Many times during a Chapter 13 bankruptcy the debtor will need to purchase a new vehicle. A Chapter 13 is usually between three to five years in length. During this time, it is common for a vehicle to begin having mechanical problems and sometimes need to be replaced with another, newer, vehicle. Should you need … Read more
If your homeowner’s insurance policy lapses — or if your lender decides your coverage is insufficient — your mortgage servicer may purchase insurance on your behalf and charge the cost to your account. This is called force-placed insurance, also known as lender-placed insurance or creditor-placed insurance. It sounds like a convenience, but it is almost … Read more
Filing for bankruptcy is already stressful. Then tax season rolls around, and you learn you owe money to the IRS or the State of North Carolina. If you are in the middle of a Chapter 13 bankruptcy, this can feel scary. You may worry that owing new taxes will ruin your case or get it … Read more
The Internal Revenue Service (IRS) uses a basic logic that if you have any signing authority over the business bank account, then you can be held personally responsible for certain taxes owed by that business. So, yes, if you own a business or part of a business, be prepared to pay certain accrued taxes. This … Read more
Yes, in some cases, you can lower your mortgage on a non-residential piece of property. In a Chapter 13 bankruptcy, clients can attempt to do what is known as a “cramdown” to lower their mortgage. A “cramdown” lowers the principal amount you owe on the mortgage, and then the bankruptcy court determines the interest rate … 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
With the decline in the housing market many people find they are “upside down” or “under water” on their home. In other words, do you owe more for the house than what it is worth? If that is your situation and you have two or more mortgages, you may find that Chapter 13 bankruptcy is … Read more
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