As an attorney practicing bankruptcy law in Asheville, NC, I frequently sit down with folks who have for one reason or another fallen behind on their mortgage payments. They are wondering about when the mortgage company can foreclose, and what that process entails. First Mortgage Default After falling behind about 3-4 months on your first…
As an Asheville bankruptcy attorney, I speak to people daily about rebuilding their credit scores after filing a bankruptcy case. Bankruptcy cases usually are used as a tool to speed up financial recovery while protecting assets at the same time, and a credit card can help increase your credit score post-filing. My good friend and…
As an Asheville bankruptcy attorney, I speak with potential clients about their alternatives to bankruptcy during their free, initial consultation. Many clients are concerned about preserving their credit moving forward, and wonder if proposing a 30%-50% settlement to their creditors is better than filing for Chapter 7 or Chapter 13. Advantages of Debt Settlement Avoiding…
As a bankruptcy attorney in Asheville, close to half of the people I meet for free, initial consultations are judgment proof. This means creditors have virtually no way to collect money or property from them under North Carolina law. You are judgment proof if all of the property you own fits within the North Carolina…
As a bankruptcy attorney in Asheville NC, a big part of my job is to help clients achieve the best financial outcome possible after they have decided to file a case. Filing for bankruptcy is a tough decision which should only be made after a clear plan for recovery has been established. It may be…
Yes, the requirement is that you continue to make your monthly payments on time. In North Carolina, you would need to protect the equity, or the value of home minus the balance of any mortgages. There is an exemption limit of $35,000 per spouse ($70,000 for joint filers). So, if you own a house worth…
As an Asheville bankruptcy lawyer, I speak with people every day who are trying to find creative ways to make ends meet. A common strategy, when folks suffer financial strain, is to borrow money from a loved one. Before paying back friends or family, consider the effects it may have on your bankruptcy case. What…
As an Asheville bankruptcy attorney, I hear a lot of misguided ideas potential clients have heard from friends or debt consolidation salesmen. If you are under financial strain, it is important to separate fact from fiction before making a decision about your next steps. Here is a list of common bankruptcy myths which paralyze people,…
As a bankruptcy attorney in Asheville NC, I counsel people who have tried to stop automatic bank drafts to a specific creditor but end up with more overdraft fees from their own banks instead. Last week, I met with someone who was charged over $300 because a draft they had already called their bank to…
As an Asheville bankruptcy attorney, Spring is my busiest time of year. Tax refunds are a reason bankruptcy filings go up. Why spend refund money on credit card minimums when you can wipe out your debt by filing a Chapter 7 case? With careful planning, you can file for bankruptcy and keep your tax refund.…