Charlotte Attorney's Informative Blog

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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Posted by Michael Klozotsky

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Debt is nothing to be ashamed of many people are having financial difficulties because of the economy and the unemployment rate.

Bankruptcy is not the scarlet letter that creditors make it out to be. What creditors do not want you to know is that:

1. The bankruptcy process is fairly a simple one

2.Most creditors will walk away with nothing once your bankruptcy is finalized

3. Short Sale and or Foreclosure are equally damaging to your credit score as bankruptcy.

4. You will be able to secure a car loan in a few months after bankruptcy and a mortgage within two (2) years.

5. Your credit score may actually improve because the bankruptcy will cover most negative items from your credit report.

6. Most importantly that you can save your home from foreclosure and your car from repossession.

7. Bankruptcy filings are not published everywhere, the only people who have access to your file our your creditors, attorney, and you.

8. Creditors can not contact you and move forward with collection while you are going through the process.

9. You will save a lot of money by filing because: you will rid yourself of a lot of debt and high interest fees.

10. You will be able to rebuild your credit portfolio immediately after filing and receive the credit counseling necessary to never need to file for bankruptcy again.

If you are looking for a qualified Bankruptcy Attorney in the Charlotte area call 704-461-1883

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posted by North Carolina Bankruptcy

20.01.2011 | Published by: Articles Reloaded | Posted in Bankruptcy

Author: Ted Higgins

Bankruptcy is a more common debt relief option than you might think, but how it may work for you will depend on many factors.

Despite a 2005 law designed to reduce the numbers of bankruptcy, filings have been trending upward over the last five years. Some of this increase may be attributed to the recent economic climate, but signs still point to bankruptcy becoming a more commonplace option.

This may be a result of a number of high profile fillings in recent years. From high profile – yet still successful – individuals like Donald Trump to rebounding car manufacturer GM, bankruptcy is no longer viewed as a sign of failure by many. In fact, it is often used as a tool to regain control of the financial future.

Despite the growing numbers of people turning to bankruptcy, the process is not a one-size-fits-all proposition.

There are several different types of bankruptcy, known as chapters, designed to help different entities in different situations. There are chapters are created by state and federal bankruptcy laws specially designed for businesses, governments and individuals and families.

But all of these chapters share common goals and processes. Bankruptcy is designed to provide protected system to resolve debt and provide a fresh financial start.

Almost all personal bankruptcy cases are either Chapter 7 or Chapter 13. Both may be used to clear debt from a variety of sources, and both offer ways to secure homes, cars and other property for the future.

Chapter 7 is designed for people who simply don’t have the income needed to pay back deep debt. It may be used to cover debt from credit cards, medical bills, payday loans and more. This is also the fastest form of bankruptcy, and may be able to clear your debt in only a few months.

Chapter 13, on the other hand, is often better suited for people who have some regular income and are looking to clear debt related to a major purchase, like a home mortgage or car loan. It is one of the few debt relief options that is designed to resolve debt related to mortgages and car loans that also prevents foreclosure and repossession during the bankruptcy case.

Even these examples are painted in broad strokes. The fact is the bankruptcy information you will need will depend on the laws in your state. Each state makes its own bankruptcy laws, and the requirements and capabilities of each chapter will change according to these. So what’s best for someone living in Texas may not be the best option for someone living in Florida.

But how to do you know begin really exploring, in depth, your bankruptcy options. The government provides great information on the process and the laws, but many people prefer to get their answers straight from a bankruptcy lawyer. Many lawyers do not charge for initial consultations or a "fact-finding" meeting that will allow you to ask questions and see if bankruptcy is a good fit for you.

Whatever you ultimately choose, it is important to remember that you do have options. When it comes to your debt there are steps you can take to start taking back control.

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We have two convenient locations in Charlotte and Concord and have low cost fees & rates

Services we Offer:

• Uncontested Divorce Filings (get divorced in less than three months from the filing date)
• Assistance with Child support / custody defense and collection
• Assistance with alimony defense and collection
• Assistance with property division
• Separation agreements
• Prenuptial Agreements

Fees Starting @ $399.00 till the end of January only (when you mention this ad).

MAXWELL LAW FIRM

704-461-1883

http://maxwelllegal.com/

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posted by  charlotte chapter 7

17.01.2011 | Author: smithsbryan | Posted in Debt Consolidation

Regardless of what your creditors may have led you to believe, you have more power than you think when it comes to your finances. You need to learn more about filing bankruptcy and how the automatic stay may give you comforting protection from creditors that you haven’t had in a very long time. If you’ve grown tired of the late-night collection calls from angry creditors and then having to explain to your kids why you’re so upset after getting off the phone, take action now before it’s too late.

