Board Certified Specialist in Bankruptcy
A recent column in Business Week about small business lending examined the role of the personal guarantee. "Given that most business loans are unsecured, a lender has little recourse, when a loan goes sour, beyond the personal guarantee of principals. And if the principals backing a loan are broke, a personal guarantee is virtually useless." The article went on to tell prospective borrowers … [Read more...]
The nonprofit Consumer Credit Counseling Service of Orange County produced an excellent video on how debt settlement works -- usually against you. We've written on this topic several times on our blog as well. If you decide to hire someone to help you settle, consolidate or otherwise manage your debts, then be very wary of companies that are advertising. Most of them draft various fees from … [Read more...]
The term "strategic default" has been in the news. With 25% of American homes valued at less than the balance of the mortgage, and some of those "underwater" mortgage holders out of work it's no wonder. For those who can't stay up late enough to watch Stephen Colbert, here's a video clip on this subject. After he talks about the bankers testifying on Capitol Hill, he gets to The Word: "Honor … [Read more...]
In this week's Charlotte Observer story about tough times in the commercial construction sector, we learned that liens filed in Mecklenburg County against general contractors by their subs spiked by about 70% in the last two years. Experts say they will continue rising. The article sparked a lively discussion in the "comments" section online. What's a sub to do? Before you let the lack of … [Read more...]
Mortgage Delinquencies The Hope Now Alliance, comprised of counselors, mortgage companies, investors and other mortgage market participants, reported that there were more than 3 million mortgage loans 60 or more days delinquent through the end of July. Foreclosure starts were above 283,000 thousand in July, though completions totaled only 89,000, according to the data. Auto Loan … [Read more...]
Many people want to come in and talk about asset protection are surprised to learn that they have no assets to protect. "How can this be? "I own a car and a house!" Asset protection comes in to play if you own non-exempt property -- property that creditors can reach; or if you anticipate that you may have non-exempt property in the future. Learn by example North Carolina residents are … [Read more...]