Board Certified Specialist in Bankruptcy
Did you know that under North Carolina law, one spouse can be liable for the medical expenses incurred in providing necessary medical services to the other spouse? This is true:even where that spouse did not sign a credit application and even where that spouse did not sign or any agreement to be responsible for the billsIntroducing the doctrine of necessaries Thanks to the “doctrine … [Read more...]
Firethorne Country Club filed for Chapter 11 in March. In a prime example of the power of the automatic stay, the club's owners bought some time to reorganize before a creditor could seize operations. A 2 p.m. hearing in federal court on was canceled after Firethorne’s owner’s filed the bankruptcy petition just after 1 p.m. How the automatic stay works The automatic stay applies to most … [Read more...]
The past few years have showed us that owners of homes in foreclosure may face a variety of potential pitfalls. So-called real estate investors One such pitfall is a foreclosure scam. These often take the form of solicitations from so-called real estate investors who would like to purchase the homes before the foreclosure process finalizes.The solicitations often occur by direct targeted … [Read more...]
We work with both debtors and creditors, which makes the issue of texting to collect on past-due debts very interesting. A South African study showed that using cellphone SMS messaging in debt collection has driven response rates as much as 200% higher than what was achieved by letters and even summonses.From the debtor's perspective, a text reminds without feeling confrontational. Text … [Read more...]
We wrote about the automatic stay (immediate debtor relief) in an earlier post.When the debtor has fulfilled his or her post-petition obligations, the bankruptcy case is closed and a discharge order is issued, pursuant to 11 U.S.C. §524, discharging (wiping out) eligible debts as of the date of the bankruptcy filing. When the bankruptcy court enters the discharge order, the debtor is … [Read more...]
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...]
The word"bankruptcy" is heard everywhere, from coffee shops to church bazaars and the evening news. It's clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13.Chapter 7 is a liquidating bankruptcy. It is normally utilized to obtain a “fresh start” for an individual … [Read more...]
Charlotte has fared better than other cities at the hands of USAirways, but it hasn't been easy for those who've been laid off, furloughed or left doing the work of their former coworkers.CEO Doug Parker says analysts predict the airline will lose $600 million this year and obviously such losses are untenable. Management will continue to explore ways to cut costs and grow revenues. Seek Sound … [Read more...]
As a member of the Better Business Bureau, we review the organization's activity updates regularly. If they affect our clients and prospective clients directly, we highlight them on our blog.What follows is a quote from the BBB on one of the many fraudulent schemes targeting homeowners at risk of foreclosure: The "we buy houses" concept is a variation of the mortgage foreclosure rescue … [Read more...]
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...]