There is a lot of important information that a person should be aware of whether they are looking specifically for personal bankruptcy information or business bankruptcy information. If you are having financial troubles in your personal or business life and think that you may have to file for bankruptcy, this is information that you are going to find very useful.

You may not even realize that there are other things you can do before you go through with bankruptcy, which just may end up saving you and helping you use all the benefits that are available to you.

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posted by chapter 7 concord north carolina

from http://loans.dracony.org/2011/01/15/student-loan-bankruptcy/

Student Loans Aren’t Discharged by Bankruptcy
That’s the bad news. Due to bankruptcy reforms in 1998 and 2005, it’s almost impossible for the average person to discharge federal or private student loans through bankruptcy. You may be able to get help with your payments through a bankruptcy filing, but there are better options for repaying your student loans.

The Student Loan Bankruptcy Exception
As with all rules there is one exception: you can discharge a student loan in bankruptcy due to undue hardship. Undue hardship is defined as the permanent physical inability to work. You must prove in bankruptcy court that:

You’re physically unable to work You’re likely to be unable to work for most of the loan term You’ve made a good faith effort to repay the debt Paying it would prevent you, your spouse, and your dependents from maintaining a “minimal” standard of living.

If you believe you qualify under these guidelines, see an experienced bankruptcy lawyer for help filing an adversary proceeding as part of your bankruptcy case.

How Bankruptcy Can Help with Student Loans
Although your student loan can’t be discharged in bankruptcy, a bankruptcy court may be able to ease an overwhelming debt burden. Some courts may discharge a portion of your student loans, but this is rare and varies by court.

In most cases, the judge will incorporate your student loans into your debt repayment plan under Chapter 13 bankruptcy. Any balance remaining after the payment plan ends will still be due, but your other debts should be paid off by then.

What to Do if You’re Heading Toward Bankruptcy
If your total debts have reached an unsustainable level and you feel you must file for bankruptcy, don’t simply stop paying your student loans. Not only are student loans not dischargeable in bankruptcy, but also the federal government has the right to assess stiff penalties, seize tax refunds and other government assistance money, and garnish your wages.

Lenders want to help you avoid default. Contact them for help applying for a deferral, forbearance, or extended repayment plan before the situation gets worse than it already is.

Solutions for Student Loans You Don’t Owe
If a lender is demanding payment for a student loan you don’t think you owe, it’s best to resolve the situation before you wind up in bankruptcy court.

The most typical situation is a miscalculation of the actual loan balance, especially if the loan has changed lenders multiple times. If you think the lender is requesting more than you owe or hasn’t properly credited payments, write to them with your evidence. If the issue is not resolved, then a court can intervene to determine the amount you actually owe. A bankruptcy judge may also do this as part of a bankruptcy proceeding.

Your debt may be cancelled if a few situations apply:
Situation 1: Your school closed before you completed your education and you couldn’t complete it elsewhere. You don’t qualify if you voluntarily withdrew before the school closed. You may be entitled to a loan reduction if you voluntarily withdrew and the school improperly withheld any remaining student loan funds.

Situation 2: Your school or another party signed the promissory note in your name without your approval or the school falsely certified you as eligible for a student loan when you were not.

Situation 3: You were forced to withdraw due to a disability that developed while you were in school, or that certifiably worsened after you accepted the loan.

For all three situations, it’s best to contact the lender or the federal student loan program for assistance in resolving your unowed debts. Although a bankruptcy court can sort it out for you, other solutions are simpler and better for your financial future.

Student Loan Cancellation Programs
Several federal and state agencies offer programs to help you cancel or reduce all or a portion of your student loan debt without filing for bankruptcy. Most programs involve teaching, nursing, or military service.

In most cases, bankruptcy won’t erase your student loans. Although bankruptcy is still a viable solution for desperate financial situations, it’s best for your future financial well being to avoid it. Contact your lenders as soon as a problem develops in order to avoid worse financial repercussions.

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posted by Chapter 7 Bankruptcy

By Aisling Maki

Bankruptcy attorney Jimmy McElroy, one of the Memphis court’s top filers, has noticed a recent change in local bankruptcy trends.

Today he’s seeing older, more established individuals filing for bankruptcy. That’s a shift from the traditional notion of people filing when they’re younger and less experienced in handling their finances, or habitual filers who declare bankruptcy multiple times over the course of their lives.

“Some people have worked for the same place for 20 or 30 years and their plant shuts down,” McElroy said.

