Castle Blog

Bankruptcy Terms To Know: Insolvency

Is insolvency the same as bankruptcy? If a company is insolvent, do they have to declare bankruptcy? What makes a company insolvent? Learn the definition of insolvency in this installment of "Bankruptcy Terms To Know."

Loan Modification Group in San Diego Is Invested by the FBI for Fraud

The latest scam in loan modifications has struck in San Diego, California. Several scammers, who have targeted the Filipino population, have been investigated by the FBI and indicted on several criminal accounts. How can you avoid loan modification scams in Missouri and Illinois and find a safe way to protect your family from foreclosure?

How Can You Find the Right Bankruptcy Attorney in St. Louis, Missouri?

Finding the best bankruptcy attorney for your case is a little more complicated than just picking a name out of the yellow pages. There are, however, some good rules of thumb for picking an attorney who will work hard and efficiently on your case.

Merry Christmas from Castle Law Office

After a tough 2009 for everyone, we want to take the time to wish you all Happy Holidays and hope that we can help you through 2010. If you need credit card debt help, protection from foreclosure, or just a way out from under crushing amounts of debt, we will be here with you every step of the way in 2010.

Bankruptcy Terms to Know: Schedules

What are bankruptcy schedules? They are snapshots of your financial situation at the time your case is filed. You want to make sure that before you hire a Missouri or Illinois bankruptcy attorney, he or she knows the importance of your bankruptcy schedules. If he or she does not, it could mean trouble for your Chapter 7 or Chapter 13 bankruptcy case.

Illinois Bankruptcy Attorney Opens New Castle Law Office Location in Fairview Heights!

I have been helping people in Illinois for many years now get relief from their overwhelming debt through bankruptcy. Previously, they have trekked across the river to the St. Louis office to meet with me and start on their way to financial peace of mind. Now, to better serve those citizens of Illinois, we have opened a Castle Law Office location in Fairview Heights.

The new office is located at 5007 N. Illinois (Route 159), Suite 4. We will be helping the good folks In Madison and St. Clair counties along with their surrounding towns and counties get debt relief with Chapter 7 and Chapter 13 bankruptcy. We opened the doors at the new office yesterday and, already, the staff at the new office has informed me that the appointment books have filled up. That means that, if you are in financial trouble, you should contact the office immediately to avoid possibly long delays in getting the help you need to stop wage garnishments, stop harassing creditor calls, stop car repossessions, and stop foreclosure.

The office is staffed with familiar faces that have been working at our St. Louis location for over 14 years. Having well-trained, ready-to-help staff was one of my biggest concerns when opening this new office. Now, we can immediately start helping the community get out of debt with experienced, caring staff. This is probably the most vulnerable time for a family and I am glad to be there when they need help the most.

I’m proud to say that you can now get the same reliable service that has helped over 30,000 St. Louis families get debt relief without having to cross the river! You can make an appointment for free with an experienced bankruptcy attorney at our new Illinois location by calling 618-206-3535 or you can contact Castle Law Office online by clicking here.

St. Louis Bankruptcy attorneys at the Castle Law Group offer a FREE Debt Relief Package including controversial new book 7 Critical Mistakes to Avoid the Dismissal of your Bankruptcy Case. Don't talk with any creditor or bankruptcy attorney before you read this book. St. Louis, Missouri and Illinois Bankruptcy Attorney James Brown and Castle Law Office have offices in St. Louis, MO, Kansas City, MO and Memphis, TN that specialize in obtaining a discharge of debt in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy cases in Missouri, Tennessee, and Illinois.  To order your FREE Debt Relief Package, click here.

Credit Card Debt Statistics

Are you alone in your credit card struggles, or are more Americans than you think struggling with credit card debt and spending issues? Learn some eye-opening credit card statistics in this brankruptcy blog entry.

The Dangers of Bankruptcy Misinformation

When looking for information on chapter 7 and chapter 13 bankruptcy in Missouri and Illinois, it is easy to run into a lot of information but how do you know which information is the best? Or even accurate? Information about a "Bankruptcy Home Equity Loan" sparked my interest in dispelling some misinformation, so, here are some tips that may help you determine fact from fiction.

St. Louis Bankruptcy attorneys at the Castle Law Group offer a FREE Debt Relief Package including controversial new book 7 Critical Mistakes to Avoid the Dismissal of your Bankruptcy Case. Don't talk with any creditor or bankruptcy attorney before you read this book. St. Louis, Missouri and Illinois Bankruptcy Attorney James Brown and Castle Law Office have offices in St. Louis, MO, Kansas City, MO and Memphis, TN that specialize in obtaining a discharge of debt in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy cases in Missouri, Tennessee, and Illinois.  To order your FREE Debt Relief Package, click here.

