Board Certified Specialist in Bankruptcy
We've been writing a great deal lately about financial coping through a prolonged period of unemployment. If you feel you're alone in your financial predicament, here's a wider view of the national landscape. Below the chart, watch a video on preventing employment fraud schemes (from the Better Business Bureau). … [Read more...]
This week The Charlotte Observer that GMAC's mortgage troubles have spread from the original 23 states reported in early September. In a letter sent to GMAC this week, N.C. Assistant Attorney General Philip Lehman said the state has received information indicating that GMAC Mortgage employees "routinely signed off on large numbers of (foreclosure) affidavits" without properly reviewing them. … [Read more...]
The 57-year-old woman featured in this NYT story paid her home off but may lose it in foreclosure because she cannot pay her property taxes. She is not alone. According to the article it will take years to absorb the giant pool of unemployed at the economy’s recent pace: Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six … [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...]
This NYT article reports that GMAC has halted foreclosures in 23 states. For homeowners in North Carolina here's the noteworthy aspect of the article: States where the moratorium is being carried out include New York, Connecticut, New Jersey, Illinois, Florida and 18 others, mostly on the East Coast and in the Midwest. All of the affected states are so-called judicial foreclosure states, where … [Read more...]
We find that many people in financial distress owe taxes in addition to credit card bills and student loans and business debts. Before you succumb to an offer by a so-called tax specialist, educate yourself. MYTH: Income taxes are never dischargeable in a bankruptcy case TRUTH: Income taxes may be dischargeable in a bankruptcy case. Dischargeability depends on a number of factors, including, … [Read more...]
Earlier this summer Standard and Poors published an article that included data on Charlotte North Carolina home prices, reporting that home prices slipped 2.8% from last year (May 09 to May 10). The big picture: foreclosures, home prices, personal finance Foreclosures tend to drag down home prices, complicating the housing market's struggle to recover. The housing rebound that economists once … [Read more...]
More news on mortgage modification trends. The WSJ reports that borrowers who receive a permanent mortgage modification still have lots of other debt. The median ratio of total debt payments to pretax income stands at 63.5%. This means 20% of borrowers (or more) with permanent modifications are likely to re-default, primarily because of those high debt levels. If you have significant … [Read more...]
Unfortunately, in this recession, bankruptcy and debtor/creditor relations is a growth industry, and as such there are some Johnny Come Latelys. The fact is, experience counts, and the cheapest bankruptcy attorneys in town are not the most experienced. When it comes to handling your financial concerns, you want experience. When we meet with new clients, we sometimes find out that they've … [Read more...]
The latest report from RealtyTrac concerning foreclosures says, "The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market." Based on … [Read more...]