“I’m seeing people who you’d think would be getting ready to enjoy their retirement, who had worked hard all their lives, and are really having financial problems. People are filing for bankruptcy who you’d never think would ever have to file bankruptcy.”

One positive trend to emerge from the latest data is that bankruptcy filings in Shelby County declined slightly in 2010, falling 7.7 percent from about 19,500 in 2009 to 18,000 last year, according to real estate information company Chandler Reports, www.chandlerreports.com.

Chapter 7 bankruptcies, those filed by the most hard-pressed debtors who usually get to wipe away most of what they owe, were down slightly with 5,416 in 2010 compared to 5,734 in 2009.

Cordova saw the highest incidence of filings, followed by Southeast Shelby County, Hickory Hill, Westwood and Bartlett.

Chapter 13 bankruptcies, which involve a court-ordered debt repayment plan, were down as well, with 12,489 last year compared to 13,687 in 2009.

Frayser had the most filings, followed by Westwood, Oakhaven/Parkway Village, Whitehaven and Raleigh.

McElroy said he doesn’t foresee continued improvement in 2011 as the economic slump toils on.

“We’re still having a lot of financial problems,” he said. “There are still a lot of foreclosures happening and a lot of people are still out there looking for jobs. I don’t think the numbers are going to go down significantly. They might taper off slightly, but it’s going to be pretty steady.”

McElroy said that with so many job losses, he also has seen tremendous student loan debt – something that can almost never be wiped out.
Q4 Bankruptcies See Slight Decrease

The period from October to December of 2010 showed a slight decrease in individuals filing for bankruptcy in West Tennessee, according to The Daily News Online.
The U.S. Bankruptcy Court for the Western District of Tennessee has offices in Memphis and Jackson, though debtors from anywhere can come to the district to file.
Chapter 7 cases, also known as liquidations and typically the simplest and speediest type of bankruptcy for the hardest-pressed debtors, dropped from 1,309 in Q4 2009 to 1,202 in Q4 2010.
Chapter 13 filings, or “wage-earner” cases, which involve a court-ordered debt repayment plan, totaled 3,033 in the fourth quarter compared to 3,438 in the last quarter of 2009.
The only slight drop suggests an anemic recovery in which individuals continue to grapple with job losses, foreclosures and mounting debts.
Q4 2010 saw a slight climb in Chapter 11 filings, often used by businesses to declare bankruptcy reorganization. There were 17 compared with 15 in the same period in 2009.

– Aisling Maki

“They’re in deferment because they’ve lost their jobs,” he said. “I’ve seen people who owe over $100,000 in student loan debt. Eventually, it’s going to catch up. It doesn’t go away, unless you have some kind of a medical hardship to discharge student loans, but it’s really hard to do. If you have any kind of income, you’ll probably have to pay them back.”

In terms of businesses filing for bankruptcy, 2010 saw a total of 63 Chapter 11 filings, down from 73 in 2009.

Whitehaven was worst off, followed by the Defense Depot area and Germantown, both with four filings.

The 2010 filings included Wurzburg, a Memphis-based provider of supply-chain logistics and packaging that had been in business since 1908.

Landsberg, a packaging, janitorial and food service shipping supply company, announced in May that it had obtained approval of a Memphis bankruptcy court to purchase Wurzburg’s assets.

Also, Performa Entertainment filed for Chapter 11 bankruptcy reorganization in 2010, just as Memphis Mayor A C Wharton Jr. announced that the city had finally reached a settlement that agreed to end more than a decade of litigation over the flow of money through Beale Street businesses.

One of the biggest bankruptcy stories from 2010 involved Looney Ricks Kiss Architects Inc., which spent the first half of the year worked to reorganize itself after filing for Chapter 11 in late 2009.

The news sent shockwaves through an industry still reeling from dried-up financing for private projects and decreased business. Now known simply as LRK Inc., the company turned a corner in 2010 with a new look and a slimmer workforce.

“Our focus has been continuing to serve the clients that we have,” Frank Ricks, the firm’s managing principal, told The Daily News in August. “And some of them are beginning to see their situation thaw out a little bit, so we’re seeing some signs of improvement, but I don’t think any of us expect it to be a rapid turnaround.”

Also, prominent homebuilder David Miller filed Chapter 7 bankruptcy in 2010 citing $58 million in losses, a sign of the home construction industry’s continued woes.

