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Reason # 4 Why Bankruptcy Maybe an Option for you
Thursday, May 5th, 2011REASON # 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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TOP REASONS WHY PEOPLE SHOULD FILE FOR CHAPTER 7 BANKRUPTCY
Monday, April 25th, 2011BY BANKRUPTCY
- ELIMINATE LEGAL OBLIGATIONS—you can get out of contracts (cellphone, gym ect), return property, reduce your financial responsibility on certain debts.
- 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.
- 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.
- Eliminate High Medical Bills—medical bills are unsecure debts which can be completely discharged in bankruptcy.
- 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.
- 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.
- 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.
- Prevent Utilities from being turned off—same as number 7.
- 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.
- Prevent creditor fraud—often times creditors tack on these usury or extremely high
- 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.
- 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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Michael Jackson’s Former Doctor Files for Bankruptcy
Saturday, March 26th, 2011
(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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BOA Has resumed foreclosures that it halted last year
Thursday, January 27th, 2011Tweet This Post
In banks we trust? Churches in U.S. hit by foreclosures
Thursday, January 27th, 2011posted 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.
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Los Angeles, Jacksonville lead nation in bankruptcy filings
Sunday, January 16th, 2011posted by charlotte chapter 7
The federal court districts that include Los Angeles, California and Jacksonville, Florida experienced the highest number of bankruptcy filings during 2010.
Florida’s Middle District, which includes the Jacksonville, Fort Myers, Orland and Tampa metropolitan areas recorded nearly 67,000 filings, about half of what California’s Eastern District saw during the year.
In both cases, as many as one out of every 100 these area residents declared bankruptcy during the year, The Florida Times-Union reports. Many of these filings included Chapter 7 and Chapter 11 filings, which are reserved for personal bankruptcies and liquidations.
“For our parents’ generation, the idea of bankruptcy was morally wrong. Now everybody knows someone who’s done it,” Robert Wilcox, a bankruptcy attorney with Brennan, Manna and Diamond, told the news source.
Most individuals in these districts opted for Chapter 7 filings, which can cost between $1,500 and $2,200 dollars but erase thousands of dollars worth of debt. While this was the popular option in 2010, Chapter 13 filings have been on the rise across the country in recent months as consumers continue to struggle with unemployment and a weak housing market.
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Asheville area bucks declining bankruptcy trend
Thursday, January 13th, 2011By Jon Ostendorff and Mike Baker • January 9, 2011
posted by charlotte chapter 7 bankruptcy
ASHEVILLE — The growth in bankruptcies around the country slowed in 2010 from its pace in recent years, but Western North Carolina continues to see an increase, according to an Associated Press and Citizen-Times tally.
Filings collected from the nation’s 90 bankruptcy districts showed 113,000 bankruptcies in December, down 3 percent nationwide from the same month a year ago. That followed a similar year-over-year decline for October. It had been four years since an individual month showed such an improvement.
Last month, Western North Carolina bucked that trend.
The federal bankruptcy court in Asheville listed 83 cases in December — up from 29 in the same month in 2009 and 18 in 2008.
The nation recorded 1.55 million filings in 2010, an increase of 8 percent from 2009 and a far slower growth rate than the 32 percent jump recorded in the year before — and the 33 percent jump the year before that. WNC in 2009 had 1,444 total filings. In 2010 it had 1,515.
“I don’t understand the trends,” said Asheville bankruptcy attorney Bentley Leonard of the firm Leonard & Moore on Merrimon Avenue. “What I am seeing are people who are coming in who have enormous financial hardships through no fault of their own.”
Reduced hours at work, cuts in income, medical bills and failing commercial ventures such as rental properties are among the factors contributing to local bankruptcies, he said.
Leonard, who has handled bankruptcy cases for 30 years in Asheville, said if everyone who was out of work got a job today it would still take several years to stem the tide of bankruptcies. Some of his clients are a year behind on mortgages.
“I am prepared for a busy 2011,” he said.
National differences
Thirteen states recorded an annual decline, mainly in the South, with West Virginia leading the way with a 10 percent drop in cases.
The West, however, indicated ongoing growth in filings, with numbers rising in places like Hawaii (22 percent), Utah (19 percent), California (19 percent) and Arizona (18 percent).
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Over 1.5 Million Americans Filed for Bankruptcy in 2010
Wednesday, January 5th, 2011posted by Charlotte Chapter 7
The number of bankruptcies filed by Americans topped 1.53 million last year as a result of long-term high unemployment rates and depressed home prices. Many people were unable to successfully make ends meet and therefore, sought court protection to clean their slates.
Bankruptcies Jumped 9 Percent from 2009
According to data released by the American Bankruptcy Institute, an association of attorneys and other bankruptcy professionals, along with the National Bankruptcy Research Center, the number of bankruptcies in 2010 represented a 9 percent jump from 2009.
