If you are suffering from the current economic conditions, you are not alone. The unemployment rate has risen in Western North Carolina again, as reported here. If you find yourself in financial trouble, one of the keys to success is figuring out your options early. At an initial consultation, we can talk about the steps…
When I meet with someone to determine what options they have after falling behind on mortgage payments, we generally look at a couple simple questions. First, we determine if there is any equity in the home. Although this can be a challenge in the current market, websites such as zillow.com help paint a general picture…
If you are feeling stressed out and worried about your finances, you are not alone. Tying Health Problems to Foreclosure is an article which describes a phenomena that I see in my office frequently. As the article points out, when you are worried and don’t know what to do, that anxiety can cause serious health…
Many times I speak with people during an initial consultation for bankruptcy, and they explain how they have done everything in their power to pay their bills. Coming to see me was the last thing they ever wanted to do. Bankruptcy should not be as scary as it is for many people. It is certainly…
Very often, the advice I give to a prospective client at an initial consultation is to stop paying their credit card bills immediately, whether they plan on filing a bankruptcy case or not. “Will I ever be able to get credit again? But they’ll keep calling me until I pay, right?” These questions are asked…
I spoke with a potential client who was behind on her mortgage payments last week. She told me, “I know I have to file for bankruptcy, but I was trying to avoid it to save my home.” Of course, I then explained to her that filing a bankruptcy case was one of the few ways…
The following article published by the American Society of Clinical Oncology illustrates how contracting cancer pushes people into personal bankruptcy at alarmingly high rates. Bankruptcy & Cancer Still, many people in Western North Carolina with medical debt are not getting the help they need. They work hard year after year trying to pay back these…
The concept of “cramdown” in Chapter 13 Bankruptcy can help you keep your car for a lower payment if you are upside down by reducing the principal of your loan and the interest rate you are paying. Let’s look at an example. Suppose you bought a car in 2008 for $20,000. After driving it for…
Many clients come to me focused on getting a Chapter 7 case filed, which I am happy to help with. However, even if you qualify for a Chapter 7, here is a list of some advantages of filing a 13 instead: The upfront costs are lower. Chapter 7 clients are required to establish a payment…
I sat down with a client yesterday who thought she would never get credit again if she decided to file a case. She had talked to a collection agency which implied that a bankruptcy case would mean she would never be able to use a credit card again. The truth is you will receive approximately…