Our Own James Brown Hits the Best Seller List!

Owner and founder of Castle Law Office James Brown has hit the best seller list with his fifth publication, “Shift Happens.” The book was written as part of his venture with America’s Premier Experts and was released on November 19th, 2009. The book is a guide for the average American to survive and thrive in the current economy. Since that release, it has been a hit and named a best-seller in only four days in three different categories, including Direct Marketing, Entrepreneurship, and Communications.

Due to his over 15 years of experience in bankruptcy, James was asked to write a chapter on how the small business man can cope with the current economy and continue on to success. In his chapter, titled “Getting Past Debt: Regroup, Restructure, Rebuild!” he details the most common problems that small business owners go through as they follow their dreams and even includes a guide to dealing with business debts. James’ chapter gives hope to the future of small business with realistic advice that owners can actually use to become successful.

You can order your very own copy for $21.95 of “Shift Happens” by visiting borders or amazon online. You can also view the press release on the St. Louis Post-Dispatch website. The Castle Law family wants to congratulate James on this great achievement!

November: A Focus On Emergencies That Lead To Bankruptcy

This month we have focused on three common reasons for bankruptcy in America: job loss, medical bills, and divorce.

A Home Town Favorite Gets Back on Its Feet

Charter Communications, a St. Louis based cable company, has emerged from bankruptcy with a new, positive outlook. They provide a perfect example of how bankruptcy should be seen as a beginning, giving you opportunity to succeed and prosper without the burden of debt.

St. Louis Bankruptcy attorneys at the Castle Law Group offer a FREE Debt Relief Package including controversial new book 7 Critical Mistakes to Avoid the Dismissal of your Bankruptcy Case. Don't talk with any creditor or bankruptcy attorney before you read this book. St. Louis, Missouri and Illinois Bankruptcy Attorney James Brown and Castle Law Office have offices in St. Louis, MO, Kansas City, MO and Memphis, TN that specialize in obtaining a discharge of debt in Chapter 7 Bankruptcy and Chapter 13 Bankruptcy cases in Missouri, Tennessee, and Illinois.  To order your FREE Debt Relief Package, click here.

Will bankruptcy affect your security clearance?

Will filing bankruptcy in missouri or illinois get your security clearance revoked? Not necessarily. In my 15 years of experience, I have never had this happen. It also wouldn't happen strictly because of your bankruptcy. There are some important things to remember, however, when your clearance is up for review.

The Middle Class Gives Bankruptcy a New Feel

The middle class is the new face of bankruptcy. The US has seen a steady increase in well-educated homeowners declaring bankruptcy. It just proves that overwhelming debt can really affect anyone.

Missouri Ranked 44th Happiest State Out of 50

Missouri was just found to be in the bottom 6 of states for happiness levels. Why? It could be the stress of debt that so many live with. Do you have to live with the stress of debt? No. Chapter 7 or Chapter 13 bankruptcy can help you become the happy person you'd like to be.

Something to Remember this Thanksgiving

As this Thanksgiving season rolls around, it is important to remember the things you can truly be thankful for. Getting relief from your debt may just be the blessing your family needs.

The Truth about Debt Settlement Is Out

Debt settlement has been seen as an option by some but, as the Wall Street Journal has now recognized, it may not actually help you with your debt as much as one thinks.The Wall Street Journal released an article letting its readers know that debt settlement can't always deliver what it promises.

You Can Still Give Your Tithing in Bankruptcy

When going through bankruptcy, most people like to get back to the basics. They want to stop worrying about overdue house payments, harassing creditors, and wage garnishments and focus on the more important things in life—like family and friends. For many, those more important things include God and their church. So, it’s no wonder that people sometimes ask me at their free consultation, “Can I still give my church tithing?”
 
Fortunately, in both Chapter 7 and Chapter 13, a debtor can include an expense for charitable contributions, which include church tithing. And, with the weight of debt off your shoulders, it is easier to contribute. In fact, many end up giving more money than they did before their bankruptcy.

Bankruptcy protection truly provides a way for you to focus on the things in your life that make you happy. Contributing to your church and the community within it can be a powerful thing. It can make you feel like you’ve given something back to an organization that has given you so much. Bankruptcy doesn’t limit that—it, instead, empowers you to do the things that give you great satisfaction in life and move on from the burden of debt.

If you would like to free yourself to focus on the things that matter to you, you would be well-advised to talk to the best bankruptcy attorney in your area about what bankruptcy can do for you.

Can You Afford to Deck the Halls This Season?

