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I filed a ch 13 5 Dec 1 pro se. Dec 31 one of the unsecured creditors reported late payment to credit agencies. I wasn't late prior to filing bankruptcy. As well, last Friday this same creditor filed a claim in my case and lists more than what my ...
Thank you for posting a question. As a bankruptcy attorney in NC I am familiar with the 4th Circuit case law. Unfortunately, your creditor can report a late payment to credit agencies because this is factually correct. The creditor cannot post it as an attempt to coerce you into paying its debt. As for the proof of claim that lists the incorrect amount, you can file an objection to it and show evidence of the actual amount of the debt. If the Court agrees with you it will sustain your objection and only allow the creditor's claim in the proper amount. Good luck with your case!See question
I lost my job and home, been staying with a friend, I have no income except for some money from my parents (that I use for health and auto insurance first) and working on health before I can work again. Used to have 800 credit score, now afraid to...
I'm sorry to hear that you're struggling financially right now. Fortunately, most of my clients in similar situations are able to "right the ship" and get back on their financial feet. I hope that you are able to do the same. Based on your comments it sounds like bankruptcy may be a good option for you. Certainly, it's worth discussing with a bankruptcy attorney. You indicate that you are making "good intention" payments of less than the minimum to your credit cards. It sounds like this is unnecessary and unhelpful. You're not solving the problem or holding the creditors off by doing this. Moreover, it doesn't sound like you have any assets at the moment which would be in jeopardy. With just a few exceptions there is no wage garnishment in NC. You should consult with a bankruptcy attorney, who will probably advise you to stop making any payments to creditors. Also, for the time being- until you know whether you will file bankruptcy or not- you should not repay any debts to your family members. This could create what is called a "preference", which is problematic, if you file bankruptcy. I wish you well.See question
The home is worth about $320,000.00 and I owe $220,000.00 so I am figuring on $100,000.00 in equity if I am doing the worth right, I am married but home is titled in my name only, judgement is against me only and not sure what mortgage/deed of tru...
Unfortunately, the Sheriff can auction your real estate to satisfy a judgment. In NC you are allowed to exempt (i.e., protect) up to $35,000 in equity in your home. In your situation, it appears that you have significantly more than $35,000 in equity and so your home may be in jeopardy of being sold at a forced execution sale by the Sheriff. You should consult with a bankruptcy attorney soon to evaluate what options you may have. Off the cuff, I'd say your options are to settle the debt with the judgment creditor or to file bankruptcy under chapter 13 (a non-liquidating bankruptcy). However, an experienced bankruptcy attorney can review your entire financial situation and may be able to give you more options.See question
I am in alot of debt
I'm sorry to hear that you are in a lot of debt. Fortunately, there may be some good options for you, including bankruptcy. As for your question, "How can I fie a homestead deed", there is no such thing as a "homestead deed" in NC. My guess is that your question is about how to claim your homestead exemption. In NC, a judgment against you is a lien on any real estate that you own in the county in which the judgment is obtained, including real estate that you co-own with others. The only exception is when you own real estate with a spouse who is not a defendant in the lawsuit that gave rise to the judgment. Before trying to execute on its lien and sell the real estate on which it has a lien, the judgment creditor must give you an opportunity to claim your NC exemptions, including your homestead exemption. The NC homestead exemption is by statute and located at NCGS 1C-1601(a)(1). It provides a $35,000 exemption in real estate that you use as your home. If the equity in your real estate is less than $35,000, then your home is safe from an execution sale by the judgment creditor. If the equity is more than $35,000 then your home may still be sold. You get the first $35,000 over and above any pre-existing liens (such as mortgages, HELOCs, etc.) and the judgment creditor takes anything over $35,000 (after paying the local Sheriff to hold the sale). I hope that this answers your question. Feel free to contact me or view my website for more information: www.kightlaw.comSee question
I want this off my credit. How long will this take? I heard from other people that I should be able to buy a house again in 2 to 3 years. Is that true?
