Skippy and Nacho were looking at a new living room suite in the furniture store. Nacho says to the salesman, “We really like it, but I don’t think we can afford it.” The salesman says, “You just make a small down payment… then you don’t make another payment for six months.” Skippy wheels around, hands…
DetailsBankruptcy clients are usually concerned about what they are going to do with their homes after the value has dropped substantially. Many homeowners rely on savings, credit cards, and other debt to finance their lives while protecting their homes. The result is that most clients need bankruptcy to escape debt while also needing to modify…
DetailsFor most, bankruptcy is a last resort. It can be helpful for folks who have tried just about everything else to get the bills paid, but are still falling further behind. One honest way to try to make through is to cash out retirement savings. There are a couple reasons using these accounts is probably…
DetailsWhen people are in financial trouble, they often get creative in trying to solve their problems. After all, nobody WANTS to file bankruptcy and most people are willing to do whatever is necessary to avoid it. Sometimes, this can just dig the hole deeper. The best time to consult with a bankruptcy attorney is when…
DetailsMany clients come to see me after struggling to get their mortgage modified by their lender. If this is happening to you, you are not alone. Read today’s Charlotte Observer article.
DetailsIn 2005, the bankruptcy rules changed making it more difficult to for people to become eligible to file for Chapter 7. One key ingredient in determining what someone’s options are is to determine whether they are above or below the median income. If a person or family is below the median income, they most likely…
DetailsIn Chapter 7 cases, you generally have the following four choices: If the collateral is real estate and your payments are current on the date that you file the Chapter 7, and your equity in the collateral is covered under the exemptions, you may keep the property so long as you continue to make the…
DetailsThe housing crisis has affected almost everyone. Homeowners have seen the values of their homes drop dramatically leading some to question whether continuing to pay their underwater mortgage is smart. I think in some situations, walking away from a home that you can’t afford is the best choice. However, banks and the government are making…
DetailsYou’re probably already aware that filing bankruptcy will immediately halt all of your creditors’ collection attempts, including phone calls. But you can also make them stop just by retaining an attorney. Once I’m retained, I tell my clients to say: “I’ve retained an attorney to assist me in filing for bankruptcy, please contact him,” and…
DetailsWatching the World Series? The Rangers are another example of how bankruptcy can help. They declared bankruptcy this year, and are playing to win their very first world championship this week. The Rangers’ story illustrates how bankruptcy is a tool used to get another chance, not the end of the road. The bankruptcy laws were…
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