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FIRM BIO: Maxwell Law Firm, PLLC is a full service Law Firm that offers BANKRUPTCY, Business, Tax Services, and Traffic ticket Defense representation and services.

BANKRUPTCY

Maxwell Law Firm offers consumer bankruptcy services including representation in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy representation.

Bankruptcy no longer has the negative stigma it once had. Today Bankruptcy is away for you take control of your finances and get back on track. Our Bankruptcy Attorney is dedicated to educating clients on bankruptcy laws, the bankruptcy process, and their rights against creditors. There are so many myths surrounding bankruptcy. During your personalized consultation I take the time to debunk those myths and educate you about filing for bankruptcy.

If you need assistance with unpaid medical bills, preventing foreclosure, preventing repossession, reduce financial liabilities, stopping wage garnishments, preventing collection calls, debt settlement, reduce or eliminate tax debt, and or rebuilding your credit consider consulting with us for your options. Bankruptcy gives protection to people in financial trouble who are drowning under piles of debt. Because of today´s difficult economic times millions of people are exercising this protection of filing bankruptcy, Chapter 7, or Chapter 13. The bankruptcy laws were created by Congress to provide relief to those who have been victimized by rising rate of unemployment, inflation, staggering medical bills, disability, high interest rates, foreclosure, divorce, or identity theft.

Less than 10% of Loan Modifications are approved by banks. The bank is less likely to modify a loan when they have the upper-hand and stand to make a lot of money off borrowers. Being in the middle of a loan modification will not stop foreclosure in North Carolina. This is fact and the Law.

Our Bankruptcy Attorney can assist you with: foreclosure, repossession, pay day loans, collection accounts, civil summonses, tax collection defense, tax liens, and wage garnishments.

We are a debt relief agency and can help you reduce or eliminate your liabilities and keep your property. We help people file for bankruptcy relief under the U.S. Bankruptcy Code. We not only assist you with filing for bankruptcy but the other related issues such as foreclosure defense, loan modifications, and the avoidance of judgments. To review the fees and costs associated with filing bankruptcy visit our bankruptcy page.

So that we can evaluate your unique financial situation, please call (704) 461-1883 or go to our consultation page to schedule your appointment to meet and discuss your case with a qualified Bankruptcy Attorney. TELEPHONE CONSULTATIONS ARE ALSO AVAILABLE.

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PROCESS OF FILING FOR BANKRUPTCY: 341 MEETING

BY Maxwell Law Firm

When it comes time to formally file for bankruptcy, you will need to participate in a 341 creditor meeting. Many people find themselves intimidated merely by the thought of it, but the process is not scary or negative in most instances. Instead of a grand inquisition, most individuals facing bankruptcy find that a meeting of the creditors to be simple and helpful.
Although it is called a 341 creditor meeting, there are rarely any creditors physically in attendance. But even though the creditors may not attend the meeting, their presence in known and they are capable of calling future actions once the proceedings have entered the court of law.
However, just because the creditors do not have to be in attendance does not mean that it isn’t critical for the debtor to be in attendance with his or her lawyer (if applicable). The meeting is presided over by a bankruptcy trustee (there will not be a judge in attendance).
This individual will work to ensure that both sides have the correct facts available to them when it comes time to file for bankruptcy in a court of law (but ultimately, the trustee represents the creditors). Additionally, the trustee is appointed to the meeting by the court and has the authority to swear in the debtor.
The 341 creditor meeting is held anywhere from 20 to 40 days after you file for the bankruptcy petition. This meeting is necessary for anyone filing for a Chapter 13 or Chapter 7 bankruptcy.
You are strongly encouraged to seek professional legal representation by a bankruptcy attorney. This is especially true in cases that are complicated, since a lawyer will be able to help you muddle through the legal information to ensure that you are on the right path at all times. If you choose not to enlist a lawyer in your bankruptcy proceedings, you will be representing yourself in the 341 meeting.
During a 341 creditor meeting (More information on what to expect at a 341 meeting), the trustee will first swear you in and then begin the meeting. These meetings are usually short and informal, requiring little more than a prepared statement from you.
This statement should state the reason why you are filing for bankruptcy in addition to a list of all of your debts. After the statement has been read, the creditors are able to ask questions. Since few creditors even attend these meetings you won’t likely be presented with many questions to answer.
After hearing the information in your statement, the creditors are then able to submit any challenges regarding the debts listed in your statement. Although most creditors will not submit any challenges, you may have debts listed that fall in the space between the dischargeable and non-dischargeable categories (see discharging debts).
In the end, a 341 creditor meeting is not meant to embarrass or anger you. The purpose of the meeting is to find all the facts before the case appears before a judge in a court of law.

