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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posted by Bankruptcy

Are your wages being garnished? Do you have creditors calling non-stop? Are you being sued? Are you considering bankruptcy? Is bankruptcy not an option? We assist you with finding numerous solutions to your debt problems.
Call today to schedule your consultation
Maxwell Law Firm, PLLC 704-461-1883

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by homelessness law

February is Black History Month, and though the Law Center is mindful of how race intersects our work all year ‘round, I’d like to take the opportunity afforded by the holiday to blog about one particular aspect of race and housing law.

The foreclosure crisis has claimed nearly five million homes in the last four years, and almost no community has escaped unscathed.  From inner city Detroit to rural Idaho, homeowners to apartment-dwellers, foreclosures have affected Americans from every walk of life.  But there can be no denying that the crisis has had a disproportionately negative effect on communities of color.   According to the Center for Responsible Lending (CRL), about 8% of all African Americans and Latino homeowners lost their homes due to foreclosure compared to only 4.5% of whites, even though white homeowners account for 2/3 of the market.  These homeowners not only lost the place they lived, they most likely lost their greatest asset and sustained serious damage to their credit and financial stability, costs that only add to the wealth gap between the races.

The well-documented “spillover” effects of foreclosure—including vacancy and blight, plummeting real estate values for families able to remain in their homes, and increased crime rates—will continue to be felt more widely in African American and Latino neighborhoods, which CRL estimates will lose close to $200 billion in property values by 2012.  And 40% of Americans at risk of losing their homes due to foreclosure are renters, a group where low-income people of color have always been overrepresented.

What is behind these troubling numbers? African Americans and Latinos had less access to traditional “prime” loans, and turned to or were targeted by so-called “subprime” lenders.  The subprime loan market offers more complicated and riskier products,  is less transparent, and incentivizes the sale of risky loans. Subprime loan originators specifically targeted African American and Latino communities, stepping into a market that conventional lenders had ignored and aggressively marketing loans to borrowers who had little access to alternative options.  Regulators charged with the responsibility for enforcing the Fair Housing Act and Equal Opportunity Credit Act, the major federal laws outlawing racial discrimination in the housing and lending markets, essentially ignored complaints, investigating only a handful of cases from 2000 to 2009, despite ample evidence of lender misconduct.

While the direct impact of the foreclosure crisis continues to ravage minority populations, a brand new study from ComplianceTech shows that its indirect effect on the wealth opportunities available could continue to be damaging far into the future.  The study, based on Federal Reserve data, shows that the credit available to African American and Latino borrowers has plummeted over 60% from 2004 to 2009, compared to a 17 percent drop for whites.  Author Maurice Jourdain-Earl warns that a “dual mortgage market,” one where black and Hispanic borrowers have limited access to credit outside of the subprime market, is placing “the economic foundation of the African American and Latino communities…at risk of total collapse.”

Black History Month should be a time to celebrate the achievements of African Americans, but also to acknowledge that communities of color face ongoing challenges. These challenges will

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only be corrected if private industry and federal regulators work with local communities to identify and stamp out these predatory practices and systemic inequities.

-Geraldine Doetzer, Housing Attorney

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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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REASONS WHY YOU MAY WANT TO CONSIDER NORTH CAROLINA BANKRUPTCY

• In most cases you can keep your home and property
• A bank can still foreclosure during a loan Modification (there is a type of bankruptcy where you can modify the principal and payments)
• The federal Hamp program though helpful will not stop foreclosure
• You can have medical bills, and credit card debt wiped away in bankruptcy
• You can get out most and all contracts (Cell phone, satellite, leases)
• Creditors and other parties can not sue you once you file and once your bankruptcy is finalized they forever loose that right to sue you on that debt.
• Bankruptcy is just as harmful if not less than a short sale, foreclosure, and debt settlement
• Bankruptcy Stops foreclosure, repossessions, lawsuits, irs garnishments, the list goes on…..

Why not find out if bankruptcy is right for you call a Bankruptcy Lawyer in Charlotte and Concord NC today 704-461-1883. Start fresh with no guilt, but only a brighter hope for the future.

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by North Carolina Bankruptcy

Two things that have been part of heavy legislation and talk this year were foreclosures and unemployment statistics.

According to NCSL

Home Ownership. Delinquent payments and homeowners entering foreclosure continue to rise, impacting even prime and FHA loans. Job losses and continued unemployment are now driving the delinquency and foreclosure increases. As the employment recovery is not anticipated until sometime in 2010, state legislators and other policymakers will be watching to see if foreclosure mediation and other programs designed to help homeowners are actually working to keep people in their homes or if the programs need to be adjusted to help more homeowners.

Unemployment. The national unemployment rate continues to rise and some experts expect it to increase through the end of 2010. Job losses continue in every state and almost every business sector. Sixteen states have unemployment rates at or above the national average. To meet the increasing demands for unemployment benefits, states have borrowed from the Federal Unemployment Trust Fund, raised unemployment tax rates and increased the wage base upon which taxes are calculated. According to the U.S. Department of Labor, Employment and Training Administration, 24 states and the U.S. Virgin Islands are currently borrowing to cover unemployment benefits.  Michigan began borrowing in 2006. Some states have considered cutting benefits and restricting eligibility. States will continue to feel the crunch through all of 2010 and will again look at all of those options to increase funding for unemployment benefits.

