Chapter 13 Bankruptcy: Individuals

Chapter 13 is a repayment bankruptcy.  It is utilized by individuals, and owners of sole proprietorships or other “mom and pop” businesses, not only to obtain a fresh start, but also to retain their assets and reorganize their financial affairs.
For most individuals with debt problems, the major decision is whether to file for protection [...]

Epicentre Contractors Turn to Bankruptcy

Contracting has always been a tough business. Subcontractors often make payroll and provide supplies and labor to a project months before they are paid by the general contractor or owner.
In the case of Charlotte’s Epicentre, a stop work order strangled cash flow for both the developer and the contractors. We’re still seeing clients whose financial [...]

NC Bar Appointment to Bankruptcy Section Council

I accepted the NC Bar’s nomination to serve on its Bankruptcy Section Council for a three year term that begins this July. It’s an honor to be recognized by your peers to serve in this capacity, and I know that my clients will benefit from my participation.
The Bankruptcy Section of the North Carolina Bar Association [...]

Charlotte Bankruptcy Education for Realtors & Financial Professionals

With bankruptcy filings surging, people are turning to non-bankruptcy  financial professionals  for bankruptcy counseling. These professionals include real estate agents, non-bankruptcy attorneys, financial advisors and others. Then there’s the internet.
It’s human nature to try to help a client, but sometimes the advice given by someone with no bankruptcy training can do the person in financial distress [...]

Foreclose or Declare Bankruptcy?

Clients in financial difficulty often ask whether they are better served allowing their home to go into foreclosure or whether bankruptcy might be a better option for them.
Not since the Great Depression have so many people had to learn so much about credit law. Five years ago most of the clients we now see in [...]

Who Defaults, and Why?

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 [...]

NC Foreclosures

The highest rates of foreclosure in North Carolina are in the urban (Wake, Guilford, Mecklenburg) and surrounding counties (Union County in particular), and in the mountains (Caldwell County, etc.), where investment property was marketed like this…

Primer for Distressed Homeowners: Part 3 of 3

In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales.
In the second post, we answered questions on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset.
This post addresses questions on short [...]

Primer for Distressed Homeowners: Part 1 of 3

With the jobless recovery hitting the Charlotte region particularly hard, we’re getting a steady stream of calls asking for help preventing home foreclosures, forced sales and sheriff’s sales, and facilitating short sales.

Bankruptcy Trustee Basics

In addition to my private practice, I serve as a Chapter 7 Trustee for the United States Bankruptcy Court for the Western District of North Carolina.  Few people know what this means and how this service helps my private practice clients, so here’s a primer.
What’s a bankruptcy trustee?
Chapter 7 Trustees (also known as panel trustees) [...]

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