With Halloween already passed, we have entered the spending season. Between getting a handle on those Halloween bills and creating more bills for Thanksgiving and Christmas, this is the perfect time to get into real trouble with debt. MSN Money had some great tips for helping you through this expensive season.

Know how much you are spending. It is easy to lose track of how much you are really spending on gifts, food, and decorations when you get carried away by the Christmas spirit. Just keep in mind the shock you’ll receive in January if you aren’t keeping track of how many times you are swiping that credit card.

Don’t overdo it. Don’t put yourself into debt just because you want to get everyone an impressive amount of gifts. Be realistic about what you can afford; after all, the best gifts come from the heart!

Don’t wait until the last minute. At some point, we are all guilty of procrastinating but it doesn’t pay off around the holidays. Often, trying to pay for all the presents at once will make your next credit card bill give you the chills. Space out your gift buying so you can stick it in your budget.

Get a gift receipt. Unless you are absolutely sure, don’t spend a bunch of money in stores with no return policy. It could leave you feeling guilty and end up costing you more in the long run.

Hopefully these tips can help relieve you of the burden of debt that could inevitably crush the Christmas spirit we all love to enjoy. If you are already in trouble with your debt, you may want to explore the option of Bankruptcy. It has helped many families get through the holiday season—and an appointment to talk to someone about your debt may just be the best gift you could give yours.

Will Thanksgiving Cost As Much As It Did in 2008?

The costs of everything have risen. From shoes and phones to cranberries and yams, we’re all paying a little bit more these days. Last year, the cost of Thanksgiving rose 5.6%, going from $42.26 to $44.61. That is a bigger rise in pricing than we’ve seen in years with 2005 and 2006 both seeing an increase under 3.7%.

So why is it costing us more to have our feasts? Food is a necessity. When the going gets tough, the things that people don’t need are thrown out of the budget and we’re left with only what we must have. And we must have food. So, grocers can raise the price of food and we’ll still have to buy it.

Fortunately, economists aren’t predicting as high of an increase for 2009. Regardless of the predictions, we will still be spending more. And, most likely, spending for Thanksgiving will just be a precursor to the real debt that we’re left with after Christmas.

Are there any good solutions? I’ve actually helped many families with their holiday bills. Because so many people are buying the holiday supplies on credit, I can help them with a Chapter 7 Bankruptcy. In most cases, a chapter 7 can wipe the credit card debt that brings down a family’s holiday spirit and let them start fresh. Relieving the burden of debt makes it easier to give thanks for the things that really matter, like health, family and friends.

Is There Light at the End of the Recession Tunnel?

The Associated Press reports that third quarter growth is raising the hopes of Americans everywhere. The recession, which has been going on since December of 2007, may finally be lightening up. How did it happen? Consumer spending is up more than 22%. A lot of that increase was a result of the well publicized cash for clunkers program. Another government incentive, the $8,000 tax credit for first-time home buyers, resulted in a 23% increase on housing projects. But, when the government stops offering these incentives, will the economy be continue to get better?

It seems that the fate of America lies where it always has: in the hands of Americans. It is now more important than ever to be responsible. Unfortunately, things beyond our control often lead us down the path to debt. Many people don’t realize that bankruptcy has helped many Americans—a projected 1+ million this year—become more responsible.

In most cases, bankruptcy can:
•         Help you understand what you can and cannot afford
•         Improve your credit score by giving you a clean slate from which to move up
•         Stop you from increasing your personal debt
•         Keep your family safe by stopping creditors from making harassing phone calls, saving your home and removing wage garnishments so you can have the money you need to get your life back on track

If it is time for you to take responsibility for your debt, you would be well-advised to schedule a free appointment with the best bankruptcy attorney in your area.

When Is It Time to Get Help With Your Debt?

It is often hard to determine when it is time to take action about your debt. It starts with a few late notices for bill payments, then you start getting some harassing phone calls, and then you start becoming concerned with your credit rating. It all comes as a whirlwind and, before you know it, you’re drowning in debt. If you do nothing, you will soon face lawsuits, judgments, and garnishments of your paycheck.

So when is it time to start looking for the best bankruptcy attorney? It is hard to make a general rule for everyone. Some people call the minute they start getting phone calls but others will wait until they actually get their wages garnished, their car repossessed, or a foreclosure notice in the mail. Whatever your situation may be, ask yourself “Are the consequences of not paying my debts worse than the costs or paying them?” The answer to that may give you a good indication of where you stand. Doing nothing changes nothing.

Fortunately, the best bankruptcy attorneys will talk to you for free so you can see if bankruptcy can help you. It may be the best place to start—and the most freeing decision you’ve ever made.

