Debt Consolidation/Relief Part 2 of 2

In the first part of this series, we covered the misleading things that businesses advertise on television, radio and elsewhere for “debt consolidation” or “debt settlement” services.
If you decide to enter into an agreement with a creditor, or want to fix a bad credit score keep these five things in mind.

How to proceed with the [...]

Debt Consolidation/Relief Part 1 of 2

Hardly a day goes by without seeing on television, or hearing on the radio, a commercial for “debt consolidation” or “debt settlement” services. Often, the ad includes a statement to the effect that if you owe more than $10,000.00 in credit card debt, you have the “legal right” to settle for less. Further, [...]

Chapter 13 Bankruptcy: Individuals

Chapter 13 is a repayment bankruptcy.  It is utilized by individuals, and owners of sole proprietorships or other “mom and pop” businesses, not only to obtain a fresh start, but also to retain their assets and reorganize their financial affairs.
For most individuals with debt problems, the major decision is whether to file for protection [...]

Chapter 11 Bankruptcy: Businesses and Individuals

Chapter 11 bankruptcy is a reorganization. More businesses than individuals file for Chapter 11; it is an orderly process that allows the debtor time and space to reorganize its financial affairs and repay its creditors some or all of the debt owed.
It is a vehicle through which debtors can reject or cancel certain leases, [...]

Chapter 7 Bankruptcy: Businesses & Individuals

The word”bankruptcy” is heard everywhere, from coffee shops to church bazaars and the evening news. It’s clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13.
Chapter 7 is a liquidating bankruptcy.  It is normally utilized to [...]

Credit Report Disputes

People often call our offices for help cleaning up their credit reports.  We suggest they use this letter, provided courtesy of the Consumer Credit Counseling Service of Orange County.
We advise sending the letter to all three bureaus (Equifax, TransUnion, and Experian), by certified mail, return receipt requested, and including their SSN and full legal name [...]

Epicentre Contractors Turn to Bankruptcy

Contracting has always been a tough business. Subcontractors often make payroll and provide supplies and labor to a project months before they are paid by the general contractor or owner.
In the case of Charlotte’s Epicentre, a stop work order strangled cash flow for both the developer and the contractors. We’re still seeing clients whose financial [...]

Foreclosure Prevention Resources

To supplement our series for Distressed Homeowners, I found some resources to help preserve home ownership, avoid foreclosure, and protect against foreclosure and debt elimination scams.
Before you work with a firm that claims it can help you “rescue” you from foreclosure be sure to familiarize yourself with:

Foreclosure “rescue” and refinance fraud
Fake “government” modification program
Leaseback/rent-to-buy schemes
Bankruptcy [...]

What’s it Cost to File for Bankruptcy?

This requires a two-part answer. First, filing fees must be considered. Filing fees are charged by the bankruptcy court and are due upon filing; these fees help fund the bankruptcy court system. The filing fee for a Chapter 7 bankruptcy is $299.00; for Chapter 13, $274.00; and for Chapter 11, $1039.00. Second, if you [...]

Bankruptcy and Divorce

All too often money problems lead to divorce, and visa versa. Be sure to include a competent bankruptcy attorney on your legal team alongside your family law counsel.

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