I have fallen behind on my mortgage. What happens now?

As an attorney practicing bankruptcy law in Asheville, NC, I frequently sit down with folks who have for one reason or another fallen behind on their mortgage payments.  They are wondering about when the mortgage company can foreclose, and what that process entails. First Mortgage Default After falling behind about 3-4 months on your first…

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Bankruptcy Alternatives: Debt settlement vs. bankruptcy

As an Asheville bankruptcy attorney, I speak with potential clients about their alternatives to bankruptcy during their free, initial consultation.  Many clients are concerned about preserving their credit moving forward, and wonder if proposing a 30%-50% settlement to their creditors is better than filing for Chapter 7 or Chapter 13. Advantages of Debt Settlement Avoiding…

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A collector is threatening to sue me. Am I judgment proof?

As a bankruptcy attorney in Asheville, close to half of the people I meet for free, initial consultations are judgment proof.  This means creditors have virtually no way to collect money or property from them under North Carolina law.  You are judgment proof if all of the property you own fits within the North Carolina…

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Can I Keep My Home and File a Chapter 7 Bankruptcy Case?

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…

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Can I pay back a relative, and then file a bankruptcy case?

As an Asheville bankruptcy lawyer, I speak with people every day who are trying to find creative ways to make ends meet.  A common strategy, when folks suffer financial strain, is to borrow money from a loved one.  Before paying back friends or family, consider the effects it may have on your bankruptcy case. What…

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Bankruptcy Myths

As an Asheville bankruptcy attorney, I hear a lot of misguided ideas potential clients have heard from friends or debt consolidation salesmen.  If you are under financial strain, it is important to separate fact from fiction before making a decision about your next steps.  Here is a list of common bankruptcy myths which paralyze people,…

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