While bankruptcy is a powerful tool that can afford great relief to businesses and consumers alike, filing for bankruptcy is often not an option for individuals with significant liquid assets, equity in real estate or above average income. In some cases, those who would otherwise qualify for bankruptcy can avoid filing altogether by negotiating directly with creditors to settle past due debts for reduced amounts. [read more]
In addition to his law practice, John O’Connor works as a web marketing consultant to law firms and businesses seeking to expand their presence online. John is the President and Founder of popular legal marketing website National Bankruptcy Forum (NBF). NBF is a collective blog and attorney directory that receives thousands of new visitors every month and counts hundreds of bankruptcy attorneys nationwide as members. Through JSO Consulting, John helps law firms gain an advantage on the search engines, advising in the areas of blog and content development, search engine optimization, local search, website development and overall web marketing strategy.
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In conjunction with Giarmarco, Mullins and Horton in Detroit, the O’Connor Law Firm filed what the North Carolina press has called “one of the largest mortgage fraud lawsuits in state history.” The firm currently represents a national client base of over 350 plaintiffs in the Glanton et. al. vs. Bank of America et al. litigation and related cases. Stemming from widespread controversy over the sale of lots on the North Carolina coast, Glanton alleges violations of the Racketeer Influenced and Corrupt Organizations Act (RICO), the North Carolina Unfair and Deceptive Trade Practices Act as well as federal real estate laws by many nationally chartered banks, real estate developers and appraisers. [read more]
A real estate workout is a negotiation between borrower and lender aimed at reaching resolution of a troubled loan and reducing the incentive of the borrower to file for bankruptcy. A borrower may have arguments or defenses it can use against a lender. For example, the lender may have made mistakes in originating the loan or failed to follow procedure in a foreclosure proceeding. The individual circumstances of each case will dictate the leverage points and corresponding results. [read more]
