As a bankruptcy attorney in Asheville, one of my primary goals is to establish and protect retirement funds for my clients. Very few people can work until the day they die. Protecting client accounts and contributing to retirement accounts (instead of paying credit card minimums) after a bankruptcy filing are almost always a part of…
North Carolina laws allow a person to protect certain property from creditors. Generally speaking, exemptions in bankruptcy define what property a person gets to keep in a Chapter 7 bankruptcy case. In a Chapter 13, exemptions are important as well because they help determine how much money needs to be paid to unsecured creditors. Currently,…
As a lawyer filing bankruptcy cases around Asheville, I frequently advise folks who qualify for relief against filing a case. Although achieving a discharge would be a relatively simple process for them, if they cannot make ends meet after their bankruptcy case ends, the relief will be short-lived. News arrived yesterday that 500 new jobs…
There are a variety of reasons, but if you have an adjustable rate mortgage, read this story about Barclays Bank increasing your mortgage payment by criminally manipulating the LIBOR rate. They settled for $450 million dollars, and their chairman resigned (because they got caught). The LIBOR rate is used frequently to gauge when mortgage interest…
A very common question I discuss at initial bankruptcy consultations at my Asheville office is whether the IRS will treat discharged debts as income. Simple answer: No. Allow me to explain why. When someone negotiates a settlement with a credit card company, the forgiven portion of the debt is treated as income by the IRS. …
My bankruptcy law practice in Asheville allows me to meet people from all walks of life. Overwhelmingly, my clients are embarrassed to even be asking for help. I constantly remind them that a bankruptcy filing is not about the past, its about their future. The sour economy has wreaked havoc on the middle class. This…
The most frequent question I get asked at my bankruptcy law firm in Asheville, North Carolina office is a good one: What types of debt will be discharged in my bankruptcy case? In Chapter 7, most people are able to keep all of their belongings, and eliminate the following types of debt: 1. Credit Card…
My bankruptcy law office in Asheville, North Carolina stays busy. Almost every day I meet with clients or potential clients scared of filing a bankruptcy case because the process for filing Chapter 7 or Chapter 13 feels daunting to them. Usually, I respond by saying, “Your bankruptcy case will be relatively simple. The key to…
If you are currently in or thinking about using a debt settlement program, contact a bankruptcy attorney’s office to figure out your other options during a free, initial consultation. The ads online and on television scream, whatever you do, “Don’t file a bankruptcy case!” This marketing pitch, being sold mainly by non-attorneys who are not…
There is never a perfect time to file a bankruptcy case. When people come to talk to me about a filing for Chapter 7 or Chapter 13 at my Asheville, North Carolina bankruptcy law office, we almost always talk about their budget and how they are paying their bills right now. Ideally, clients should wait…