Board Certified Specialist in Bankruptcy
After several years of speaking with our clients about loan modifications to save homes and hearing a sad litany of misinformation and outright deceptions, it has become painfully obvious that loan modifications are more smoke and mirrors than reality.Does this mean that there is nothing that homeowners can do to try to save their homes? Unfortunately, in most instances the answer is … [Read more...]
Everyone knows that in the event payments are missed, there has been a default. However, many business people overlook the fact that there can and often are other contract provisions that do not involve the payment of money which can trigger a default. These are known as non-monetary defaults.Bank loan agreements, leases, and other types of commercial contracts provide for events of … [Read more...]
People in financial hardship often need income tax relief. Contrary to what many people believe, income taxes can be dis-chargeable in a Chapter 7 bankruptcy case. "Dis-chargeable" means certain income taxes will cease to exist just as other debts. A three-point test to discharge taxes in Chapter 7 bankruptcy In order for tax debt to be dischargeable, the taxes must meet a three-point … [Read more...]
We frequently advise clients who own a small business and find themselves unable to pay either their personal debts, or those of the company.Some of the company’s debts may be personally guaranteed by the individual owner(s). These clients often want to discuss filing a personal bankruptcy in order to deal with their own debts, and also want to file a bankruptcy for their business in … [Read more...]
I recently ran across an article in the St. Petersburg Times involving a person in a Florida bankruptcy case who scheduled very few assets in his bankruptcy filing but conveniently forgot to tell his attorney about $35,850 in an account that he owned. A sharp-eyed Chapter 7 bankruptcy trustee discovered the account. This resulted in the guy losing his account and being convicted of a federal … [Read more...]
Charlotte made the news this week, but not in a way that makes homeowners happy, especially those who are un- or under-employed. The Case-Shiller Home Price Index found that values in the Charlotte market are back down to 2004 levels. In Charlotte, homes are going for 2004 prices. Last year, more than half of the homes sold in surrounding Mecklenberg County were foreclosures, says Mark Vitner, … [Read more...]
I recently filed a Chapter 11 bankruptcy case to stop a foreclosure that was threatening a well known local church, demonstrating the power of the automatic stay. Chapter 11 is not just for businesses Greater Salem Church was threatened with the loss of its church building. The Chapter 11 filing caused the automatic stay to stop the foreclosure proceeding. This will allow the church membership … [Read more...]
For struggling homeowners trying to avoid foreclosure, the processing errors admitted to by GMAC and Chase could mean an opportunity to challenge the banks. If you can stomach a bit of crude humor, Jon Stewart sums up the situation rather well.Mon - Thurs 11p / 10cForeclosure CrisisOn a more serious note After 40 years of helping families and businesses … [Read more...]
I won't weigh in on the remedies prescribed by economist David Rosenberg here, but I salute the intelligence of his agreement with my comparison of our economy to a python that just took on a big meal.If you or your business are struggling financially, consulting with our offices might reveal coping strategies for you until better times emerge. Putting your head in the sand and hoping for … [Read more...]
It's a sign of the times that we too often write about helping small business restructure their enterprises or file for bankruptcy protection. When a piece of news comes across that might help small businesses stay afloat, we're happy to write about it as well. Small Business Lending Success This article in the LA Times caught my attention because it highlights small business lending success. … [Read more...]