In 2005 the so-called "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" was enacted. Since then the number of bankruptcy filings has increased steadily. … [Read more...]
Small Business Owners, Beware the Credit Adviser
October 11, 2010 By
Beware the "business consultants" and "business advisers" who promise small business owners and sole proprietors that they can take care of debt problems. Over the past few years, we've seen small business owners who fall victim to such scams. Anatomy of a scam Sometimes, small business owners come to us with tremendous business debts and and tell us that they hired an "advisor" or … [Read more...]
Over 50 and Unemployed?
September 24, 2010 By
The 57-year-old woman featured in this NYT story paid her home off but may lose it in foreclosure because she cannot pay her property taxes. She is not alone. According to the article it will take years to absorb the giant pool of unemployed at the economy’s recent pace: Of the 14.9 million unemployed, more than 2.2 million are 55 or older. Nearly half of them have been unemployed six … [Read more...]
Bankruptcy Counseling instead of Head in the Sand
September 22, 2010 By
I won't weigh in on the remedies prescribed by economist David Rosenberg here, but I salute the intelligence of his agreement with my comparison of our economy to a python that just took on a big meal. If you or your business are struggling financially, consulting with our offices might reveal coping strategies for you until better times emerge. Putting your head in the sand and hoping for … [Read more...]
The Economy’s Crystal Ball
September 13, 2010 By
Two economists believe the past can indicate the future. At least as it concerns an economic recovery. Economists Vincent and CarmenReinhart just published a study of what happens to economies after big crashes like we suffered in 2008. The Reader's Digest version goes like this: Unemployment rates are "significantly higher" in the decade after crises, compared to the decade before. In 10 … [Read more...]
Charlotte’s in Deep Recession, What’s Your Financial Risk?
August 30, 2010 By
Earlier this summer Standard and Poors published an article that included data on Charlotte North Carolina home prices, reporting that home prices slipped 2.8% from last year (May 09 to May 10). The big picture: foreclosures, home prices, personal finance Foreclosures tend to drag down home prices, complicating the housing market's struggle to recover. The housing rebound that economists once … [Read more...]
What to Look for in a Bankruptcy Attorney: Experience
August 25, 2010 By
Unfortunately, in this recession, bankruptcy and debtor/creditor relations is a growth industry, and as such there are some Johnny Come Latelys. The fact is, experience counts, and the cheapest bankruptcy attorneys in town are not the most experienced. When it comes to handling your financial concerns, you want experience. When we meet with new clients, we sometimes find out that they've … [Read more...]
“I Want Out of My Mortgage. What Can I Do?”
August 19, 2010 By
We hear this question more and more these days, which is a bit like asking your doctor, "My back hurts. What can I do?" Much, much more information is needed in order to put the problem into context. A problem spanning all income brackets We have seen people in all walks of life in our offices asking for advice, including: Well-heeled married couples with household incomes in excess of … [Read more...]
Reference Materials for Home Affordable Modification Program (HAMP)
July 29, 2010 By
Although the Home Affordable Modification Program (HAMP) has been widely reported as under-serving those in need, and hat has been our clients' experience here, if you are considering filing for bankruptcy protection or have already done so, and you have also applied for HAMP, this guide explains policies and procedures related to borrower outreach and communication. Chapter 13 bankruptcy must … [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...]