Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

New Free Book from St. Louis Car Accident Attorney for Injured Victims

Castle Law Office is now offering a free book to help victims of serious accidents get back on their feet after an injury.

What Should a St. Louis Bankruptcy Attorney Be Doing for You in a Bankruptcy Case?

How can you tell if you've hired the best bankruptcy attorney in St. Louis? Here are a few indicators that your bankruptcy attorney may be doing his or her job.

Are the Illinois and Missouri Bankruptcy Questions Hard to Answer?

The questions involved in an illinois or missouri bankrutpcy are essential to the success of yoru case. And if you aren't truthful, you could be facing some consequences you aren't prepared for.

How Do I Know If My Debt is Good or Bad? | Illinois Bankruptcy Lawyer

These days, it is hard to tell if taking on more debt is even worth it. However, there are some kinds of good debt that may be a wise investment.

Can I Find a Good Bankruptcy Lawyer on the Internet? | St. Louis Bankruptcy Attorney

Google isn’t just a website anymore—it has become a way of life. Search engines know where you are, your search history, and how to optimize the results best suited to your needs. Still, when it comes to something as serious as your financial future, can you really trust the internet?

Sure! The nice thing about the internet is that you can see exactly how much or how little information you want to see. You can look up reviews, a Google business listing or you can look at the lawyer’s actual website. There are a few specific indicators you should look for on a website if you are trying to find the best bankruptcy attorney in St. Louis.

• Free information. The best way to help someone make a decision, like whether to file Missouri or Illinois bankruptcy, is to first educate them by laying out their options. If an attorney is willing to provide you with information to help you make an educated decision before you even walk in the door, it is a good sign that this Missouri or Illinois bankruptcy attorney truly has your best interests at heart.

• Testimonials from other clients. What better way to discover how satisfied you could be with their service than to hear it from clients who have been through the bankruptcy process!

Want more tips on how to find the best bankruptcy attorney for your case? My Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” provides 10 tips to help you on your quest for the right attorney. You can request it for free here.

Missouri Businessman Declares Bankruptcy After Pleading Guilty To Fraud

A St. Louis businessman has declared bankruptcy after running a fraudulent Ponzi scheme over the last two years. This week he plead guilty to four felony counts of business fraud in Missouri.

Is an Illinois or Missouri Bankruptcy Book a Better Place to Start than a Free Consultation?

When you are facing foreclosure, dealing with wage garnishments, and living in fear of the repo man, it is hard to know where to start. Should you go after one of those free consultations that everyone offers? What about starting with an Illinois and Missouri bankruptcy book?

Managing Debt Stress Syndrome in Missouri and Illinois

Debt doesn’t just take its toll on your bank account. Having serious debt problems can affect your health and well-being. It is important to take care of debt stress syndrome as soon as possible. Here are some steps from clinical psychiatrist Dr. Alan Manevitz that could help you deal with debt stress syndrome—and get past it.

1. Don’t Deny It.
The first step is always admitting that there is a problem. If you need protection from foreclosure, credit card debt help, are in fear of repossession or more, you are probably suffering from the immense stress. Face any debt related stress head on.

2. Be Proactive
Doing nothing changes nothing. No one will solve your debt problems for you. The only way to get past debt is to start getting educated about your options. In fact, you can request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” to start learning about the options you have for getting debt relief.

3. Get Help
Often, debt gets to a point that it can no longer be handled. If your debt is causing you increased heart rate, high blood pressure, high paced breathing, muscle tension, or inflammation, debt syndrome has taken over your health. You can look to Chapter 7 or Chapter 13 bankruptcy in Missouri and Illinois for the help you need.
Debt stress syndrome is very serious and needs to be treated as such. If you are suffering from debt stress syndrome and need to find relief today, consider contacting the best St. Louis, Missouri or Fairview Heights, Illinois bankruptcy attorney in your area.

Do Yourself a Favor and Don’t Do-It-Yourself When it Comes to Missouri and Illinois Bankruptcy

Filing bankruptcy by yourself can be more than a little complicated. After the business bankruptcy of We The People, it is clear that filing Missouri or Illinois bankruptcy on your own is harder than it looks.

