As an Asheville bankruptcy lawyer, I speak with people about their tax debts on a daily basis.Although many recent taxes are ‘priority debts,’ which are not dischargeable in a Chapter 7 bankruptcy, the bankruptcy code does provide relief. First, many taxes are labeled ‘non-priority,’ and can be discharged in a Chapter 7 case just like…
As an Asheville bankruptcy lawyer, I frequently explain that disclosing and valuing assets is an important part of protecting the stuff you own in a bankruptcy case. You can assign a value to your house, cars, or personal property before filing for Chapter 7 or Chapter 13.The value you assign will serve as a guide…
As an Asheville bankruptcy lawyer, I talk about options for homes with people who are facing difficult financial circumstances.Generally, if you want to keep your home, the most important thing moving forward is your ability to continue making the mortgage payments. Chapter 7 v. Chapter 13 Bankruptcy In a Chapter 13 bankruptcy case, the bankruptcy…
As an Asheville bankruptcy lawyer, I speak about the costs of filing a bankruptcy case at every initial consultation.Part of figuring out a strategy to improve your financial situation is evaluating the costs of filing a bankruptcy case, and comparing those with the costs of not filing a case. Are you currently making payments on…
As an Asheville bankruptcy attorney, I hear from many clients after they get served by the sheriff with a collections lawsuit. A suspicious knock on the door inspires fear and more stress about a client’s financial trouble. My initial reaction when fielding such a call is, “Don’t panic, you have options, lets get you on…
As an Asheville bankruptcy lawyer, I recommend filing bankruptcy cases to clients when I feel it will improve their financial condition.Chapter 7 and Chapter 13 both have advantages and disadvantages.My job is to explain to clients which financial tool will help them more, and recommend a path forward based on the specifics of their situation.…
As an Asheville bankruptcy attorney, I spend a large portion of initial consultations discussing the negative consequences of filing a case.One fear which is often overblown, in my view, is the effect of a filing on your credit score. Many folks incorrectly think they will not ever have access to credit again or will not…
As an Asheville bankruptcy lawyer, I frequently advise people against filing a bankruptcy case when they have recently paid back a relative or family member.Making gifts or large payments to family members on the eve of bankruptcy can limit your debt relief options.Much better results can be achieved by filing a bankruptcy case first, and…
As an Asheville bankruptcy lawyer, I ask clients all the time whether they have any retirement savings. All too often, I hear, “Not anymore.” North Carolina’s exemption laws, and federal exemption laws, protect money in a retirement account from creditor levies or liens.This is a reason why lawsuits and court proceedings are inefficient for creditors…
In my Asheville, NC bankruptcy law practice, I meet with people daily who have damaged credit scores.Their scores have typically been weighed down by 30 and 60 day late payments being reported by their creditors month after month.Although a bankruptcy filing is a negative which stays on your credit report for 10 years, it will…