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...]
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...]
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...]
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...]
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...]
Sports fans familiar with some University of Miami football players' affiliation with Nevin Shapiro, a convicted Ponzi schemer who reportedly lavished them with gifts, may not realize that those same players may find themselves facing Shapiro's bankruptcy trustee. "Certainly, we have reviewed the various reports regarding certain athletes receiving, cash, gifts, and other benefits from Mr. … [Read more...]
Unfortunately, divorce usually requires some consideration of the estranged spouses’ assets and liabilities. Most married couples incur joint debts during their marriage, meaning that both spouses are liable for the debt. Here are some general thoughts to consider if you find yourself contemplating, or going through, a bankruptcy and divorce in North Carolina. Creditors don't care about … [Read more...]
Almost every client we see with unpaid taxes has been solicited by companies claiming they can fix the problem for good. They claim they have special relationships with the IRS or state department of revenue. They claim they have special expertise. They claim all sorts of things. And yes, even lawyers pose as tax-relief specialists and debt settlement companies.One California law firm making … [Read more...]
An industry publication recently analyzed U.S. personal bankruptcy filings, finding that despite bankruptcy reform efforts designed to make filing and eligibility for Chapter 7 more difficult, the recession has forced filing rates up to the point they were before the reform.In 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was signed into law, and continues to be … [Read more...]