of misinformation and outright deceptions, it has become painfully obvious that loan modifications are more smoke and mirrors than reality. Does this mean that there is nothing that homeowners can do to try to save their homes? Unfortunately, in most instances the answer is … [Read more...]
A report released today by the Institute for Financial Literacy (IFL) shows that the recession is noticeably shifting more middle class Americans into bankruptcy. IFL’s 2008 Annual Consumer Bankruptcy Demographics Report found that the average American in financial distress and seeking credit counseling and financial education is a 35-to-44 year-old married Caucasian with a high school … [Read more...]