I am sorry to hear that your house was foreclosed and sold. Unfortunately, this occurs too often in our post-recession economy. As an Asheville, NC bankruptcy lawyer I can give you some general responses to your questions. First of all, I understand that you want this off of your credit report; however, the credit report shouldn't be your top concern right now. Your primary concern should be that the 2nd lien holder is still pursuing you. This needs to be resolved before you can start working to fix your credit. Since the 2nd lien holder (or, rather, the debt collection agency for the 2nd lien holder) is pursuing you it means that there is still money due and owing after the foreclosure. This amount left owing is called a "deficiency" and can be pursued through the court system. So, you may be sued by this debt collection agency for the debt that you owe. I recommend that you visit a local bankruptcy attorney to find out how much time post-foreclosure that a deficiency can be pursued. In NC, the time is 1 year. If you are sued within the proper time period bankruptcy may be your best option. I wish you well. Good luck!See question
I have two debt consolidation loans (one is one year old and the other is two years old) plus some credit card debt. The consolidation loans are not related to student loans and both are unsecured. I read somewhere that debt consolidation can aff...
Yes, assuming that these are typical consumer debts and you are eligible for a bankruptcy discharge, they can be discharged in a bankruptcy case. As a bankruptcy lawyer in Asheville I often see people who have tried to consolidate their debts through a plan. This sometimes works. More often, however, I see people who have struggled to pay a debt consolidation plan and can't make it anymore. Fortunately, these people are usually able to discharge the debts in bankruptcy. I encourage you to visit a lawyer who specializes in bankruptcy who can give you an assessment of your personal situation. Good luck!See question
My father passed away June 17. He has two credit cards that total around 15,000. He only had about 6,000 in his estate. Do I have to pay the rest with the money I got from his life insurances?
Good question. I am assuming that you are the beneficiary of his life insurance, and that none of the creditors are beneficiaries of the policy. (Often, secured lenders are co-beneficiaries/ loss-payees of life insurance policies. If that is the case, then disregard my answer- the money will be paid to the loss-payee creditor.) If you are the beneficiary then you do not have to pay your father's creditors from the money you receive. A life insurance policy is a legal contract between your father and the insurance company. Specifically, it is a contract requiring the insurance company to pay the designated beneficiary upon his death. The proceeds are not part of his estate and are not subject to probate.
You should consult with an attorney. There are all sorts of life insurance products. Additionally, there may be other issues (Was your father in bankruptcy at the time of his death? Are you in bankruptcy? Were there any co-beneficiaries and/or loss payees on the policy? Etc.) that I am unable to address in this forum and without knowing the totality of your circumstances.
I am sorry to hear about your loss and wish you well. -Rod KightSee question
i have a personal loan through Basic Finance. I have a few personal items such as a laptop, Xbox, and a phone for my collateral. I also had a car financed, but, it messed up, & I couldn't afford to fix it, so they came and picked it up. The day th...
This is a good question. I'm sorry to hear that your job has reduced your hours so drastically. It sounds like you want to know what happens if you don't attend a court hearing. You may also want to know your options.
As an Asheville bankruptcy attorney, I see this type of situation quite a bit. First of all, it appears that you took out a loan with a finance company ("the creditor"), who had you offer some of your personal items as collateral. This is called a "non-purchase money security interest" (or "non-PMSI" for short) because the creditor did not provide you with the money to purchase the items. Rather, you already owned the items. They were merely pledged as collateral for a loan. It also sounds like you have defaulted on the loan by not making the payments.
Defaulting on a loan is NOT a crime and you cannot go to jail for failing to pay it. Although it is usually advisable to attend civil court hearings, there is usually no requirement that you do so. Typically, failure to make an appearance in a civil case results in a default judgment being entered against you.
