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...]
I belong to a number of professional organizations, including the American Bankruptcy Institute (ABI). As a bankruptcy attorney, I wish more young people included financial literacy and personal finance in their high school and post-secondary education. The Credit Abuse Resistance Education (CARE) Program is a good place for both students and parents (and unsophisticated consumers) to … [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...]
Clients often ask us whether filing a bankruptcy case will affect their eligibility for student loans. Generally, these are parents who plan to seek PLUS loans for their kids’ college educations, but sometimes it is the client who plans to go back to school and needs financial assistance in order to do so. The bankruptcy code is specific The Bankruptcy Code contains a specific provision … [Read more...]
On December 13, 2011, the President signed into law H.R. 2192, the National Guard and Reservist Debt Relief Extension Act of 2011. My dad retired from the Army Reserves as a lieutenant colonel, and we are all aware of the sacrifices made by those on active duty. That’s why I’m happy that this law exempts certain military and homeland defense members from a means-test presumption of abuse … [Read more...]
North Carolina Supreme Court's Rules require that most cases be referred to the Mediated Settlement Conference Program before trial. I chose to become a certified mediator after 20+ years of litigating cases and seeing the program at work first hand. I've seen the benefits of mediation as compared to litigation, most notably the drastically-reduced legal fees and speedy resolution. Reduced … [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...]
We’ve been seeing more new folks with an interest in “debt resolution” – either they are considering joining a program, or made the mistake of joining one and now need a bankruptcy lawyer to pick up the pieces. Most of these new clients are motivated by a desire to “do the right thing” and honor their debts, and thus try to avoid bankruptcy, or don’t understand how bankruptcy … [Read more...]
Bankruptcy Protection for Developers, Contractors, Subcontractors and Vendors Perhaps because of the stigma of bankruptcy, or desperation to hold on to something they can no longer afford, we see clients who act against their own financial interests. They do things that can’t be undone or mitigated when they finally do file for bankruptcy protection. We see this acutely in the construction … [Read more...]