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...]
A Bankruptcy Lawyer’s Advice for Small Business Owners (or wannabe owners)
May 16, 2011 By
This list of ten signs not to become a small business owner resonated with me since I see so many self-employed and small business owners in my office seeking advice for how to save or wind down their enterprises. I like the list in the article because it focuses on personality traits and organizational skills that so often doom a small business enterprise while I'm more familiar with the … [Read more...]
Credit Repair Tips After Bankruptcy
February 24, 2011 By
I found a lot to recommend about this NYT article on credit repair. These three topics are most helpful for those considering bankruptcy and others who are rebuilding their credit worthiness. Place a note on your credit report The article says "Because prospective employers may pull a copy of your credit report, consider adding the equivalent of a doctor’s note to each of your reports … [Read more...]
How to Decide Whether Bankruptcy is Right for You
February 16, 2011 By
There are financial and emotional reasons to seek bankruptcy protection. Let's consider both categories. Financial questions to ask yourselfAre you able to make more than a minimal payment on your debts every month? How many times in the last year have you been late or skipped a payment on a debt? What is your total debt relative to your annual income? The higher your debt to annual … [Read more...]
Is Wage Garnishment for Unpaid Judgments Coming to North Carolina?
February 8, 2011 By
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...]
Can I Keep a Credit Card Out of My Bankruptcy Filing?
January 7, 2011 By
We always warn our bankruptcy clients that their credit cards will be cancelled when their creditors receive notice of the bankruptcy filing. This includes cards on which there is a zero balance and cards that have always been paid on time.Sometimes our bankruptcy clients wish to “keep a credit card” out of their bankruptcy – in order to have access to emergency funds, for business … [Read more...]
Troubling Small Business Trends: Tight Cash Flow
November 18, 2010 By
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...]
Small Business Owners & Self-Employed: Tips to Stay Ahead
October 20, 2010 By
If you're one of the (few) business owners who has managed to keep your financial head above water in this economy, here are some tips for making more headway with your credit worthiness. These tips, in particular, will help you navigate a downturn more easily:BNET says: Separate business and personal accounts. Log and submit all business payment activity under accounts that are exclusively … [Read more...]
Small Businesses and Credit Card Reform
September 23, 2010 By
We counsel small business owners and the self-employed daily in our offices. Many operate on credit and debit cards because bank financing is so hard to obtain. Small Business Issues with Credit Card Accountability and Responsibility Act For reasons outlined below (excerpted from this MSNBC article), our credit card debt counseling load is likely to increase in the wake of the new Credit Card … [Read more...]
Identity Theft and Bankruptcy
July 21, 2010 By
The kind of identity theft that most often leads to bankruptcy is perpetuated by someone KNOWN to the victim. The usual scenario involves someone knowingly allowing a friend, family member or associate apply for and use credit in his or her name, because the other person isn't credit worthy but agrees to pay the bills.Surprise: they don't.This video may help you prevent identity … [Read more...]