Charlotte Attorney's Informative Blog

By Bankruptcy Attorney 

I frequently get get this question by potential clients and I do my best to cover all basis, says Charlotte Bankruptcy Attorney, Victorianne Maxwell of Maxwell Law Firm, PLLC.

When you fail to pay your credit cards the following can and normally occurs:

1. Your credit score will take a hit once the credit card companies report your payments late or delinquent for thirty (30) days or more.

2. Eventually the account will be closed. The closure of an account by a creditor  is very negative and further harms your credit score.

3. Your account will either be referred  or sold to a collection company. If the debt is sold to a collection company there is a strong possibility that collection will also be reported a second time by the collection company. Because it is a separate event, the collection company will be allowed to do this.

4. In addition, you could be sued on the debt.  The creditor will file a complaint and have a summons issued and served upon you to notify you of the pending lawsuit. Most creditors and debt purchasers can provide documentation to validate the debt. There a very few defenses to a debt collection lawsuits.  For instance, one is the Statute of Limitations, this is the  period of time the creditor has to file a lawsuit against you  for the collection of the debt. In North Carolina this period is three years.  Once a creditor receives a judgment against you based on the non-payment of the debt, it will also be reported to credit agencies as an additional negative public item. Judgments stay on your credit file for (7) seven years. Creditors can collect on judgments for up to ten (10) years in North Carolina and renew judgments as well.

HOW CAN YOU PREVENT MOST OF THESE THINGS FROM OCCURRING:

1. Debt Settlement: You can settle with the creditor before the account is closed and voluntarily agree to close the account.  You can also settle with the collection agency prior to suit being filed. Your last chance to settle is once the lawsuit is filed and before the judgment has been entered.

2. Bankruptcy: If you have other debts that you would like to take care of this maybe a viable option. You can prevent most of the events here from occurring and or clean up your credit file after a judgment has been entered against you. You should consult with an Attorney for more information about your options.

Maxwell Law Firm represents clients in North Carolina with: bankruptcy court, filing for bankruptcy, chapter 7 bankruptcy, foreclosure defense, chapter 13 bankruptcy representation, and loan modifications. You may schedule your appointment by calling 704-780-1100 or save 25% off the fees and schedule online at http://maxwelllegal.com/consultations

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Speeding Ticket Topic #2 Failures to appear

by Charlotte Traffic Attorney

North Carolina law does require individuals to appear in Court when they receive speeding tickets or infractions. You can appear and try and fight it or pay the fines. Both of those choices may leave you with several points on your license and higher insurance rates.

If you make no appearance than that is called a failure to appear. It is never smart to not appear for a court. DMV will quickly suspend your license for failing to appear. Even if you have an out of state license the DMV there will quickly be aware that you have a failure to appear in north carolina and suspend your license there because of the shared information between state dmv offices these days.

To avoid all of these consequences, you can hire a traffic attorney can get your mandatory appearance waived thereby saving the client from having to appear in court.

If you are looking for a  Traffic Defense Attorney and or an Attorney to handle a speeding ticket in Mecklenburg or Cabarrus Counties Please Call Maxwell Law Firm, PLLC
at 704-461-1883 or contact us here

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DIVORCE, YOUR CREDIT, AND FINANCES

BY Maxwell Law Firm
The effect of Divorce on your finances and credit can be devastating.Even the most amicable divorce can leave you in financial ruin.

MARITAL DEBT

Marital debt is debt you acquire sometimes jointly, during the marriage. Even if your spouse accumulated some debt without your knowledge during the marriage, you may be held responsible for it after the divorce. More often than not the mortgage is a joint debt, so deeding it your spouse incident to the divorce will not sever your responsibility to the lender. Countless divorcees have found their credit ruined because their ex let their house go into foreclosure. Explaining to creditors that you are now divorced won’t make you any less responsible for a mortgage with your on it. The only way to have your name removed from a mortgage after a divorce is to refinance. Keep in mind, the spouse retaining of possession of the home may not be in a position to qualify to refinance the home. If the refinance does not happen, then both spouses will remain liable on the underlying mortgage loan.