A non-PMSI can be a valid lien. Selling collateral that is subject to a valid lien without the creditor's consent is a crime in NC. However, I rarely see criminal charges being pressed in situations where non-PMSI household collateral was sold. This is because the items themselves are typically of little monetary value to the creditor. Based on my experience, I believe that finance companies obtain non-PMSI in household assets because they exert a psychological hold- rather than a legal hold- over the debtor (ie, you). In other words, although it is highly unlikely that the creditor will actually seek to repossess your household items, and is very unlikely to attempt to press criminal charges, it will threaten to do so because it believes that you do not want to lose these items. You certainly don't want to go to jail!
It is important that you talk to a competent attorney about your options. Depending on your situation you may be advised to do nothing, to make a settlement offer, or even to file for bankruptcy protection. I recommend talking with a bankruptcy specialist. We specialists deal with situations like yours on a weekly- and often daily- basis.
I wish you well.See question
As residential contractor suffering through the fall of the economy, my husband was forced to file bankruptcy in 2009. He was released from this in 2011. Ever since, we have tried relentlessly to work with our mortgage lender, JP Morgan Chase, to ...
This is a difficult situation. As an Asheville bankruptcy lawyer I see this type of thing every week, if not every day. Construction work has dried up in our area over the past 5 years and is only now starting to come back. I've seen some very good contractors lose their homes because they simply couldn't find enough work.
You indicate that you are willing to begin monthly payments, and even pay "more than the original mortgage amount" to save your home. Based on this, it may be possible to save your home.
Before I respond to whether you can save your home I have to recommend that you seriously consider whether it is worth it to save your home. Do you have equity in the home? Are your mortgage payments so good that you would be paying a similar amount to rent a comparable home? Do you have some familial attachment to the home? If you cannot answer "yes" to one or more of these questions then it may be a good idea to allow a foreclosure- simply walk away and move to a good rental house. In representing over 2000 bankruptcy clients over the past 14 years I've seen lots of people do everything they can to "save" a home that they probably should have walked away from. It can be VERY stressful trying to save a home that you can't afford.
On the other hand, if you have a compelling reason for wanting to save the home AND you have sufficient income to make the normal mortgage payment, PLUS an additional amount to "cure" the arrearage (ie, the amount that you are behind) over a 5 year period of time, then chapter 13 bankruptcy may be the right option for you. A chapter 13 bankruptcy will "stay" the foreclosure action, allow you to resume normal monthly mortgage payments, and allow you to get caught up on past-due mortgage payments over a period of time- up to 5 years. It will also allow you to resolve other debt issues you may have.
I encourage you to consult with a bankruptcy specialist to see if chapter 13 is a viable option for you. You can also visit my website (see below for links) to read more about chapter 13 and saving your home.
Good luck!See question
My home is in pre-foreclosure and I have file Chapter 13 and it has been granted. I want to do a short sale but my ex-husband is not agreeable to this. So, I know the house will go into full foreclosure w/ the bank. I included the house in my ba...
Generally speaking, I don't recommend short sales when the owner/obligor (ie, in this case- you) is in bankruptcy. There are many reasons for this. The most important being that you may be stuck with a post-bankruptcy debt to the mortgage company and/or to the realtors. In any event, I wouldn't worry about your ex-husband. He can make his own decisions about his finances. You'll need to talk with your bankruptcy attorney to get legal advice. If you allow the foreclosure and there is a balance left due and owing (i.e., the "deficiency") then the mortgage company can file a proof of claim for this unsecured amount in your bankruptcy case. Depending on the nature of your ch13 plan this deficiency balance may make your ch13 plan payment go up. A bankruptcy discharge is not a taxable event. If you complete your ch13 and obtain a discharge, then you shouldn't experience a tax issue due to the foreclosure. (Of course, you'll need to get any tax advice from your CPA!)
All in all, I recommend talking with your bankruptcy attorney about the short sale. My guess is that s/he will tell you not to do it and also not to worry about your ex. Good luck!See question