Board Certified Specialist in Bankruptcy
A recent economic report focused on the outlook for small businesses. It highlighted several sectors that are important in the Charlotte region. ...cost and pricing pressures will need to be managed differently depending upon which industry a small business operates. Summarizing these differences for several key industries:The construction industry will face higher costs combined with lower … [Read more...]
While most people have some familiarity with the concept of bankruptcy under federal law, many people are unaware of the concept of receivership under North Carolina law. What is receivership? In a receivership, the debtor’s affairs are generally wound down and the debtor dissolved (if it is a corporate entity); however, it is possible for the debtor to regain control of its financial … [Read more...]
Here is a cautionary tale for those considering costly litigation: it might force you out of business.This summer, the U.S. Bankruptcy Court for the Western District of North Carolina approved the sale of a manufacturer's assets as part of its Chapter 11 bankruptcy case filed by Mitchell & Culp, PLLC.The Chapter 11 case was filed in 2010 in order to allow the debtor to reorganize its … [Read more...]
This video of a Charlotte, NC family being foreclosed upon by their homeowners association (HOA) is a cautionary tale illustrating the power of HOAs.If you are facing a foreclosure by your homeowners association, or are substantially behind on HOA dues and have concerns about how to resolve this, you are not alone and a bankruptcy filing may be a viable solution. A story in The … [Read more...]
When we engage small business owners in a bankruptcy counseling session we often ask, how much revenue does the business need to simply break even: pay its debts and obligations (including payroll and taxes) as they become due? Often, the owner sitting across from the table from us has no idea how to answer that question.This Q&A on small business finance should be read by all small … [Read more...]
According to the Wall Street Journal, nearly 40% of homeowners who took out second mortgages are underwater on their loans, more than twice the rate of owners who did not take out such loans. Second mortgages have made it more difficult for troubled borrowers to negotiate loan modifications with lenders. Economists say borrowers with second mortgages on homes that are underwater are far more … [Read more...]
We have seen how sloppy and aggressive foreclosure processes have taken a toll on homeowners, neighborhoods and the economy in general. Last week's news of a House panel examining lapses and gaps in mortgage servicing regulation caught my attention, but I don't expect a speedy resolution. State attorneys general and the Justice Department are advanced talks with JPMorgan Chase & Co. … [Read more...]
This article on hiring a bookkeeper resonates with me, because I so often see business owners who could have avoided bankruptcy if they had done so. Entrepreneurs thrive on a DIY mentality: Do everything you can yourself and don't pay for anything new until you have absolutely have to. It's especially difficult to justify hiring financial help like a bookkeeper.With user-friendly software … [Read more...]
You probably landed on this page after a search engine brought our firm to your attention. Most people begin their search for a Chapter 13 bankruptcy lawyer in this exact way. Now you must narrow your search.When hiring a law firm or lawyer to represent you in the courts, we suggest that you ask prospective firms whether you will be dealing with a partner or an associate throughout your … [Read more...]