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...]
Marital Property and Bankruptcy: Allocating Exempt Property
October 7, 2011 By
Each state has different laws on what is recognized as exempt property, that is, property that is out of the reach of creditors (including bankruptcy trustees). Further, there are federal exemptions. We wrote about this extensively and you may find it helpful reading.Here's the kind of question that occasionally comes up when we counsel a married couple about bankruptcy.Q: The exempt … [Read more...]
Liability for Unpaid Taxes: Five Remedies, Including Bankruptcy
October 3, 2011 By
Often, new client calls to our offices are prompted by the unpleasant discovery that a tax authority wiped out their bank accounts to pay back taxes. Callers want to know if there is anything they can do to get their money back (generally, it’s gone for good) and if bankruptcy is an option for their larger financial troubles. Five options for taxpayers who are unable to pay their taxes in full … [Read more...]
Charlotte Bankruptcy Fees UPDATED
September 22, 2011 By
Yes, it costs money to file for bankruptcy protection. This post covers court costs and legal fees related to Chapter 7, Chapter 13 and Chapter 11 bankruptcy cases.Too often, we counsel folks who qualify for bankruptcy but who’ve been spending their money trying to avoid filing. They spend it on so-called debt relief programs, they spend it trying to keep their home out of foreclosure, and … [Read more...]
Failed Businesses, Bankruptcy and Divorce
August 26, 2011 By
I'm a bankruptcy attorney, not a marriage counselor. But this article in INC magazine resonated with me, based on the number of business owners and their spouses I've seen struggle with the aftermath of a failed business. Here's an excerpt: One reason business failure is so hard on marriage is that the entrepreneur and the spouse experience it differently. The entrepreneur may regret his … [Read more...]
Small Business Forecast for Charlotte: Troubled
August 17, 2011 By
A recent economic report focused on the outlook for small businesses. It highlighted several sectors that are important in the Charlotte region. ...cost and pricing pressures will need to be managed differently depending upon which industry a small business operates. Summarizing these differences for several key industries:The construction industry will face higher costs combined with lower … [Read more...]
Small Business Financial Literacy: The Cash Flow Statement
July 25, 2011 By
When we engage small business owners in a bankruptcy counseling session we often ask, how much revenue does the business need to simply break even: pay its debts and obligations (including payroll and taxes) as they become due? Often, the owner sitting across from the table from us has no idea how to answer that question.This Q&A on small business finance should be read by all small … [Read more...]
Second Mortgages and Bankruptcy
July 15, 2011 By
According to the Wall Street Journal, nearly 40% of homeowners who took out second mortgages are underwater on their loans, more than twice the rate of owners who did not take out such loans. Second mortgages have made it more difficult for troubled borrowers to negotiate loan modifications with lenders. Economists say borrowers with second mortgages on homes that are underwater are far more … [Read more...]
Threatened With Foreclosure? Bankruptcy May Help You Save Your Home
July 12, 2011 By
We have seen how sloppy and aggressive foreclosure processes have taken a toll on homeowners, neighborhoods and the economy in general. Last week's news of a House panel examining lapses and gaps in mortgage servicing regulation caught my attention, but I don't expect a speedy resolution. State attorneys general and the Justice Department are advanced talks with JPMorgan Chase & Co. … [Read more...]
Small Business Capital Event
May 6, 2011 By
Does Your Business Need Money? Connect with lenders, investors, resources and business contacts. One-On-One Meetings with 25+ Funding Sources Small Business Resource Expo Preparing to Access Capital Workshops - putting together your funding proposal - learning the language of funding sources - managing your customer base with your bottom line in mind - understanding equity financing and … [Read more...]