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posted by Charlotte Traffic Tickets

10.01.2011 | Author: rudybrdrrd | Posted in Careers & Employment

Traffic tickets could be incredibly expensive and inconvenient. An excellent Traffic Lawyer may be of good support. Some drivers decide to quickly pay their tickets and proceed on, even though they do not think they’re responsible of your traffic violation. It will result in additional expense in insurance plan increases than the cost of excellent authorized counsel, a great Traffic Lawyer with defend the traffic citation or speeding ticket. Other folks choose to contest their tickets to prevent paying out fines or other penalties, larger insurance plan rates, as well as a ticket on their driving record. In a lot of circumstances, your traffic lawyer who specializes in traffic laws might assist drivers efficiently get their tickets dismissed.

Moving violations are infractions that occur when any car can be in motion. Examples of moving violations consist of: speeding; driving very slowly under the authorized minimum limit; tailgating; running a red signal light; disobeying traffic signals including a stop sign; or failing to yield the right of way to school buses or emergency motor vehicles. It is where a Traffic Lawyer in important to adequately defend your ticket or citation.

Non-moving violations come about once the motor vehicle isn’t in movement but your traffic regulation still is getting vioated. Examples of non-moving violations involve parking illegally, for example within a handicapped location without having proper authorization, or letting parking meters expire.

In a number of states, demerit marks will be another addition to your driver’s document each and every time they acquire a site visitors ticket. The amount of tips varies in accordance for the severity of the violation. If a driver accumulates a particular quantity of points, penalties for example a license suspension could take place. Even in states with out factors methods, tickets are extra to some driver’s history and may bring about punishments such as fines or maybe a license suspension. Drivers with numerous tickets on their records could in all probability be labeled as risky or harmful drivers by their car insurance plan firm and compensate larger than common premiums.

In addition hou’ll encounter also ‘disobeying highway traffic signal’ tickets or unlawful lane change citations amongst many other folks that do not seem being vital but in truth most affect your specific driving document, add points to your license and raise your insurance plan costs if not effectively defended versus.

Among all in the traffic related expert services an excellent traffic lawyer is going to be the greatest asset expected on the legal dynamics of the troubles and events that can ocurr when driving or involed inside a motor car or truck connected concerns from accidents you can moving violations and so much more.

Drivers who desire to help keep their records thoroughly clean and avoid spending penalties need to consult an attorney who specializes in traffic regulation you can contest their ticket. The court techniques may be frustrating and difficult to understand, and it truly is in the ideal own interest for the defendant to have appropriate aid from any competent Traffic Lawyer or Attorney.

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posted by North Carolina Bankruptcy

by sapan

Chapter 13 bankruptcy is a good option for those who are in search of debt relief but one should consider it only under certain stipulations.

Those who are in need of debt relief can consider chapter 13 bankruptcy. But a debtor should be aware of few things and should be cautious before he files for chapter 13 bankruptcy. He should also know the major difference between chapter 7 bankruptcy and chapter 13 bankruptcy. Bankruptcyonly provides excellent services for filing both the bankruptcy and even helps to clear the doubts.

First of all a debtor should know that filing bankruptcy is not a small thing and there are great difference between chapter 13 and chapter 7 bankruptcy. If a debtor file chapter 7 bankruptcy than his major debts would be discharged. A debtor can easily get a fresh financial start after filing chapter 7 bankruptcy.

Chapter 13 bankruptcy rules are very different from chapter 7. It usually takes three to five years to finalize chapter 13 bankruptcy and the debtor is set in payment plan for three to five years. Here the debtor has to pay the decided amount to their creditors every month. Later discharge is given after completing the payments.

There are pros and cons of everything and same is the case with chapter 13 bankruptcy. In this type of bankruptcy, the completion rate is very low. Many people don’t succeed in filing this bankruptcy thus there are chapter 13 bankruptcy eligibility and one should file it only under the following situations:

• If a person is behind on his mortgage payment and he wants to stay in his house than he can file chapter 13 bankruptcy.
• Whenever a person is not eligible for a loan modification than he usually files bankruptcy.
• One cannot file chapter 7 bankruptcy if he earns too much because one cannot declare chapter 7 if he is below the median income and in that case, he has to file chapter 13 bankruptcy.
• When a person wants to keep non-exempt assets than he filing chapter 7 bankruptcy is not a good option. Chapter 7 bankruptcy permits one to keep his personal property but there are limitations. If a person wants to keep his sedan or Rolls Royce then he should file chapter 13 bankruptcy.

Thus one should file chapter 13 bankruptcy only under the above stipulations. One has to provide all personal bankruptcy information to his lawyer to file bankruptcy. Even if one wishes to keep few assets than he can do it buying it from the trustee and this is possible only in chapter 13 bankruptcy case.

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