Practical guidance on Chapter 7, Chapter 13, foreclosure defense, and debt relief for North Carolina families.
Due to the recession our economy has faced, many small business owners find themselves sitting in our office discussing the possibility of filing for bankruptcy. Legitimately, one of their main questions is how to protect their assets. One of the major assets of most small business owners is their “tools”. Tools can range from hand … Read more
Many people have been led to believe that a homeowners’ association cannot foreclose on their home. That is not true! Homeowners’ associations foreclose on property everyday across America and very likely everyday in North Carolina. If your neighborhood has a homeowners’ association, you received and signed documents acknowledging the association’s rights when you purchased your … Read more
If you are behind on your second mortgage, you may be wondering whether the lender can actually take your home. The short answer is yes — but in practice, second mortgage foreclosures are less common than first mortgage foreclosures, and you have more options to deal with them than you might think. Can a Second … Read more
When the original creditor goes unpaid for a significant amount of time, the debt goes into what is called “collections.” Many of us have heard of these agencies but are somewhat confused as to what exactly constitutes a collection agency. A collection agency is an outside organization helping original creditors to collect on unpaid debts. … Read more
There is a saying that always helps me remember the difference between gross and net income: it’s gross to see how much you would be bringing home before taxes. Gross income is what you make before taxes and what you claim as income on your tax returns. Net income is what you actual bring home … Read more
When you are filling out your paperwork, you will notice you will be asked to list down all of your personal property. This personal property will contain all assets you may have; including homes, cars, cash, financial accounts, furniture, clothing, jewelry and more. Determining the value of each is different. Most cases, you will use … Read more
The phone keeps ringing. Letters pile up. Maybe a paycheck got smaller because of a garnishment, or you got a notice about a foreclosure sale. If you are living with this kind of pressure, you may have heard that filing bankruptcy can make it stop. That protection has a name. It is called the automatic … Read more
A Notice of Rights to Have Exemptions Designated is a fancy way of the creditor letting you know that your property is going to be taken from you. As mentioned in another blog post, after the creditor serves you with a lawsuit you have 30 days to provide a written response, also called an answer, … Read more
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