Board Certified Specialist in Bankruptcy
The amount of student loans taken out last year crossed the $100 billion mark for the first time and total loans outstanding will exceed $1 trillion for the first time this year, USA Today reported in late 2011. Americans now owe more on student loans than on credit cards, reports the Federal Reserve Bank of New York. Students are borrowing twice what they did a decade ago after … [Read more...]
Some of the best advice a bankruptcy attorney can give is about timing: when to file. In many circumstances, we advise our clients to wait until a date certain to file, and to maintain the status quo until then, which often means dealing with a deluge of creditor and bill collector calls.Just this morning, I e-mailed back and forth with a client who wants and needs to wait until this fall … [Read more...]
Mortgage modifications are rare. Modifications for second mortgages present challenges of their own. Clients who are in financial difficulty are well advised to consider a Chapter 13 bankruptcy case as an option when they are current on their first mortgage but are not paying, in full and on time each month, their second mortgage (including a home equity loan or other debt secured by the … [Read more...]
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...]
This video of a Charlotte, NC family being foreclosed upon by their homeowners association (HOA) is a cautionary tale illustrating the power of HOAs.If you are facing a foreclosure by your homeowners association, or are substantially behind on HOA dues and have concerns about how to resolve this, you are not alone and a bankruptcy filing may be a viable solution. A story in The … [Read more...]
We've given this list to people who have no ability to pay for medical services but don't qualify for Medicaid. Despite promises from health care reform legislation, many provisions of which will not be enacted for a few years, people need help gaining access to medical care NOW.Although medical bills are very often part of a bankruptcy estate, there is no such thing as a "medical … [Read more...]
Unfortunately for those in financial hardship, filing for bankruptcy protection isn't free. Too often, we counsel people who need bankruptcy protection who haven't saved the money for the court costs or attorney fees. And sometimes, we meet with new clients who may have been able to save a troubled business if they’d just gotten some legal advice earlier rather than later. This is usually … [Read more...]
We understand that North Carolina House Judiciary Subcommittee A has scheduled a February 9, 2011 meeting to discuss House Bill 30, version 1, which is a proposal to institute wage garnishment for unpaid judgments. Here's the text of the bill, in its form as of 2/8/11.This proposed act becomes effective October 1, 2011, and applies to civil actions filed on or after that date. However, I … [Read more...]
Rick and Heather are pleased to be recognized by the 2011 edition of North Carolina Super Lawyers , Rick as a Super Lawyer and Heather as a Rising Star.Rick is recognized by his peers for excellence in the practice areas of Bankruptcy & Creditor/Debtor Rights (80%), Tax (20%). 2011 marks the fourth consecutive year he has been so honored.Heather won recognition as a "Rising Star" in … [Read more...]
We all love stories about the "little people" who prevail against the "big bad banks." Recent stories about the so-called "robo-signing" debacle have fueled hopes among people facing foreclosure that they may be able to buy themselves some time or even slip through the clutches of predatory lenders altogether. More luck than legal basis Then there's the story about a Florida woman who's been … [Read more...]