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...]
Trend: More Elderly and High Income Earners Need Bankruptcy Protection
September 20, 2011 By
I’m writing this after an unusually busy day, which finds me still in the office at the late hour of 10:45 PM.I spent some of my day assisting yet another elderly client with financial problems. Surprised? Don’t be. Rick and I and our paralegals discussed at lunch today the fact that we seem to be seeing more and more elderly people with debts that they cannot pay.The causes vary … [Read more...]
Can Bankruptcy Cancel a North Carolina Judgment?
February 4, 2011 By
If you have been sued by a creditor and a judgment has been entered against you, the creditor may docket that judgment in any county in which you reside or own real or personal property. The judgment then becomes a lien on all real and property you own that is located within the county, not unlike another mortgage. As long as the judgment amount goes unpaid, it usually increases as the … [Read more...]
If You Want a Refund Anticipation Loan, Consider Bankruptcy Counseling, Too
January 24, 2011 By
As bankruptcy attorneys we understand more than most professionals how tight the average person's wallet is this year. Today we learned that North Carolina’s unemployment rate increased slightly to 9.9 percent in December from 9.7 percent in November.That's why we like to post tips for avoiding moves that can only worsen a tough situation.One of those is "refund anticipation loans" – … [Read more...]
Helping Charlotte Small Business Owners Collect Early, Pay Late
January 13, 2011 By
Dealing with Charlotte small business owners with financial difficulties, I see every day how shrewd money management would have helped them stay afloat. This goes beyond looking for discounts and going without.A recent article in Inc. magazine talked about some techniques that used to be available only to large companies that have become affordable for some smaller companies. The article … [Read more...]
Can I Go Bankrupt Without My Spouse?
January 10, 2011 By
It is common these days for one spouse to generally be unable to pay their debts as they become due, while the other spouse is not liable for those debts. In these situations, it is obvious that the former spouse needs to file a bankruptcy case in order to obtain a fresh start, but the latter spouse need not file. Factoring in household income and expenses Can one spouse file a bankruptcy case … [Read more...]
Credit Scores After Short Sales, Foreclosures & Bankruptcies
October 27, 2010 By
Clients and prospective clients almost always ask about the effect of their financial difficulties on their credit scores. This information is elusive. Finally, USAA has some guidance on how your score is determined and "hit."A myriad of variables combine to create a score:Your payment track record. How much you owe. How long you've had established credit. Whether or not you're … [Read more...]
More Trouble with Income Tax Fixers
October 13, 2010 By
Unfortunately, companies touting their ability to "fix/lower/relieve income tax debt" are often in the business of helping themselves to the detriment of their clients.In the latest development, American Tax Relief of Beverly Hills, CA has been sued by the Federal Trade Commission (FTC) for bilking customers of some $60-100m and siphoning off some $30m for its owners. While the FTC is … [Read more...]
Discharge Income Taxes in Bankruptcy?
August 30, 2010 By
In the American Bar Association Journal last week, I read about a California attorney who has been accused by the state attorney general of operating a "heartless scheme" that takes retainers from thousands of clients while doing little or nothing to help them. Yes, even lawyers can act like debt settlement companies, many of which take fees and settle no debts I have no opinion on this … [Read more...]
Expose on Debt Settlement Company
July 27, 2010 By
We've written extensively about the perils of using debt settlement companies here. Before dealing with one of these organizations, do your research. … [Read more...]