Charlotte Attorney's Informative Blog

Applying for Auto Loans during Bankruptcy

BY Maxwell Law Firm

If and how you can reestablish your car credit by applying for car loans with bad credit during a bankruptcy.

How we know If you’re currently in a personal bankruptcy and need a car loan, you’re probably wondering what your bad credit car loan options are.

And while these consumers can usually try a buy here pay here dealer, this won’t solve their car credit issues since these dealers usually don’t report loans or loan payments to the credit bureaus and these same loans often end up in repossession.

Generally, you need reliable transportation before your bankruptcy has been completed a lot depends upon the kind of bankruptcy you’re in which, for most individuals, is either a Chapter 13 or a Chapter 7. bankruptcy. A Chapter 13 filing establishes a court-appointed trustee. The trustee sets up a payment schedule that must be adhered to during the bankruptcy, which is normally three or five years. A Chapter 7 filing liquidates a debtor’s assets and distributes the proceeds to the unsecured creditors. A Chapter 7 is usually over in a matter of months and can only be done once every 8 years. Since a Chapter 13 bankruptcy can last for a number of years (three to five), while a Chapter 7 usually lasts for a little more than four months, bad credit car lenders look at each type differently. Chapter 7.  Sometimes your credit score may actually be a lot better after filing than before, you should consult with an attorney for your options.

If you are looking for a  Repossession 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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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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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 speeding tickets

By Tim OBrien

Negative impacts on a driving history — Things that put you in an auto insurance company’s high-risk category include recent or multiple car accidents, driving while intoxicated or tickets for reckless driving. If you are issued a speeding ticket, the speed recorded on the ticket will make a difference.

What you drive is as important as how you drive – The type of vehicle you are driving can cause you to be categorized as a high-risk driver based on the potential for damage and the expense of repair or replacement. Expensive high-powered sports cars are considered high risk and often come with expensive premiums.

Age and experience factors – Younger drivers who have very little experience behind the wheel are also considered high risk by insurance companies.

More severe high-risk coverage options – Some driving history problems are more expensive to cover than others are. If a driver has been convicted of driving while under the influence of drugs or alcohol, he or she will need to find an insurance agency that specializes in covering severe high-risk individuals. This type of auto insurance will cost more than a standard policy, but it will keep you on the right side of the law as far as your car insurance is concerned.

Cost differences with nonstandard drivers – Everyone who has a short driving history, has been found at fault for an accident or has received a serious traffic ticket is considered a nonstandard driver by auto insurance companies. These drivers will have to pay higher rates than standard drivers do. In general, high-risk drivers pay between 10% and 15% more annually than standard drivers do.

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posted by Chapter 7 Lawyer

22.01.2011 | Author: Billy Edward | Posted in Business
Tagged Under : Bankruptcy Attorney, Business

If you are suffering from wage garnishment, foreclosure, repossession or debt collection harassment, speaking to a bankruptcy attorney can free you from debt. Bankruptcy attorneys can’t just give you useful information about bankruptcy but they could be useful in assisting you with financial planning to regain control over your debts. Bankruptcy isn’t always the best-suited answer for debt crisis. Credit counseling, payment plans through your creditor or expense reduction can all be methods of debt relief that does not involve bankruptcy.

A bankruptcy attorney can evaluate your financial situation and assist you in selecting the right path to free you from debt. If in fact bankruptcy is the best appropriate choice, your attorney can assist you with the file of your claim. Based on your situation will rely on the type of bankruptcy which you need. If you don’t have the ability to make payments to pay off your debts you can possibly file chapter 7. Your assets will be sold in order to pay of your debts and your debts will be discharged. If you have the ability to make payments and have a steady income-filing chapter 13 may be suitable. The court will create a transaction plan of who will be paid, the amount and the time frame (frequently 5 year period) to repay your debts in full. After the debts are paid in full, your debts will be discharged and your payment plan discontinued. By speaking to a bankruptcy attorney, you’ll be guided towards financial freedom in the best method for your financial situation.

Filing bankruptcy is done in federal courts. This means that regardless of what state you live in, the policy is fairly the same.

The majority of bankruptcy filings which were carried out in Las Vegas over the previous several years are chapter 13. This is the bankruptcy filing which permits for a consolidation and repayment of your debts. This indicates that you’re still responsible for paying your debts. When you file chapter 13, you’ll have between three and five years to repay those debts without taking on any extra charges due to interest on the amount owed. This is different than filing chapter 7 because with chapter 7 you’re absolved of your debts by selling off assets and having your debts paid for that way.

