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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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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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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Maxwell Law Firm, PLLC is a full service Law firm that offers bankruptcy, traffic / speeding ticket representation, and family (divorce) services.

Bankruptcy

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

If you need assistance with unpaid medical bills, preventing foreclosure, preventing repossession, reduce financial liabilities, stopping wage garnishments, stop 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 job loss, staggering medical bills, disability, and divorce or identity theft.

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.

Traffic

Many people ask themselves should hire Lawyer for a Traffic Matter? Well what you have to take into account is that your driving record could affect your employment opportunities, insurance rates, and your driving privileges.

Our firm is experienced in handling traffic violations including: North Carolina Speeding Tickets, infractions, Reckless driving, Stop sign and stop light violation, license restorations, Driver’s license violations, hit and run violations, Seat belt violations, reopening paid or closed traffic cases, Registration, inspection and insurance violations, Racing violations, and Signal violations. We work hard to minimize the points on your license and keep your insurance rates low.

Family Law

When dealing with issues involving your children, assets, and the dissolution of one’s marriage it is always a great idea to at least consult with an Attorney to discuss your options and rights. We offer reduce fee consultations for family services and flat free retainers for uncontested divorces.

Maxwell Law Firm offers family law representation for divorce, custody, child support, and visitation, alimony, distribution of property, and separation agreements.

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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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 (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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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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