Board Certified Specialist in Bankruptcy
Although creditors have been known to claim that they can liquidate everything including the clothes on your back to settle your debts, each state provides guidance on what assets are safe from creditors. These are termed "exempt property." So what about life insurance and retirement plans? Are they at risk if a creditor takes you to court? IRAs and life insurance North Carolina includes two … [Read more...]
In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales. In this article we cover questions and answers on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. Q: Can I legally prevent a foreclosure? First, there is very rarely any … [Read more...]
Some people are not good candidates for bankruptcy, including: Those with too many non-exempt assets; for them, we develop asset planning & protection strategies Those who cannot afford to file bankruptcy Those with no income or who have so few non-exempt assets that they are essentially “judgment proof” Those with finances so complicated by trusts and tax shelters … [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...]