As an Asheville bankruptcy lawyer, I ask clients all the time whether they have any retirement savings. All too often, I hear, “Not anymore.” North Carolina’s exemption laws, and federal exemption laws, protect money in a retirement account from creditor levies or liens.This is a reason why lawsuits and court proceedings are inefficient for creditors…
Here’s a hypothetical fact pattern for an initial consultation bankruptcy consultation: I sat down with the potential client for an initial consultation, and began talking about the things she owned.She gave me an uneasy look, and shifted in her chair.I repeated the question, “Do you own any jewelry?” She looked at her husband then back…
As an Asheville bankruptcy attorney, I speak to people daily about the differences between debt settlement programs and filing a bankruptcy case.People enter debt settlement programs with very good intentions:they want to avoid a bankruptcy case.Unfortunately, debt settlement companies overpromise and often spend the bulk of their company’s resources on sales and marketing. Listen to…
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…
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…
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…
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…
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,…
As a bankruptcy attorney in Asheville NC, I counsel people who have tried to stop automatic bank drafts to a specific creditor but end up with more overdraft fees from their own banks instead. Last week, I met with someone who was charged over $300 because a draft they had already called their bank to…