What About Bankruptcy?

Whether you have already been denied a modification, a Chapter 7 or Chapter 13 filing can get your other debts discharged or reduced, your payments under control, and wipe out the arrearages to your mortgage lender. In a chapter 13,  a debtor can not only modify their mortgage they can reduce the amount of principal remaining on their loan (cram-down) based on the fair market value of the home at the time of filing for bankruptcy. At that point you may have more bargaining power than you did before filing. Check with a good bankruptcy attorney — an hour with a real professional is money well spent.

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Charlotte Chapter

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

http://maxwelllegal.com

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posted by Charlotte Bankruptcy Lawyer

20.12.2010 | Author: AmandaBaker | Posted in General

General

Like most formidable situations, bankruptcy has earned its reputation based on very few truthful facts and too many false embellishments. The majority of the miseducation of the public has occurred since the current bankruptcy laws went into effect in 2005. But have no fear, once you know the facts, filing for bankruptcy is not nearly as terrifying as it first appears. Here are some of the most common myths about bankruptcy and what you need to know before you clean your slate.

Myth #1: It is difficult to file for bankruptcy.

False. The new bankruptcy laws have drastically reduced the time it takes to be discharged from bankruptcy down to an average of nine months. In today’s economic landscape, it is understandable that individuals need to file for bankruptcy in order to start over. A qualified, experienced bankruptcy lawyer can make the process as simple and painless as possible.

Myth #2: You will lose everything you own.

This one of the biggest misnomers deterring people from filing. Bankruptcy laws do vary from state to state, but every state has exemptions that can protect certain assets, such as your house, car, qualified retirement plans, household goods and necessary clothing.

Myth #3: You will never get credit again.

Quite the opposite, actually. Before you even get home from the courthouse, your mailbox could be rich with credit cards offers again. The catch is that they will be from subprime lenders charging very high interest rates. In fact, if you have a credit card with no balance at the time you file, you may not have to include it in your list of creditors, since you don’t owe them money. You may even be able to keep the card after the bankruptcy is finished.

Myth #4: If you are married, both spouses have to file.

This one is tricky, but not entirely true. It is very uncommon for one spouse to have a significant amount of debt in their name only. If there are debts that a married couple wants to get discharged in which they are both liable for, they will need to file together. If only one spouse files for bankruptcy, the creditors usually demand the entire payment from the spouse who didn’t file.

Myth #5: You can only file for bankruptcy once.

You can actually file for bankruptcy more than once, but the new bankruptcy laws extended the amount of time in between filings. Chapter 7 bankruptcy can be filed for once every eight years and a Chapter 13 filing once every two years. If you want to file for both on separate occasions, there is a four year wait in between the two filings.

Myth #6: Everyone will know you filed for bankruptcy.

Unless you are a very prominent person or a major corporation and the media gets word, the only people that will know about your filing are your creditors. These days, the amount of people filing is so immense that very few publications have the time, space or inclination to run anyone’s name.

If you are thinking about filing for bankruptcy in Louisiana, contact the Louisiana bankruptcy lawyers that focus exclusively on bankruptcy law, Kirkpatrick Bankrutcy Law. Every day, the attorneys at Kirkpatrick and Associates help people save their homes, their cars, and wipe out their debts from $5,000 to $300,000. No other law firm is better qualified to bring you the fastest debt relief, and do it right the first time.

Brian Reed. louisiana bankruptcy lawyers – Every day, the attorneys at Kirkpatrick and Associates help people save their homes, their cars, and wipe out their debts from $5,000 to $300,000. No other law firm is better qualified to bring you the fastest debt relief, and do it right the first time.

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Gastonia Bankruptcy

Posted on 21 November 2010

According to Chapter 13 bankruptcy repayment plan, debtors are required to repay the amount of money to the creditors within three to five years.  You are more likely to achieve to the approval of Chapter 13 bankruptcy application if your total income is lower than the median income in your state. While working with Chapter 13 bankruptcy, the amount of money, which you are paying in a single monthly payment to your bankruptcy trustee, is delivered to your creditors and paid off to other important payments.

Filing for Chapter 13 bankruptcy is a good option when you cannot file for Chapter 7 bankruptcy. That’s because of your higher income or other important assets, which you want to keep in your possession. In simple words, by filing for Chapter 13 bankruptcy you may protect your home from foreclosure just by paying your arrears. At the same time, you can easily pay off your monthly payments of mortgage.

Who can apply for Chapter 13 Bankruptcy?

According to U.S bankruptcy law, individuals having unsecured debts less than $360,475 and secured debts less than 41,081,400 can file Chapter 13 bankruptcy. Individuals, who are self-employed, are also allowed to file for Chapter 13 bankruptcy, but their business should not be incorporated.

Individuals, who had a bankruptcy dismissed in the past 180 days because they failed to appear in the court, cannot file for Chapter 13 bankruptcy. Furthermore, if they quit bankruptcy voluntarily to protect their property from going into the possession of creditors also cannot file for Chapter 13 bankruptcy. Before 180 days from filing for bankruptcy, individuals should get court-approved/recommended credit counseling.

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