In Las Vegas it’s strongly suggested that before filing bankruptcy you seek the advice of a credit counseling service. Credit counseling can be a good alternative and can help you to resolve credit issues without having to file bankruptcy. This can save your credit and help you get on your feet faster than if you do file bankruptcy. An excellent credit counselor will also know when there is no other way then to file bankruptcy. It’s most often recommended that you file chapter 13 simply because it’s simpler to work with creditors if you plan to pay your debts. When seeking credit counseling, you often attend classes to help you learn better how to manage your money and how to produce a budget that you and your family can live with.

If you want more information on Bankruptcy Attorney, don’t read just rehashed articles online to avoid getting ripped off. Go here: Bankruptcy Attorneys

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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 North Carolina Bankruptcy

by Jim Brimner on January 4, 2011

Every person comes to a point in their life where they have experienced several unforeseen expenditures. Maybe you have had a lot more than your fair share. Perhaps you’ve been laid off from work for a longer time than you expected. When you lose your salary or have an increase in your expenses, you will probably find that its tough to keep up with the expensive mortgage payments. Which is what is occurring with many people and it is the reason for so many of the foreclosures today.

Even though some discover that a mortgage company might help them make an attempt to get back on track after they fell behind, the payment arrangements offered might not present the best solution. Although its clearly very nice that the lender may give you a chance to catch up the majority of people will find that this only causes additional economic difficulties for them down the road. Just remember that as you are working through this process, you do not need to surrender. You will find that the foreclosure process will be able to be dealt with also.

Over time, it is possible that you’ve heard bankruptcy is a bad choice. Though this may have been the case in the past, you have to disregard this old fashioned thinking and take a moment to examine the position you’re in right now in your life. If you would like to stay in your home and reduce the amount of your monthly payments so you might keep it, you must make contact with a bankruptcy lawyer.

You can find no one more qualified to give you guidance on foreclosure laws and regulations, foreclosure procedures and bankruptcy than the bankruptcy lawyer himself. Yes, a bankruptcy will show up on your credit for the next few years – but so would a foreclosure. At least with the bankruptcy you will demonstrate that you at the very least took steps to make things right, you did not give up on your debts, assuming you file a Chapter 13 and you also get to keep the home.

If you might be on the fence about whether or not a bankruptcy is best for you personally, set up a consultation with a qualified and reliable bankruptcy attorney. The lawyer will be able to look at your income, your assets and all of your expenses in order to see whether or not bankruptcy is the best course for you. Do not think there’s adequate time? Certainly there is! Foreclosures may be stopped minutes from the sheriff’s sale with the service of your attorney.

To discover more about employing the services of a bankruptcy attorney in the  charlotte area call 704-461-1883

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By Austin Erickson on January 4, 2011, 9:28 am

The U.S. Department of the Treasury estimates eight to 13 million foreclosures will occur from December 2010 through 2012 unless something intervenes. Ironically, the HAMP requirement that a homeowner generally be at least 60 days behind on a mortgage in order to qualify has led to foreclosures on homes where the mortgage payment had been up to date. In fact, a recent National Consumer Law Center’s survey of 96 foreclosure attorneys in the US found that mortgage servicers began foreclosure proceedings against 2,500 of their clients even though a loan modification request was pending.

// //

Bank Of America Modifies More Times Than Others

Recent statistics reveal that Bank of America conducted almost 22,000 mortgage modifications for economically stressed homeowners this past November, and since January 2008 has aided 746,000 individuals through various mortgage modification schemes. Just this past year, over 250,000 mortgage modifications have been done by Bank of America. “Bank of America continues to lead the national initiative to help struggling homeowners stay in their homes and avoid foreclosures,” said Rebecca Mairone, default executive for Bank of America Home Loans.

Few Others Will Modify

But industry-wide, across the nation, this isn’t true. On Dec. 15, the Congressional Oversight Committee admitted the government’s HAMP loan modification program has failed to help enough homeowners to stem the tide of foreclosures. The vast majority of loan modification requests fail, in part, experts believe, because banks have balked at offering a reduction in mortgage principal, the most effective way to halt costly foreclosures.

It’s Back, HAMP – Maybe

Trying to revive HAMP, the administration in December announced new regulations designed to push banks into offering more reductions in principal than they have in the past. Fannie Mae and Freddie Mac immediately proclaimed, however, that they remain opposed to making this option available to struggling homeowners. Protecting the interests of the banking industry over the consumer, the Federal Reserve also blocked new foreclosure regulations that would have reined in foreclosure abuse.

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