If you are looking for a  Foreclosure Defense Firm and or a Bankruptcy Attorney in
in North Carolina Please Call Maxwell Law Firm, PLLC
at 704-461-1883 or contact us here

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Bankruptcy and Short Sales in North Carolina

BY Maxwell Law Firm

Every week we get clients filing for bankruptcy protection asking questions whether they should proceed with a short sale on their real estate. If you are filing for BANKRUPTCY, then you do not need to proceed with a short sale.

Lets first define what a short sale is. A short sale is a sale approval by the lender to receive less than the full amount of their loan, very common now in this depressed real estate market. For example: you bought a home in 2007 for $250,000 with a first mortgage of $250,000 and second mortgage of $50,000. The property is now worth $200,000 and you have a buyer willing to close escrow in 30 days for $200,000. If the first mortgage agrees with the sale, they will receive about $50,000 less than their current debt and the second will receive $0.Typically the second signs off with a nominal payment such as $5,000.00.

The short sale then triggers a host of problems that the borrower does not discovery until later. But if you are filing bankruptcy, there is usually no reason for the short sale. In fact, the short sale generally hurts more than helps for at least five reasons.

First, the short sale triggers a taxable event and allows the lender to issue a 1099-A or 1099-C. This is sent to the IRS and essentially states that you received income that you now need to pay taxes on. In the forgoing example, you would then need to pay taxes on $100,000 of income. There is one exception to this rule and you must qualify fot this.
Second, it will damage your credit. Since you are breaching the contract, the lender has the right to report that you did not pay the balance in full. It is has almost the same effect your credit report as a foreclosure, and a short sale is usually far worse on credit reports than any bankruptcy filing. This can lower your credit score by as much as 200 points!!!

Then, there may be no need to do the short sales, since the lender probably has no other recourse against you since the loan was purchase money or will foreclose non-judicially, the short sale is not changing any liability issues. That means they can still sue you for the difference on the note.

Also, you are wasting your time and money. The only party really benefiting here is the realtor and buyer. Since all the work, worries, and monies you provide do not benefit you at all, the entire short sale process is usually done in vain. Instead, the realtor gets a fat commission at your expense. Instead you could be spending less than $1500 for a bankruptcy ( this includes the filing fee) to take care of this debt and others in a Chapter 7 Bankruptcy.

Lastly, you will be losing time in your property. Since the typical foreclosure process can usually last over a year when a bankruptcy is filed, you may be losing a substantial amount of equity recoupment or rents. If your mortgage is $2000 per month and you short sale now as oppose to allow foreclosure a year from now, you lose about $24,000.
Instead, it is usually best to surrender the home after the bankruptcy is filed. Under bankruptcy laws, there is no taxable event on a foreclosure after bankruptcy (except possibly a capital gain in rare cases in today’s economy), the lender can not report to credit bureaus foreclosure but can only report “$0.00 balance, bankruptcy discharge”(which by the way gets reported in all bankruptcy cases whether you keep the home or not and is generally better than foreclosure or short sale in terms of effecting your credit score), the debt is finalized as non- recourse, you avoid wasting your time and money, and you are able to stay in the property or rent it out longer.

Thus, at least in North Carolina, it is advisable in almost every case to avoid a short sale if a bankruptcy case is being filed. If you are currently in a short sale process and your bankruptcy has not been filed yet, you may want to get out asap. To the extent any buyer or realtor tells you you can not, simply list them as a creditor in your case and any claims they have will then be discharged as well.

If you are looking for a  Foreclosure Defense Firm and or a Bankruptcy Attorney in North Carolina Please Call Maxwell Law Firm, PLLC
at 704-461-1883 or contact us here

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REASON # 2 HIGH CREDIT BALANCES ON NUMEROUS CARDS

BY Maxwell Law Firm

Your credit score is like a numeric grade that’s applied to your credit history at a specific point in time. The credit score is based on the information that’s listed in your credit report. Your credit report includes information about your credit cards and loans. Things like the account balance, payment history, credit limit, and age of the account are listed on your credit report. The credit score is calculated based on a formula that gives weight to different parts of your credit history.

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Bankruptcy

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CONSUMER BANKRUPTCY

Many people are facing difficult times due to our current economic conditions. Whether you have been affected by a job loss, divorce, medical expenses or overwhelming credit card debt, you may find yourself unsure of what your next step should be. Having to confront handling your finances can be a difficult thing to do, but ignoring them can lead to dire consequences. With the help of our caring and dedicated bankruptcy attorney. One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.

Great Service
We assist clients with bankruptcy filings, negotiating a settlement of your debts, unpaid medical bills, and the defense of collection litigation and defending you against foreclosure. We treat you as a person, not a case number. It is as simple as that. We are a firm that focuses on giving you the best legal service possible. Have all your questions answered during a private and confidential consultation.

