Law Offices of Robert H. Gourley, Jr, PA

03/08/2023

https://apple.news/Az65stLWLQjK8qFcXtSyrzA

U.S. consumers had the highest savings rate on record in 2020 and credit card debt was plummeting. Now our savings is gone and debt is surging. What happened?

01/30/2023

Taxes on settled/forgiven debts: Friendly reminder that debt settlement (which includes any reduction in what you owe the creditor as part of negotiations with that creditor) may trigger a taxable event. In other words, you may owe taxes on the amount forgiven, and you should speak with a tax expert. A bankruptcy typically avoids this problem.

Topic No. 431 Canceled Debt – Is It Taxable or Not?

12/17/2022

Very alarming trend in auto financing. Don’t fall victim to this.

“This morning I discovered something *extremely* alarming happening in the car market, specifically in auto lending. I'm now convinced that there is a massive wave of car repossessions coming in 2023. Here's what I discovered (and what no one knows):”

06/23/2021

Honored to have worked with the Wake Forest University School of Law and Thomson Reuters on an educational course for practitioners concerning bankruptcy and small businesses. https://westlegaledcenter.com/program_guide/course_detail.jsf?courseId=100285787

02/06/2021

Changes coming to the Bankruptcy laws? Student loans may become more easily dischargeable under new bill.

Democratic Senators unveiled a sweeping bankruptcy bill this week that would dramatically reform the United States bankruptcy system, and make it easier for struggling Americans to discharge student loans and medical debt through bankruptcy.

02/03/2021

NC Attorney General warns North Carolinians to avoid debt settlement companies:

Watch out for debt negotiation or debt settlement scams.
Avoid companies—including out-of-state lawyers—that offer to eliminate or cut your debts by negotiating with your creditors. These operations typically collect large upfront fees but reach very few settlements with creditors, leaving you deeper in debt. Under North Carolina law, it’s illegal to collect any upfront fee for debt settlement services.

Attorney General Josh Stein. Find North Carolina's Department of Justice information today.

01/14/2021

PSA: Beware of Freedom Debt Relief "consolidation" loans. I recently met with someone
(1) who owed about $40,000 in credit card debt,
(2) Freedom debt relief made this person a loan of over $30,000 (i.e., 75% of what was owed) so that they could settle the debts (about $7,000 was the FDR fee for the service), and
(3) The person then would owe income taxes on the amount not repaid.
In the end, this was about an 80% settlement. This person did not understand this.

01/05/2021

PSA: Entities like Freedom Debt Relief settle debts. They don't provide any sort of magical resolution. The process can take up to 4 years (per Freedom Debt Relief's disclosures) and will usually result in repayment of 68-75% of the total amount due. In addition, the IRS confirms that the borrower will likely owe income taxes on the amount not paid to the creditor, bringing the overall payback to a much higher level. Here is an example using Freedom Debt Relief's own disclosures and numbers.

11/14/2020

A reminder that a mortgage "forbearance" agreement is not a loan modification, and it does not ensure that your lender will work with you at the conclusion of the forbearance period. Be careful when you enter into these arrangements and be certain to keep the lines of communication open with your lender.

There are options for staying in your home even if you still can’t pay the mortgage.

08/27/2020

Honored to be part of a Wake Forest University School of Law program on small business issues and bankruptcy. Here is the link for the free continuing legal education program (open to attorneys, other professionals, and members of the public). http://news.law.wfu.edu/helping-small-businesses/

08/14/2020

Our Mooresville office is in a new location! As of 8/1/20, we are now in the Lake Norman Office Suites, 132 Joe V. Knox Ave, Ste 100, Mooresville. We will continue to conduct face-to-face meetings in Mooresville and at our Statesville office (249 East Broad Street, Statesville).

https://lakenormanofficesuites.com