As an Asheville bankruptcy attorney, I frequently meet with folks who have been turned down recently by their bank for a mortgage loan. After speaking with the bank, and being rejected because of old debts clouding their credit report, they call me to assess how they can get their financial lives in order. Many times,…
As an Asheville bankruptcy lawyer, I’ve been seeing more and more potential clients consult with me about their equity line balloon payments.Many times, bankruptcy can help a budget work better after one’s mortgage costs increase. The first step in assessing a client’s rights is to figure out what happens at the end of the ‘interest-only’…
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 a bankruptcy attorney in Asheville, I recommend a bankruptcy case for about half the people I meet at an initial consultation.Half of the people I see, in my opinion, are better off not filing a case.For those folks, we spend the bulk of our time together at their free consultation discussing bankruptcy alternatives and…
Yes, the requirement is that you continue to make your monthly payments on time. In North Carolina, you would need to protect the equity, or the value of home minus the balance of any mortgages. There is an exemption limit of $35,000 per spouse ($70,000 for joint filers). So, if you own a house worth…
There are a variety of reasons, but if you have an adjustable rate mortgage, read this story about Barclays Bank increasing your mortgage payment by criminally manipulating the LIBOR rate. They settled for $450 million dollars, and their chairman resigned (because they got caught). The LIBOR rate is used frequently to gauge when mortgage interest…
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…
I see clients all the time who have become aggravated by the short sale process because right when they think they have a deal, their mortgage company changes the terms again. It feels like a hopeless situation waiting on the bank to sign off to let the client move on with their life. I have…
When people come to see me at my Asheville NC office, and are behind on their mortgage or car payments, one option we will discuss is a Chapter 13 bankruptcy (we’ll also talk about Chapter 7). We can reduce your monthly expenses in Chapter 13 by paying your ‘disposable income’ to creditors in a repayment…
Yes, so long as certain requirements are met. An Asheville NC bankruptcy lawyer can guide you through the steps necessary to remove the lien and make the most of the relief offered through the Court. Under 11 U.S.C. 522(f) of the bankruptcy code, a lien can be removed to the extent it impairs an exemption…