Jul 29 ~ Charlotte View: Foreclosure? Bankruptcy? Lawyer? with Sean T. Dillenbeck 07/29 by Charlotte View Internet Radio | Legal Podcasts

Charlotte View welcomes Sean Thomas Dillenbeck, business partner at Love & Dillenbeck, PLLC in Charlotte, NC. He specializes in Personal & Business Bankruptcy, Foreclosure Defense, and Fair Debt Collection Practices Litigation.
Don't listen to the bankruptcy myths that can be found on the Internet or through your friends. Get your information from a trusted source that can advise you on how to best resolve your situation in negotiating debt settlement. Sean will talk about the benefits of bankruptcy, including asset protection and more.
If you are in default on your mortgage payment, you still have options besides foreclosure. In many cases, you may be able to negotiate with your lender and work out a loan modification. Due to the housing and economic crisis in our country, many mortgage companies are more willing to work with a homeowner who is in default.
During this call you will learn
  • Bankruptcy and Debt Relief Alternatives
  • Bankruptcy Benefits and Myths
  • What are Chapter 7, 11 & 13
  • Foreclosure Defense
  • Credit Restoration
  • Debt Litigation and Settlement


In North Carolina, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder. 

Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".  The vast majority of foreclosures occurring in North Carolina are Non-Judicial Foreclosures.

 For North Carolina Foreclosure Law & Statutes, CLICK HERE

The typical bankruptcy filer is a person already in fragile economic circumstances, often with large amounts of credit card debt, who then suddenly faces a spate of hard luck (loss of job, injury, divorce, uninsured medical expenses), resulting in mounting penalties and an un-payable amount of debt.
Bankruptcy law is designed to help people just like this, who need assistance in making a clean break -- a "fresh start" on life, rather than spend the rest of their lives being crushed by the burden of un-payable debt.
Even if you're facing un-payable debt, you still may not need bankruptcy to protect your assets. Under the Exemption Laws of North Carolina, you may already be "judgment-proof." If so, you need not fear credit card companies simply because you owe them. Unsecured creditors (like credit card companies) can't take your stuff if it's exempt. If there are harassing phone calls, you can stop them with a simple phone call or letter. (However, interest and penalties on your debt will continue to accumulate and bankruptcy will put a stop to that.)
But exemption laws do not protect property from all types of debts or all types of creditors. For example, exemption laws typically do not protect you against collection of child support or tax debts. And if you bought property and pledged it as collateral for the purchase-money loan (for example, a car loan or mortgage), the lender can take the property regardless of any exemption law.
Finally, there are some kinds of debts that bankruptcy simply cant get rid of. These are called "non-dis-chargeable" debts. This generally includes child support, most student loans, and most tax debts.

Tasks involved in filing for Chapter 7 bankruptcy

  1.  Learn what to do and where to start. 
  2. Gather paperwork about your finances
  3. Run the free means test calculator to gauge your bankruptcy options.   
    1. North Carolina Median Income
      North Carolina Bankruptcy InformationIf your average monthly income for the past six months is below the state median for your size household, you meet the requirements of the "means test" (section 707(b)(2) of the bankruptcy code) to qualify for Chapter 7 Bankruptcy.
  4. Determine how much of your property is exempt
  5. Attend mandatory pre-filing credit counseling.
  6. Prepare bankruptcy forms for filing (about 30 to 50 pages of forms).
  7. Make copies of forms and assemble them according to local court rules.
  8. File forms with the court.
  9. Go to the courthouse for meeting with court trustee. (Probably only once. Much can be done by mail or online.)  
  10. File motions to eliminate liens (learn more law, and more forms).
  11. Attend mandatory pre-discharge Credit Education session. 
  12. Receive court Discharge Order that officially wipes out your debts.
  13. Get on with your life. 
Love & Dillenbeck, PLLC‎
1920 Abbott Street #302 / Charlotte, NC 28203
(704) 512-0983

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