Budgeting
If you are in the process of separating from your spouse and or a divorce, one thing you must do is budget. Depending on who will have custody of the children, things like child support and medical insurance have to be factored into your new budget.
Depending on financial stability of your spouse, spousal support or alimony also should be factored into your budget.
Generally your expenses increase in a Divorce, even if you are the spouse receiving the support. This is because you no longer sharing expenses and sometimes debts and or assets.

CREDIT & DIVORCE
Most financial experts will say that Once it is clear to you that divorce is imminent, you should cancel joint accounts and open new individual accounts. Start canceling all existing credit cards and get new ones in your name to ward off credit problems. However, thinking with my divorce attorney cap on I would say that may not be the smartest thing. In North Carolina an equal division of marital assets and debts called equitable distribution is a common thing. In accordance with Divorce Law, this requires you to make this division either before marriage (pre-marital agreement), or after separation (separation agreement), or in a court of law before a judge an Equitable Distribution Hearing. Most people will fall on the later categories and canceling accounts and liquidating other accounts could be seen as more of a negative thing than positive in Divorce Court. Consulting with an Attorney before you make any moves would be smartest thing to do.

WHY YOU SHOULD CONSULT WITH A DIVORCE LAWYER
A Divorce Attorney can sit down with you and let you know what types of things you need to be aware of and what kind of expenses you should expect incident to your divorce. A Divorce Attorney can also set you up with a plan of action for your divorce and the process. Depending on your financial situation, Bankruptcy maybe an option for both you and your spouse before or after you separate.

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

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REASON # 4 foreclosure

BY Maxwell Law Firm
Foreclosure is the Legal process initiated by the lender by which borrower is deprived of his interest in the property, typically triggered by default by the debtor/borrower.

Deficiency- Another ACTION brought Following a foreclosure sale the proceeds of which are not sufficient to cover debt, lender can sue the borrower to recover remainder of debt.

Tax Implications

Borrower may have to pay income tax to IRS for unpaid balance paid to the lender, unless certain criteria are met (see conditions for mortgage tax relief.)

Credit Impact

Foreclosure stays on your credit report for 8 years like any other negative item, making it difficult to buy another home or a car int he near future.

What are your options If you are facing foreclosure
Option # 1 Deed In lieu of Foreclosure-Mortgagor hands over a deed to mortgagee in satisfaction of the debt. First lender must accept this arrangement and they typically do not. This is almost like a voluntary repossession and stays on your credit report just as long as a foreclosure.

Option # 2 Equitable Right of Redemption- Debtor’s right to redeem foreclosed property. Requires full payment of the mortgage debt in it’s entirety. Typically if you are in foreclosure you are not able to do this. Further more the damage has been done to your credit (Missed payments).

Option # 3  Short Sale –Within the lenders control and has the same impact on your credit as a foreclosure.

Option # 4 Bankruptcy–Federal protection from foreclosure and stops all foreclosure proceedings. With this option if you file  and qualify for a chapter 13 you can modify your mortgage loan interest. If you qualify and file a chapter 7 you can catch up on the payments and keep your home and possibly submit a loan modification during the process. Yes Bankruptcy stays on your credit report for the same amount of time as foreclosure BUT you can take care of other debts that you have as well such as unpaid medical bills, tax debt, stop car repossession, and the list goes on.

