Board Certified Specialist in Bankruptcy
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...]
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...]
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...]
Despite the bulls on Wall Street, smaller companies are simply unable to tap new financing as easily as large corporations. Midsize companies that can't borrow at a scale that interests investors, and according to the WSJ, those firms are "already saddled with the weakest credit ratings." It's even worse for small businesses that depend on their local lenders. This weekend on Carolina Business … [Read more...]
We often talk to prospective clients who hope to avoid foreclosure and bankruptcy by applying for a mortgage modification. While we always wish them the best of luck, we consider it our professional duty to inform them of what lies ahead if they apply with the Home Affordability Modification Program (HAMP).In October, Bloomberg reported on congressional hearings, which include this fact: even … [Read more...]
I recently saw an article quoting an American Express Open poll that only half of small business owners reported paying themselves a salary.That's bad, but gets worse when you learn how little they pay themselves; 44 percent earn less than $50,000.If the business owner can’t pay him or herself for any extended period of time, then something’s wrong. You can't hide problems with … [Read more...]
This week a WSJ article quoted the head of the NY Federal Reserve Bank addressed, saying “the Federal Reserve actively encourages efforts to find viable alternatives to foreclosure, like loan modifications, or deeds in lieu.” Let's take a look at each of these alternatives. How about a modification? If you CAN get a modification, and if the modification allows you sufficient room to pay … [Read more...]
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...]
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...]
For struggling homeowners trying to avoid foreclosure, the processing errors admitted to by GMAC and Chase could mean an opportunity to challenge the banks. If you can stomach a bit of crude humor, Jon Stewart sums up the situation rather well.Mon - Thurs 11p / 10cForeclosure CrisisOn a more serious note After 40 years of helping families and businesses … [Read more...]