Low Fees
There are no gimmicks, antics, or surprises. We charge a nominal consult fee of $50.00 (due at the time of your consultation) that covers the fee to pull an extensive credit report on your behalf. The Chapter 7 fees are as follows: $999.99 for a single filer, $1099.99 for married filers, $1199.99 for persons with business debt (whether or not they are married). Note these fees do not include the filing fee of $299.99 paid to the bankruptcy court. We can guarantee that we are the lowest priced bankruptcy in Attorney in town!

Convenient Locations
We have offices in Charlotte and Concord, North Carolina. Our two offices offer clients the convenience of meeting face-to-face with an attorney without having to travel far and take time away from their live.

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By TOLUSE OLORUNNIPA

tolorunnipa@MiamiHerald.com

A Hollywood bankruptcy court trustee charged with misappropriating $16 million in a series of court cases, agreed to turn herself in on Wednesday.

Marika Tolz, who is facing federal and state charges, was to surrender to authorities on Wednesday, according to her lawyer, Benedict Kuehne.

State charges filed Monday accuse Tolz of illegally obtaining large amounts of money from the estate of James Christensen between 2008 and 2010. Those state charges followed federal charges of fraud filed against Tolz earlier this month.

Kuehne said his client was remorseful.

“Ms. Tolz fully expects to resolve this matter by making full and complete restitution to the Christenson estate, and repaying all funds due,” he said in a statement.

Read more: http://www.miamiherald.com/2011/03/30/2142066/bankruptcy-court-trustee-agrees.html#ixzz1IAw1pFmU

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Bankruptcy

Are you still dealing effects of the recession including but not limited to: job loss, failed mortgage modification plans, high interest loans, foreclosure looming, tax garnishments, deceptive contractual agreements, troubled real estate market, fraudulent debt consolidation companies, and unsuccessful programs. The bankruptcy laws still afford individuals major advantages such as:

    * Saving your home from foreclosure
    * Dealing with Debt Collectors
    * Legitimate Debt Settlement and Discharge of their debts
    * Resolving Income Tax Collections
    * Canceling High Interest Car loans and avoiding repossession
    * Stopping Wage Garnishments
    * Avoiding Judgments and Liens

Forget the negative connotations and misconceptions that are synonymous with the term bankruptcy and talk with a Qualified Bankruptcy Attorney regarding your rights, options, and how the process may actually benefit you. If any of the above bullet points apply to you, more than likely your credit score has been damaged. Now is the time to take control of your finances, start repairing your credit, and get a fresh start 2011.

Contact:

Maxwell Law Firm, PLLC

704-461-1883

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For a list of our services see:

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posted by charlotte chapter 7,

by Michael Babad

These are stories Report on Business is following today. Get the top business stories through the day on BlackBerry or iPhone by bookmarking our mobile-friendly webpage.

Churches hit by foreclosure
Churches in the United States are finding they’re not immune to the real estate crisis.

Many churches, The Wall Street Journal reports today, also can’t pay their mortgages because they took on too much debt and now face smaller congregations and declining collections amid high unemployment levels.

Banks have foreclosed on almost 200 religious facilities since 2008, the news organization says. That’s a huge increase from just eight in the prior two years and almost none in the decade earlier.

And, the report says, hundreds more face foreclosure or bankruptcy.

"Churches are the next wave in this economic crisis," Rev. Jesse L. Jackson Sr., president and founder of the Rainbow PUSH Coalition, a non-profit civil-rights group, told the newspaper.

U.S. home prices sink again
Is there any bottom in sight for the embattled U.S. real estate industry?

The S&P/Case-Shiller home price index, a widely followed measure of the health of the sector, showed today that prices in 20 cities sank 1.6 per cent in November from a year earlier. That’s the biggest annual drop since late 2009.

Notable here is that in eight cities, prices hit new lows compared to their peaks. And the situation is expected to only worsen this year as foreclosures speed up.

"While the U.S. economy continues to improve, the housing market clearly remains in recession," said CIBC World Markets economist Krishen Rangasamy.

The question now becomes whether the U.S. housing market, where all the troubles began so long ago, is in a double-dip.

The November reading, said Toronto-Dominion Bank economist Alistair Bentley, reinforces the probability that such a double-dip is indeed under way, and prices are projected to fall below the those at the depths of the recession. The backlog in foreclosed homes will keep pressuring prices, he said.

Paul Dales, the senior U.S. economist at Capital Economics in Toronto, projected a further drop of more than 5 per cent in prices this year, which would put them almost 5 per cent below their previous low point.

"That will send more homeowners into negative equity and constrain consumption growth," he added.

• Home prices drop faster in major U.S. cities

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