Are the Repossession Laws in Illinois Different Than Those in Missouri?

In Illinois, your car can be repossessed as soon as you are late with a payment. Many creditors won’t take your car this first time you are late, but they are legally allowed to do so. If you have paid more than 30% of the total purchase price of the car, you can get your car back within 21 days of the date of repossession but the price is a hefty one. You have to payback all of the payments owed, pay any late charges, and pay the costs of the repossession. That payment is too large for most people to make, especially if they cannot afford their payments. If you have paid less than 30% of the purchase price of your car, a creditor can require the entire balance to be paid back before you can have your car.

Many find themselves leaving their car to be sold at auction—but are you free from your car loan after that? Not necessarily. If the car is sold at auction for less than you owe, then you will still owe the difference. For example, if your car loan is $15, 000, but your car only sells for $11,000, you will be responsible for coming up with the other $4,000. To collect this, creditors can get a judgment and then garnish your wages or freeze your bank accounts.

So, no, the laws are not vastly different in Illinois versus Missouri. However, this is one common solution to stop repossession in both states. A chapter 13 bankruptcy can stop car repossession in both states or even get your car back after it has been repossessed. If you think you might miss a payment or have already missed a payment, you would be well-advised to contact an attorney experienced in repossession immediately.

What Is Being Done About Debt Settlement?

Every morning on my way to the office, I hear the same commercial. It promises anyone who suffers from credit card or medical debt the chance to march into their banks and proclaim that they don’t intend to pay their debt. I know, I know, you are saying, “But James! That sounds great!” And in a perfect world, you would be right. Unfortunately, 15 years of experience in the debt relief business has told me that it just isn’t true.

In July, 13,000 credit card holders were the victims of fraud by a Florida based group of debt settlement firms. Stories like these are hardly newsworthy anymore. You could probably write an entire newspaper about scams carried about by debt settlement agencies. The internet and yellow pages are filled with advertisements for debt settlement firms—and how will you ever know if it is a scam? The principle idea of debt settlement is flawed anyway. It settles your debt for a hefty fee and still can’t protect you from the legal ramifications of debt.

The FTC took a strike against the credit repair industry with Operation Clean Sweep. So, how are we fighting debt settlement scams? Bankruptcy takes a stand against this sort of fraud. It provides a legal way for consumers to get relief from their debt—and protects them from harassing creditor calls, wage garnishments, and other legal actions taken by creditors. Before deciding that debt settlement is an option for you, you would be well-advised to find out the truth about bankruptcy and how it might be the best—and safest—way to get relief.

New Credit Card Laws May Change Debt in America

I’m sure you get tons of credit card offers in the mail. They all come with tempting offers of low interest rates and no annual fees. But, before checking that box that says, “Yes! Send me my new card!” I ask myself a few questions. How many credit cards do I really need? Does the fine print tell me something different than this great offer?

I realize that a number of people don’t ask themselves these questions. The numbers are so staggering, in fact, that the President has signed a bill attempting to help those suffering through credit card debt.

The Credit Card Accountability, Responsibility, and Disclosure Act attempts to keep credit card companies from using those all too familiar tactics that credit card companies use to keep us paying the premium rates.

Credit card companies are limited on when they can raise their rates. They can still, however, raise rates anytime on new balances with 45 days notice.

There are new restrictions on fees and age limits for being approved for a credit card. The laws have also eliminated double cycle billing (charging interest on debt paid the previous month), change the way your payments are allocated, increased the time period you have to pay your bill, and extended the expiration dates for gift cards.

Though credit card companies will be more lenient, you are still being held responsible for your actions. If you have gotten in over your head in debt, you will still need to seek help.

Even Celebrities Are Starting Over with Bankruptcy

It goes without saying that is shouldn't be a shock that there are some famous names in the news; the shock is that they are being associated with bankruptcy. Actor Stephen Baldwin, baseball star Lenny Dykstra, and actress Kim Basinger have all filed for bankruptcy protection recently. The consequences of overspending and not using a budget apply to everyone. Bankruptcy is a system built into the law to help people get control of their finances and it doesn’t exclude athletes and actors.

It has included Cyndi Lauper, who filed for bankruptcy after her first attempt to get into the music business. It has also included Donald Trump, who filed for bankruptcy after a failed casino venture. It even included famous fighter Mike Tyson, who filed for bankruptcy after he could no longer handle his mounting bills.

At the end of the day, all of these people are similar. They recognized a situation they could no longer handle and took responsibility for it. Now, our TV screens are filled with stories about their successes. They allowed themselves to move on with their lives and you can too.

St. Louis,