As bankruptcy attorneys we understand more than most professionals how tight the average person's wallet is this year. Today we learned that North Carolina’s unemployment rate increased slightly to 9.9 percent in December from 9.7 percent in November.That's why we like to post tips for avoiding moves that can only worsen a tough situation.One of those is "refund anticipation loans" – … [Read more...]
Modification Makes You MORE Vulnerable to Foreclosure?
November 16, 2010 By
We often talk to prospective clients who hope to avoid foreclosure and bankruptcy by applying for a mortgage modification. While we always wish them the best of luck, we consider it our professional duty to inform them of what lies ahead if they apply with the Home Affordability Modification Program (HAMP).In October, Bloomberg reported on congressional hearings, which include this fact: even … [Read more...]
Why Your Mortgage Modification Failed
November 12, 2010 By
Sometimes when we tell prospective clients they are better off declaring bankruptcy than hoping for a mortgage modification they believe we're giving self-serving advice. Scroll to the bottom of this post for a comprehensive story from PBS's NewsHour on the modification debacle. Unemployment is the culprit Until employment improves, the housing situation will not improve. Most of the people we … [Read more...]
Financial Coping During Prolonged Unemployment
October 1, 2010 By
We've been writing a great deal lately about financial coping through a prolonged period of unemployment. If you feel you're alone in your financial predicament, here's a wider view of the national landscape.Below the chart, watch a video on preventing employment fraud schemes (from the Better Business Bureau). … [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...]
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...]