August 16, 2017

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...]

My Parents’ House is in Foreclosure, What Can I Do?

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...]

Can my Homeowners Association (HOA) force me into Foreclosure?

This video of a Charlotte, NC family being foreclosed upon by their homeowners association (HOA)  is a cautionary tale illustrating the power of HOAs and is one reason I wrote this . If you are facing a foreclosure by your homeowners association, or are substantially behind on HOA dues and have concerns about how to resolve this, you are not alone and a bankruptcy filing may be a viable … [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...]

Senior Citizens and Student Loans

Student loans are often in the news, but a Washington Post article in April of this year examined the increasing problem of senior citizens with student loan debt. New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt. More than 10 percent of those loans are … [Read more...]