The latest report from RealtyTrac concerning foreclosures says, "The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market."Based on … [Read more...]
Creditor Protection Without Bankruptcy
March 16, 2010 By
With so many people unwinding unprofitable businesses and adjusting their lifestyles after financial hardship, many are confused about assets a creditor can seize and if bankruptcy is the only way to protect themselves from the proverbial wolves at the door.While we offer general information here, it is not comprehensive and not intended as legal advice. Exempt property: hands off, … [Read more...]
Who Defaults, and Why?
December 18, 2009 By
This month we've run a series for distressed homeowners and published NC foreclosure data. To round out our coverage on the topic I want to discuss a paper written by James E. Rogers of the University of Arizona's College of Law because it runs counter to what people generally believe is happening with people "walking away" from their mortgages.Professor Rogers says most homeowners continue to … [Read more...]
Speaking on Business Bankruptcy
October 13, 2009 By
Unfortunately, lawyers have a reputation for being "all about the money." Few people realize the pro bono (free) work so many of us do for those unable to pay. This week my partner Rick Mitchell and I will be speaking (for FREE) in Charlotte on business bankruptcy for NC LEAP , the premier provider of pro bono business and transactional law services for entrepreneurs operating in the state’s … [Read more...]
Emerging Trend in Commercial Foreclosures
August 11, 2009 By
I was quoted in The Charlotte Observer regarding a $515 million luxury condo, office and retail project in Cornelius, NC that's being foreclosed on.Many people are surprised to learn that the developers hadn't missed payments. Then why the foreclosure? Because the project wasn't hitting agreed-upon milestones -- the developers hadn't leased enough of the space.I expect to see more of … [Read more...]
I want to file a “medical bankruptcy”
August 4, 2009 By
We get calls asking for a "medical bankruptcy" nearly every day.There is no such thing. Medical bills are similar to credit cards -- unsecured debt When you file for bankruptcy protection, your medical creditors are in your filing alongside all the others, including credit cards, vehicles, real estate, business loans you guaranteed, etc.That said, medical bills are often a factor in the … [Read more...]
I don’t want to file, but should I?
August 4, 2009 By
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...]