Board Certified Specialist in Bankruptcy
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...]
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...]
With 23.5 percent of Charlotte metro area homes valued at "negative equity" (or near it) mortgage holders are looking for exit strategies, including short sales.An article in Charlotte Magazine described the dynamics behind the "surge" in short sales like this: Legal challenges have put a halt to many foreclosures, and the government is encouraging banks to accept short-sale offers from … [Read more...]
Individuals in need of Chapter 13 bankruptcy protection often begin searching for a law firm on the internet, a confusing endeavor at best thanks to the troubled economy because the demand for bankruptcy lawyers has increased faster than the supply of knowledgeable and experienced practitioners.How do we know this? Because we so often find ourselves unwinding the messes that … [Read more...]
Many of our bankruptcy clients who are homeowners have been in contact with their mortgage company in an effort to modify their mortgages and keep their home. Most of them are behind on their mortgage payments either because of a trial modification at a reduced monthly payment, or because they simply cannot timely pay their entire regular monthly payment.In either situation, after a bankruptcy … [Read more...]
Charlotte made the news this week, but not in a way that makes homeowners happy, especially those who are un- or under-employed. The Case-Shiller Home Price Index found that values in the Charlotte market are back down to 2004 levels. In Charlotte, homes are going for 2004 prices. Last year, more than half of the homes sold in surrounding Mecklenberg County were foreclosures, says Mark Vitner, … [Read more...]
9-22-11:THIS POST HAS BEEN SUPERSEDED BY THIS ONE. DISREGARD ALL INFORMATION BELOW.Yes, it costs money to file for bankruptcy protection. 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 making every attempt to … [Read more...]
This chart proves that small businesses here in Charlotte are not alone in complaining about tight cash flow. With bank financing so difficult to obtain, it's no wonder owners turn to the only source of cash flow they can obtain: credit cards.The reason for going into business is to MAKE MONEY. A business exists to pay its owners, not the other way around. Too often we see business owners … [Read more...]
RealtyTrac is chock full of information about foreclosure trends. Here's a map of Mecklenburg County's foreclosure hot spots based on September 2011 data. The Charlotte region leads the state in the number of foreclosures.We wish more Charlotteans at risk of losing their homes educated themselves and this series we wrote on foreclosure is a good place to start.For answers to your specific … [Read more...]
The Chapter 7 process starts with a telephone call to our office We obtain some basic information from you over the telephone, and, if appropriate, schedule an initial consultation with you, in our office. There is no charge for the consultation unless and until you hire us.During the consultation, we’ll discuss what you own, what mortgages or liens are on the property that you own, what … [Read more...]