As an Asheville bankruptcy lawyer, I’m often asked how inheritances are treated in chapter 7 bankruptcy. The answer has to do with what is called “property of the bankruptcy estate” as defined by 11 USC 541. With 2 exceptions property of the estate consists of all assets, claims, and other...
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Student Loan Relief, Part 2: The Income Contingent Repayment Plan
I’m very interested in writing about student loans. Today’s post is #2 in a series of posts about repayment options available to student loan borrowers. Today I’ll discuss the “Income Contingent Repayment Plan”, known as the “ICR” plan. As an Asheville student loan attorney I assist people who are overburdened...
Student Loan Relief, Part 1: The Income Based Repayment Plan
This blog post is the first in a series of 3 posts in which I address various repayment options available to student loan borrowers. Today I’ll discuss the “Income Based Repayment Plan”, known as the “IBR” plan. As an Asheville student loan attorney I assist people who are overburdened...
The 30% debt settlement myth debunked.
Will you bank take a financial haircut on your loan? There’s a myth floating around that debt collectors will settle a debt for 50% or even 30% of the amount owed because they’d rather get “something instead of nothing.” Unfortunately, that’s not always the case. As an Asheville debt settlement...
What is a chapter 20 bankruptcy?
As an Asheville bankruptcy law specialist I occasionally file chapter 20 bankruptcy cases. You might ask, “What is a chapter 20 bankruptcy case?” In fact, if you’ve read my last blog post about the various bankruptcy chapters you will reasonable say, “There’s no such chapter in the bankruptcy code!” You’re...
What are the various bankruptcy chapters?
As an Asheville bankruptcy lawyer I’m occasionally asked how many chapters there are in bankruptcy. More often, I’m asked what a bankruptcy chapter is. It’s pretty simple. The bankruptcy code is one part of the United States Code (“USC”), which encompasses all of the Federal statutes. Our federal statutes are...
Can I reaffirm my home mortgage? And if I can, should I?
As an Asheville Bankruptcy Attorney I am often asked if people should reaffirm their mortgage debt. Your mortgage company may be telling you that you need to reaffirm your mortgage debt. This is almost always incorrect, wrongheaded, and generally not a good idea. I have previously discussed reaffirmations in the...
What is the NC Motion to Claim Exempt Property and how do I fill it out?
As a NC attorney and Asheville bankruptcy lawyer I am often questioned about how best to complete the NC Motion to Claim Exempt Property form. Unfortunately the form is not as well drafted as it could (or should) be. It is a little bit confusing. The form is used when a...