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Mortgage Modifications as an Alternative to Foreclosure

 Posted on February 02, 2024 in Foreclosure

Blog ImageIn times of financial hardship, homeowners facing the possibility of foreclosure often seek alternatives to protect their homes. One such option is a mortgage modification, which allows borrowers to negotiate new terms with their lenders. If your home is facing foreclosure and you are interested in possibly modifying your mortgage to save your home, contact an experienced lawyer to give yourself and your family a fair shot at keeping your home instead of losing it to foreclosure. 

What is a Mortgage Modification? 

In North Carolina, a mortgage modification is a process that involves modifying the terms of a mortgage loan to make it more affordable for borrowers who are struggling to make their payments. The goal is to create a new payment plan that is manageable for the homeowner, helping them avoid foreclosure and stay in their home. 

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Can a Bankruptcy Lawyer Prepare Me for Life After Bankruptcy? 

 Posted on January 04, 2024 in Bankruptcy


Charlotte, North CarolinaFiling for bankruptcy can be a difficult and overwhelming process, but it can also provide individuals with a fresh start and a chance to rebuild their financial lives. While a bankruptcy lawyer’s primary role is to guide clients through the bankruptcy process, they can also be important in preparing you for life after bankruptcy and setting you on the path toward financial stability. Contact an attorney in North Carolina to kick off the bankruptcy process with legal representation you can trust.

Getting a Better Idea of Your Financial Situation

Your attorney will review your income, expenses, assets, and debts to gain a comprehensive understanding of your financial standing. This analysis will help them identify areas that need improvement and develop a plan to rebuild their credit and financial stability.

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Can I Fight Home Foreclosure by Declaring Bankruptcy?

 Posted on December 04, 2023 in Foreclosure

Gastonia Bankruptcy LawyerThe thought of losing your home via foreclosure can be a horrifying idea to ponder. However, it is essential to remember that legal options are available to help you navigate this challenging situation. One such alternative may be to file for bankruptcy. To pursue this potential legal outlet, contact an experienced lawyer in North Carolina to help you decide whether bankruptcy is an effective strategy for you to fight a home foreclosure. Your attorney will ensure you have a strong understanding of the process and can make the best decision possible to protect the well-being of yourself and your family.

Understanding Foreclosure

Foreclosure is a legal process where a lender attempts to recover the outstanding balance on a mortgage loan by selling the property. This typically occurs when the homeowner fails to make timely mortgage payments. However, bankruptcy can potentially provide a way to halt or delay the foreclosure process.

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What You Must Know About Small Business Bankruptcy

 Posted on November 02, 2023 in Bankruptcy

charlotte small business bankruptcyBankruptcy can be a scary prospect for any business owner, especially for small businesses. If you are an entrepreneur considering bankruptcy, it is important to understand the different kinds of bankruptcy and how each may affect your business. Depending on what your goals are, there are various avenues you may choose to pursue at this time. To get started in pursuing bankruptcy, contact an experienced lawyer. This crucial first step will ensure you have the guidance necessary to make informed decisions.

Types of Small Business Bankruptcy

In North Carolina, small businesses pursuing bankruptcy usually file under Chapter 7 or Chapter 11 of the bankruptcy code. Chapter 7 involves liquidating the business assets to repay creditors, while Chapter 11 bankruptcy allows the business to reorganize and continue operating while repaying debts over time. Choosing the appropriate bankruptcy chapter depends on the business’s financial situation, goals, and long-term viability.

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Pursuing Bankruptcy for Medical Debt 

 Posted on October 16, 2023 in Bankruptcy

Concord Medical Debt Bankruptcy LawyerMedical debt is a growing concern for millions of Americans, often leading to immense financial distress and even bankruptcy. If you are looking for a way to alleviate yourself of medical debt and are considering bankruptcy as an option, it is strongly advised you contact a lawyer for assistance. Your lawyer is a legal professional who will help you pursue bankruptcy while also ensuring that your rights and interests are protected throughout the process. While pursuing bankruptcy without a lawyer is possible, it is not recommended. Bankruptcy law can be complex, which makes the assistance of a lawyer that much more important. 

Understanding Medical Debt 

Medical debt is one of the leading causes of bankruptcy in the United States. Despite having health insurance coverage, people may still face significant out-of-pocket expenses, including deductibles, co-pays, and uncovered treatments. In North Carolina, when medical bills accumulate and become unmanageable, bankruptcy can offer a fresh start by discharging or reorganizing the debt.

