May 28, 2017

How Long Will Creditors Try to Collect on a Judgment?

In my ongoing series of blog posts about debt collection, garnishments, judgments, and how to rebound from financial setbacks I am asked lots of questions. One reader asked what happens when you've proven to the sheriff that all your property is exempt from the judgment. She said, "Do they hawk you for years waiting for your financial situation to improve? What happens if you win the lottery … [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...]

Marital Property and Bankruptcy: Allocating Exempt Property

Each state has different laws on what is recognized as exempt property, that is, property that is out of the reach of creditors (including bankruptcy trustees). Further, there are federal exemptions. I wrote about this extensively and you may find it helpful reading. Here's the kind of question that occasionally comes up when we counsel a married couple about bankruptcy. Q: The exempt … [Read more...]

Commercial Foreclosure: When Can Lenders Foreclose?

I was quoted in The Charlotte Observer in 2009 regarding a $515 million luxury condo, office and retail project in Cornelius, NC that wass being foreclosed upon. Many people are surprised to learn that the developers hadn't missed payments.  Then why the foreclosure?  Because the project wasn't hitting agreed-upon milestones -- the developers hadn't leased enough of the space. This is what is … [Read more...]