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 an Asheville bankruptcy lawyer, I recommend filing bankruptcy cases to clients when I feel it will improve their financial condition.Chapter 7 and Chapter 13 both have advantages and disadvantages.My job is to explain to clients which financial tool will help them more, and recommend a path forward based on the specifics of their situation.…
As an Asheville bankruptcy attorney, I help people make decisions about what to do when they fall behind on their mortgage. An article which I contributed to (along with William J. Whalen at Pisgah Legal, and Walton Davis at Stone & Christy, PA) outlines some good advice in yesterday’s Asheville Citizen-Times. Here is a link…
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…
Yes, as an Asheville bankruptcy lawyer, I file individual Chapter 7 and Chapter 13 cases. An individual filing will not affect the non-filing spouse’s credit rating or appear on their credit report. Married couples are also allowed to file ‘jointly,’ where both spouses open a bankruptcy case together. The critical factor to keep in mind…
Everybody knows that they can discharge debts in a bankruptcy case. What fewer people know is that a Chapter 7 or Chapter 13 case also has the positive effect of protecting essential assets. A bankruptcy case, however, cannot protect what you have given away, sold, or used up. If you are one of those potential…
Under bankruptcy statute 11 USC 1326(a), the first Chapter 13 plan payment is due within 30 days of filing a case. By timing when you file a case properly, we can sometimes avoid making a month of mortgage payments or car payments in order to improve your household’s cash flow. In short, by skipping a…
Most of the time, exemptions allow you to protect all of your assets. Bankruptcy exemptions enable a client to protect property they own while exercising their right to debt relief in a Chapter 7 or Chapter 13 case. In Chapter 7, over 95 percent of filers use exemptions to keep/protect everything they own. In Chapter…
As an Asheville bankruptcy attorney, I meet almost every day with someone who is behind on real estate mortgage payments. Depending on your goals, various options exist via Chapter 7 and Chapter 13 bankruptcy cases. If you want to keep the property: Chapter 13 is a type of bankruptcy designed to help you “catch-up” on…
North Carolina laws allow a person to protect certain property from creditors. Generally speaking, exemptions in bankruptcy define what property a person gets to keep in a Chapter 7 bankruptcy case. In a Chapter 13, exemptions are important as well because they help determine how much money needs to be paid to unsecured creditors. Currently,…