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The Pros and Cons of Chapter 7 Bankruptcy in North Carolina

 Posted on September 07, 2023 in Bankruptcy

 Charlotte, NC bankruptcy lawyerChapter 7 bankruptcy is a legal option that can help people and businesses in North Carolina struggling with overwhelming debt. Knowing the pros and cons of filing for Chapter 7 bankruptcy is important for any person or business considering using it as a solution to deal with debt-related problems. If you are interested in pursuing Chapter 7 bankruptcy, contact a bankruptcy attorney to help make sure you can make an informed decision about your financial future. 

Pros of Chapter 7 Bankruptcy

  1. Debt discharge – One of the primary benefits of Chapter 7 bankruptcy is that it allows eligible people in North Carolina to discharge most of their unsecured debts, such as credit card bills and medical expenses. This means you will not be legally obligated to repay those debts, giving you a fresh start. 

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Can Bankruptcy Help Prevent a Home Foreclosure?

 Posted on August 03, 2023 in Foreclosure

Charlotte Foreclosure Defense AttorneyFor many homeowners in North Carolina, the possibility of foreclosure is a significant concern. People who have experienced financial difficulties may struggle to make mortgage payments while also covering other essential expenses. Missed payments could cause a mortgage lender to contact a homeowner and inform them that they could face penalties if they do not pay the amounts owed and any applicable late fees or other penalties. In these situations, the fear of losing a home and the stress of addressing financial issues can take a toll on a person’s emotional and mental well-being. For those who are facing a potential foreclosure, it is important to understand the options that may be available. One potential solution may involve filing for bankruptcy.

The Benefits of Filing for Bankruptcy

Bankruptcy is not something most people initially consider when facing foreclosure. They may be concerned that they will not qualify for debt relief or worry that they will be required to give up certain assets, including their home. However, bankruptcy can provide several benefits for those who are facing the threat of foreclosure, including:

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Will I Lose All My Assets When I File for Bankruptcy?

 Posted on July 05, 2023 in Uncategorized

Mecklenburg County Bankruptcy AttorneyWhile bankruptcy can help individuals and families eliminate some or all of their debts, many people who consider filing for bankruptcy are concerned about losing their assets, such as their home, car, or personal belongings. While it is true that bankruptcy will sometimes involve a liquidation of assets, the extent to which you may lose your assets will depend on several factors, including the type of bankruptcy you file and the exemptions available to you.

Chapter 7 Bankruptcy: Liquidation

Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common form of personal bankruptcy. In a Chapter 7 bankruptcy, the types of assets you own will be evaluated, and your non-exempt assets may be seized and sold to repay your creditors. However, North Carolina bankruptcy laws provide exemptions that protect certain types and amounts of property from being liquidated.

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Can I Stop Creditor Harassment by Filing for Bankruptcy?

 Posted on June 05, 2023 in Bankruptcy

Belmont Bankruptcy LawyerBeing in debt is a stressful situation, especially for those who have encountered financial difficulties that have affected their ability to pay what is owed while covering other ongoing expenses. If you are in this situation, you may be dealing with constant calls, letters, and threats from creditors and collection agencies, and you may feel helpless and overwhelmed as you attempt to deal with your financial issues and address your family's needs. Fortunately, there are legal measures you can take to stop creditor harassment, and in some cases, filing for bankruptcy may allow you to eliminate some or all of your debts.

Your Rights Under the Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act (FDCPA) is a federal law that regulates how creditors can contact and communicate with debtors. Under this law, you are protected from harassment by creditors, and you can take steps to address any harassing behavior. The FDCPA allows you to:

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How Are Second Mortgages Handled in Consumer Bankruptcy Cases?

 Posted on May 03, 2023 in Bankruptcy

Concord Consumer Bankruptcy LawyerIf you are like many people considering bankruptcy, the idea of losing your home is a major concern. While bankruptcy will allow you to eliminate some of your debts, the discharge of your home mortgage will allow the lender to foreclose on your home. You may be able to avoid this in certain situations, but if you also have a second mortgage on your home, you may be wondering how that debt will be treated in a potential bankruptcy case. The good news is that second mortgages can sometimes be eliminated or reduced through bankruptcy, depending on your individual circumstances and the type of bankruptcy you file.

Mortgage Loans in Chapter 7 Vs. Chapter 13 Bankruptcy

In a Chapter 7 bankruptcy, your first and second mortgages may be discharged entirely along with any other debts you owe. However, as mentioned, above, the lender or lenders may then pursue a foreclosure. Because of this, Chapter 7 is usually only an option if you do not plan to stay in your home.

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