This is the highest level seen since a revamp of the bankruptcy law took effect in 2005, which made it more difficult for consumers to shed their debt. Instead of debtors filing Chapter 7, which allows them to forfeit their assets, the law made Chapter 13 much more likely, in which a repayment plan is worked out with creditors.
According to the report, about two-thirds of filers have still qualified for Chapter 7 because so many were heavily affected by long-term joblessness and underwater mortgages.
More Filings in the Southwest
The report found specific areas suffered more than others and actually contributed to the significant increase in bankruptcies across the nation. In particular, the Southwest region of the United States had considerably more bankruptcy filings than the other areas.
California, in particular, had a high number of filings. Bankruptcies in the state were up 25 percent from a year earlier while in Arizona, filings rose nearly 24 percent from 2009.
Bankruptcy Likely to Drop in 2011
The good news is experts predict we’ll see a drop in bankruptcy filings this year thanks to economic improvements, an increase in hiring, improved tax breaks and reduced borrowing (fewer loans gives consumers eliminates the likelihood of default).
However, with an expected increase in foreclosures and continued drops in home prices in 2011, it’s still uncertain whether Americans will be seriously struggling with less debt this coming year.
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Impact of recession lingers through 2010
Monday, January 3rd, 2011The hangover from the Great Recession dominated regional business and economic developments in 2010.
Unemployment in the Scranton/Wilkes-Barre/Hazleton metro area topped 10 percent for six of the first 10 months of the year and was at 10.1 percent in October, dipping to 9.7 percent in November. The region had the state’s highest unemployment rate from May through November.
Layoffs and plant closings, rising foreclosures and bankruptcies created a feeling that the June 2009 conclusion of a devastating recession starting in December 2007 was only a statistical technicality. The region’s unemployment rate has hovered above 9 percent since August 2009.
“This is a very, very slow and extremely painful recovery,” said Anthony Liuzzo, Ph.D., a Wilkes University professor of business and economics “We still have to climb out of the hole we are in.”
Manufacturing job losses were the most-obvious effect from the lingering slump. Cinram Manufacturing, a DVD and compact disc producer in Olyphant, eliminated more than 440 jobs in two layoffs after the loss of a crucial DVD-production contract in August. Cinram will have about 500 employees in Olyphant starting 2011, one-quarter of its work force at the start of 2004.
Other manufacturers closed. Sun Building Systems Inc., a modular home manufacturer in Taylor, put 100 people out of work when it closed in March and Herff Jones Inc. idled 160 people when it closed its Scott Twp. Plant in September.
In Luzerne County, 139 people lost jobs in June when fiberglass insulation manufacturer CertainTeed ceased operations in Mountaintop.
The region has lost 46 percent of its manufacturing employment since 1990. The state has lost 40 percent of its manufacturing jobs during the same period and manufacturing employment nationwide dropped 23 percent.
The regional loss in 2010 was severe, though, as 1,000 people in the metro area lost manufacturing jobs between January and October.
“I thought we had already lost all the manufacturing jobs that we could,” said Satyajit Ghosh, Ph.D., a University of Scranton economics professor. “It is troubling.”
Other important measures also point to the effects of stubbornly high unemployment.
Third-quarter home foreclosures in the metro area were up 12.8 percent over the same 2009, according to RealtyTrac, a Lost-Angeles area firm that compiles foreclosure statistics. Through the first half of the year, RealtyTrac reported, regional foreclosures were up 74 percent.
Bankruptcy filings in the Middle District of Pennsylvania were up 6.5 percent through the third quarter. New bankruptcy cases in the 33-county district were on pace to top 11,160 for the year, an 8 percent increase over 2009.
“Those two numbers, even more than unemployment, are worrisome,” Dr. Ghosh said.
The foreclosure totals demonstrate that repossessions have moved beyond subprime financing to traditional mortgages and bankruptcies continue to rise despite an overhaul in bankruptcy laws in 2006 making it more difficult for filers to expunge their debts.
The slump also has created increased anxiety among workers about their employment security and has forced many people who lost jobs to take lower-paying, less-skilled work.
“There’s a lot of underemployment out there,” Dr. Liuzzo said. “Workers are more fearful about their jobs, even the ones who are employed.”
Employment prospects for the new year may not look much brighter, Dr. Liuzzo said.
“In businesses, there is still that confidence that is lacking,” he said. “They are afraid to pull that trigger on hiring.”
Both he and Dr. Ghosh believe unemployment will drop in 2011 closer to 8 percent. “It’s good that this year is coming to an end,” Dr. Ghosh said. “But I’m not sure the new year will be substantially different.”
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