Hundreds of thousands of bankruptcy petitions are filed in the U.S. each year. According to the U.S. Bankruptcy Courts, a total of 14,459 new bankruptcy petitions were filed in North Carolina in 2017 alone. Bankruptcy can offer a way for people to find relief from their debts and for businesses to restructure their debts as…
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Will I Lose My Home if I File for Bankruptcy? Due to some prevailing myths about filing for bankruptcy relief, many of my potential clients are under the impression that their home will automatically be sold if they file for bankruptcy. While it’s not impossible for this to happen, losing a home due to filing…
DetailsFind yourself in trouble with debt? There are 5 Courses of Actions When in Debt. Let us clarify trouble with debt is when you are unable to make the payments on outstanding debt along with your monthly expenses. 5 Courses of Actions When in Debt are as Follows Do nothing and keep making minimum payments and or borrowing…
DetailsMany potential clients schedule initial consultations after receiving a summons delivered by the sheriff’s office. As an Asheville bankruptcy lawyer, I know that the uncertainty surrounding a formal legal action is unwelcome and stressful. Although a collection lawsuit can be intimidating, many clients can protect their assets and defeat the action by taking the appropriate…
DetailsAmericans now have more student loan debt outstanding than credit card debt. It’s a huge issue for consumers, and has been for some time now. As an Asheville bankruptcy lawyer, I am hopeful that Congress will take action sooner rather than later to address the limited options students have for repayment. In the meantime, I…
DetailsAs an Asheville bankruptcy attorney, I’ve never met a potential client who wanted to file a bankruptcy case. Most people will do just about anything they can to avoid filing. Many times a consumer’s misguided notion about the bankruptcy process leads them to fall prey to expensive bankruptcy alternatives which make a consumer’s situation worse,…
DetailsAs an Asheville bankruptcy lawyer, I frequently speak to consumers about financial stress. Without a safety net, people fear that an unexpected car repair or medical problem will make it difficult to pay for household necessities which provide safety like housing, food, or utility bills. This article in the Charlotte Observer explains that 66% of…
DetailsGenerally, no. Unlike debt settlement, where consumers frequently have to pay income taxes on the forgiven portion of the amount owed prior to the settlement agreement, debts discharged in bankruptcy usually result in no adverse tax consequences for a consumer. A 1099-C form is sent to taxpayers by a financial institution when it has cancelled…
DetailsYes. Income tax debts can be discharged in either Chapter 7 or Chapter 13 bankruptcy. The Bankruptcy Code requires that income taxes: (1) came due at least three years prior to filing for bankruptcy, (2) had a return filed at least two years prior to filing for bankruptcy, and (3) the tax be assessed at…
DetailsWhile working as an Asheville bankruptcy lawyer, I have spoken with people who never thought they would need help with their bills each month. According to a recent study, over 90% of families suffering from financial stress can trace their problems back to either medical issues, divorce, or a job loss. I’ve never met anyone…
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