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

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BY BANKRUPTCY

1. ELIMINATE LEGAL OBLIGATIONS—you can get out of contracts (cellphone, gym ect), return property, reduce your financial responsibility on certain debts.
2. STOP FORECLOSURE –once you file something called the automatic stay is triggered and that stops all creditors from collecting on debts owed or contacting you.
3. PREVENT REPOSSESSIONS—again the automatic stay stops creditors from acting including regaining possession and control over the property. During this period you can catch your payments up so that you can keep the property. Remember in a chapter 7, one of two things happen you can affirm property if you are current on it or you can surrender it if you do not intend to keep it and avoid repossession (an additional negative item). If you are not current the creditor, after the automatic stay, can then seek to recover the property as their only form of relief.
4. Eliminate High Medical Bills—medical bills are unsecure debts which can be completely discharged in bankruptcy.
5. Loss of Employment or Income –loss of income can affect your ability to pay your debts and stay current so this factor that is taken into account when determining your ability to file for chapter 7.
6. Stop Wage Garnishments—the automatic stay applies here to stop even IRS from garnishing your wages once you have filed and they have received notice.
7. Stop Collection Calls—the automatic stay applies to creditor calls, letters, or any action and is valid for up to thirty (30) days after filing.
8. Prevent Utilities from being turned off—same as number 7.
9. Relief from high student loan payments—although student loans can not be discharged unless you are severely mentally incapable of being able to work and pay them back (i.e. Jamie Foxx in the soloist) you can get the payments reduced once you file for bankruptcy.
10. Prevent creditor fraud—often times creditors tack on these usury or extremely high  
11.  ELIMINATE OR REDUCE TAX DEBT —tax debt that due more than three years ago where a return was return was filed within the last two years or more can be discharged.
12. REBUILDING CREDIT—you can eliminate several negative items with one bankruptcy, which will stay on your credit for 8-10 years but will enable you to rebuild your credit immediately.

Maxwell Law Firm, PLLC assists clients with Chapter 7 Bankruptcies in the Charlotte/Concord Metro Areas call 704-461-1883 for further information.

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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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 (Las Vegas, NV)  –  Dr. Conrad Murray’s go-to pharmacy for propofol supply is going out of business.
   Murray, who is accused of overmedicating pop superstar Michael Jackson with the sedative, was a frequent buyer at Las Vegas-based Applied Pharmacy Services.
   Now, TMZ.com says the State of Nevada is shutting it down.
   According to court documents obtained by the celebrity website, Applied Pharmacy will file for bankruptcy in 90 days.
   The pharmacy is on record for shipping multiple  packages of the powerful anesthetic to Murray in the months leading up to Jackson’s 2009 death.
   Murray has admitted to administering propofol to help the sleep-deprived singer as he prepared for a series of comeback concerts in London, but denies being reckless with the drug as prosecutors have charged.
   Jury selection is under way in Los Angeles as Murray prepares to defend himself against an involuntary manslaughter charge.
   Prospective jurors are being asked to answer a 27-page questionnaire related to the case.
   Opening statements are scheduled for May 9th.

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By Danny Rubenstein · Published on February 17, 2011 7:40 AM · Features

After spending nearly half of their 2010 net revenue developing an esteemed new supercomputer, IBM is creeping closer and closer to bankruptcy in the new year. This computer, named Watson, has been hailed as “the greatest computing advancement since porn on your iPhone,” by senior IBM research director Bill Fini. “I mean … even though it is really great and all, the damn thing is costing us a fuck-load of money.”
These trying times have caused IBM to take fairly drastic measures in order to keep the company afloat. In a last-ditch effort, IBM forced Watson to compete as a contestant on the television game show, “Jeopardy!,” which the company cleverly disguised as a publicity stunt and an-hour-and-a-half long IBM advertisement.
This desperate attempt was brought to light by this leaked audio recording of a heated conversation between IBM CEO Kevin Steeley and Watson only weeks before the computer was set to compete:

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Major financial institutions’ poor record with modifying home mortgage loans will probably lead to an increase in the number of U.S. foreclosures, according to a report released Monday.

About 36,500 mortgage modifications on private mortgages were completed in December 2010, according to Fitch Ratings, which studied those loans packaged into mortgage-backed securities. That number is 58% below a high hit in April 2009.

“The combined efforts of HAMP [the Obama administration's Home Affordable Modification Plan] and other mortgage loan modification programs have made little more than a dent in the large volume of outstanding distressed loans,” said Diane Pendley, a Fitch managing director and one of the report’s authors.

read more http://latimesblogs.latimes.com/money_co/2011/02/loan-modification-foreclosures.html

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