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...]
Chapter 7 Bankruptcy: Can I Keep My Home?
March 14, 2011 By
Some Chapter 7 debtors are current on their mortgage obligations at the time of the bankruptcy filing, and there is no equity (value above mortgages and liens on the property) that can be reached by creditors. In this situation, the debtors may keep, and continue to own, the property throughout the Chapter 7 case and after the case it is closed – so long as they continue to uphold their end of … [Read more...]
Chapter 7 Bankruptcy and Financed Personal Property
March 9, 2011 By
Chapter 7 debtors have several options for their personal property (anything other than land or buildings) that is financed and thus subject to a mortgage lien:Surrender. You can surrender (turn in) the property to the lender and discharge the debt. This often makes good sense where a car is underwater (worth less than what’s owed) or is unaffordable.Reaffirmation. “Reaffirmation” … [Read more...]
Filing Chapter 7 Bankruptcy in Charlotte
September 27, 2010 By
The Chapter 7 process starts with a telephone call to our office We obtain some basic information from you over the telephone, and, if appropriate, schedule an initial consultation with you, in our office. There is no charge for the consultation unless and until you hire us.During the consultation, we’ll discuss what you own, what mortgages or liens are on the property that you own, what … [Read more...]
Chapter 7 Bankruptcy: Businesses & Individuals
February 22, 2010 By
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 obtain a “fresh start” for an individual … [Read more...]
Primer for Distressed Homeowners: Part 1 of 3
November 30, 2009 By
With the jobless recovery hitting the Charlotte region particularly hard, we're getting a steady stream of calls asking for help preventing home foreclosures, forced sales and sheriff's sales, and facilitating short sales.The general news press has gotten sloppy in the language it uses for distressed real estate, so let's start there:Forced sale is not used often, but when it is it would … [Read more...]
Charlotte Bankruptcy in the Headlines
October 17, 2009 By
When you've been around as long as I have, you call things as you see them. Maybe that's why reporters call me to comment on high-profile bankruptcy cases. Charlotte's 210 Trade files Chapter 7 Bankruptcy In case you missed my 2-second TV debut last week on WSOC, here's a link to what I said about the 210 Trade condominium bankruptcy filing when the reporter asked if buyers were likely to be … [Read more...]