Board Certified Specialist in Bankruptcy
This month we've run a series for distressed homeowners and published NC foreclosure data. To round out our coverage on the topic I want to discuss a paper written by James E. Rogers of the University of Arizona's College of Law because it runs counter to what people generally believe is happening with people "walking away" from their mortgages. Professor Rogers says most homeowners continue to … [Read more...]
Charlotte has fared better than other cities at the hands of USAirways, but it hasn't been easy for those who've been laid off, furloughed or left doing the work of their former coworkers. CEO Doug Parker says analysts predict the airline will lose $600 million this year and obviously such losses are untenable. Management will continue to explore ways to cut costs and grow revenues. Seek Sound … [Read more...]
This week's USAToday ran a helpful story analyzing changes in credit scoring in the face of developments in this Great Recession. Highlights: Lenders are closing credit card accounts and lowering credit limits for millions of consumers and business owners who have never paid late. Some lenders are reporting mortgage modifications in a way that dings consumers' scores, dealing a setback to … [Read more...]
Immediately, several new federal regulations on credit card issuers become effective, including: Creditors will be allowed to avoid future interest-rate increases and pay off any outstanding balance over time under the original rate terms. Bills must be mailed at least 21 days before their due dates and provide at least 45 days' notice before making a significant change to their rates or … [Read more...]
Since our firm is a member of the Better Business Bureau, I read the BBB's weekly updates. This week the BBB recommended an article on small businesses and credit cards that got my attention because it mirrors what we see with our small business clients who come in for credit card counseling and bankruptcy counseling. Wisdom from the Kauffman Foundation According to a study released by the … [Read more...]
We get calls asking for a "medical bankruptcy" nearly every day. There is no such thing. Medical bills are similar to credit cards -- unsecured debt When you file for bankruptcy protection, your medical creditors are in your filing alongside all the others, including credit cards, vehicles, real estate, business loans you guaranteed, etc. That said, medical bills are often a factor in the … [Read more...]
Some people are not good candidates for bankruptcy, including: Those with too many non-exempt assets; for them, we develop asset planning & protection strategies Those who cannot afford to file bankruptcy Those with no income or who have so few non-exempt assets that they are essentially “judgment proof” Those with finances so complicated by trusts and tax shelters … [Read more...]