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...
Your Rights
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...
Will I go to jail if I don’t pay my debts?
A recent question on Avvo caught my attention. The questioner had taken out a loan with a local finance company. He defaulted on the loan because his hours at work were cut from 40 to 26 and he couldn’t afford to make the loan payments. When he took out the loan...
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...
Can I Keep My House if I File Chapter 7?
One of the most common questions I get from clients is whether they will be able to keep their house if they file chapter 7 bankruptcy. Luckily, this is a pretty straightforward matter. First of all, in order to keep your house you must remain current on your monthly mortgage...
A Note About Creditor Settlements
Most creditors eventually propose a settlement amount if the debt isn’t being paid. (By the way, most creditors do NOT accept a settlement if the debt is being paid.) A creditor who accepts settlement of less than the full balance of the debt will issue you an IRS Form 1099-C...
I’m getting divorced. Will bankruptcy help?
As an Asheville Bankruptcy lawyer I often talk with people who are going through a divorce. Not surprisingly, many people who are experiencing divorce face daunting financial challenges. In fact, it is common for money matters to be at the root of the issues that result in divorce in the...
Can I Keep My Car If I File Bankruptcy? Part 2- Debt.
If you have the means to afford a car payment and you don’t have too much equity, then yes. In my previous blog post I addressed the issue of equity. If you file ch7 bankruptcy and can exempt all of your equity then the Trustee won’t sell it. In this...