Bankruptcy

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...

Will my membership interest in a North Carolina LLC be impacted if I file bankruptcy?

There was a really good question posted on AVVO.com today regarding the impact of bankruptcy filing on a member’s interest of an LLC. As an Asheville bankruptcy lawyer, this was my response: Frankly, I have found that the NC statute (NCGS 57C-3-02) is one that many attorneys, including bankruptcy attorneys,...

What is the difference between chapter 7 and chapter 13?

As an Asheville Bankruptcy attorney I am often asked the difference between chapter 7 and chapter 13 bankruptcy. Before I describe the differences, it is important to understand the similarities. First of all, regardless of whether you file for bankruptcy under chapter 7 or chapter 13, you will be filing bankruptcy and...

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...

Are personal injury proceeds protected?

I often respond to questions posed by anonymous individuals on www.avvo.com. Recently, someone asked the following question: “In NC, can a Credit Card Co with a judgement against you lien or garnish an accident injury settlement paid to you?“ Here is my response: In NC, proceeds received from a personal...