As a consumer bankruptcy attorney in Asheville, part of my job is to study the bankruptcy code, and match a client’s available exemptions with their assets. In over 90 percent of the cases, clients are able to protect all of their assets while discharging their unsecured debt. Occasionally, non-exempt equity exists. Just last week, I…
Frequently, during free initial bankruptcy consultations, I spend the majority of my time talking about a potential client’s options outside of bankruptcy. The key step, whether a bankruptcy filing is appropriate or not, is spending time to create a budget. After you have accurate budget information, I recommend asking yourself whether you would be able…
Almost every Chapter 7 bankruptcy client I meet with expresses concern over not paying back their corporate creditors (credit card companies). Meanwhile, their family cuts back on necessary medical care, healthy food, and contributions to retirement accounts. If you are having a hard time financially and share this concern, please read this article from the…
When speaking with a bankruptcy client last week, he said, “I’ve always paid my bills, and eventually I want to pay every penny back to the credit card companies.” I told him while I applaud how noble his thinking was, I also thought it was noble to take care of his wife and children INSTEAD…
Filing a Chapter 7 bankruptcy case to clear away debts before or after getting married will not effect your spouse’s credit in any way. Because married folks usually own assets together (cars, houses, etc.), a bankruptcy case can insure that your creditors will not seek to recover money from property which you own together. The…
Frequently, in my bankruptcy practice, I see people who need Chapter 7 relief because they were overwhelmed with debt after a hospital stay. A man argued before the North Carolina Supreme Court today that a hospital should have to show why it is necessary to charge more than 24 times what a local pharmacy would…
If you live in Western North Carolina and file a Chapter 7 or Chapter 13 bankruptcy case, you might be surprised at how few people find out what you are doing. Usually, the people who will know are: -Your bankruptcy attorney -The bankruptcy trustee (another lawyer in town) -Your Creditors (usually out of state collection…
…in your financial life, go check out Attorney Rod Kight’s new website and blog. The site is full of useful information when you need help. Rod is a friend and attorney committed to serving our community as demonstrated by his involvement with OnTrack Financial, superb reputation around town as a fantastic lawyer, and his commitment…
One of the frustrating parts of the bankruptcy code for me, personally, is the inability of most clients to discharge student loan debt in Chapter 7 or Chapter 13. I believe schools should have to prove the value of the degrees they are issuing (in terms of real jobs produced) before having their loans guaranteed…
I believe the fundamental problem in our nation’s housing crisis is pretty simple: home values are not in line with loan balances. Read why our President’s call for more refinancing does not address the core issue here: The Permanent Foreclosure Crisis. Permanent principal reductions on mortgages save money for people who need it the most…