My Spouse Won’t Sign My Bankruptcy Papers. What Now? Ask Me.

Debt can cause such severe marital problems that there is often no solution but to file for Missouri or Illinois bankruptcy. But, what can you do if your spouse refuses to participate in getting protection from foreclosure, credit card debt help, and relief from the stress of debt?

Southern Illinois Names New Bankruptcy Judge

The U.S. Bankruptcy Court for the Southern District of Illinois has named Laura Grandy as its new bankruptcy judge. Grandy has over 20 years of experience as a bankruptcy attorney in Illinois.

Movie Gallery Bankruptcy Leads To Three Closed Stores In Missouri

Three movie rental stores in central Missouri will be closing after Movie Gallery Inc. declared Chapter 11 bankruptcy this week. Almost half of all stores will close nationwide, based on the success of the individual stores.

Are Layoffs a Common Reason to File Missouri or Illinois Bankruptcy?

With the recent layoffs that were the result of the US Fidelis bankruptcy, it seems that help after a layoff is one of the biggest issues facing the residents of St. Louis and Wentzville, Missouri. Luckily, Missouri and Illinois bankruptcy can help you through this catastrophic event.

Will the New Credit Card Rules Turn More People to Missouri and Illinois Bankruptcy?

The new credit laws, passed in 2009 for people that need credit card debt help, are going into effect towards the end of this month. They come with many new limits for credit card companies including allowing the consumer to close his or her account if the terms change and requiring the companies to pay off higher balance portions of your account first. So, why on Earth would these rules have more people thinking, “Should I file bankruptcy?”

While the new laws will certainly do their job in helping the average American avoid credit card debt, the credit card companies certainly won’t let the rules keep them from making profits. They will find new ways to make money—I expect those new ways will be harsher collection tactics. The amount of nasty creditor calls, wage garnishments, and other creditor actions will probably increase dramatically.

So, what does that have to do with bankruptcy? Missouri and Illinois bankruptcy can stop creditors from taking action—and help you get credit card debt help. In fact, credit card debt can usually be eliminated with Chapter 7 Bankruptcy in Missouri and Illinois. It seems that bankruptcy may be a more permanent solution.

If you are debating when to file bankruptcy, it is important for you to educate yourself on everything that bankruptcy can do for you—and how to pick the best Missouri or Illinois bankruptcy lawyer. You can start by requesting a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Want You to Know.”

Debt Is One of the Biggest Causes of Marital Problems in Missouri and Illinois

Has debt been causing problems in your Missouri and Illinois marriage and even led you to divorce? You aren't alone. But, there may be a solution that can take the stress of debt off your marriage and let you focus on what is really important in your life.

The State Of Illinois: Bankrupt

Facing major budget issues and a general lack of assets, the state of Illinois is hard-pressed to find it's financial footing once again. And unlike cities or counties, states are not able to file for bankruptcy.

Can You Really Escape the Repo Man in Missouri and Illinois?

As one Arnold, Missouri man learned this week, escaping the repo man is neither easy nor a good idea. Luckily, there are other ways that you can avoid repossession in Missouri and Illinois.

Debt: The Good, The Bad, And The Ugly

What is the difference between good debt and bad debt? The differences include interest rates, appreciating assets, and tax deductibles. Learn more about what makes debt good or bad and what kind of debt your family might have.

Bankruptcy Terms to Know: Bankruptcy Estate

What is a bankruptcy estate in a Missouri or Illinois Chapter 7 or Chapter 13 bankruptcy? It is a snapshot of everything you own--and the best way for the bankruptcy court and your attorney to help you have a successful bankruptcy.

Extreme Home Makeover Leaves More Than One Family in Need of Protection from Foreclosure

It seems that Extreme Makeover recipient Brian Wofford isn’t the only one in trouble after getting their homes completely redone by the popular ABC show. In 2004, a modest 1, 212 square foot home was transformed into a mansion—more than tripling in square footage and adding a gym and a hot tub, among other amenities. The new property was reassessed and assigned higher property taxes and the family refinanced it twice, leaving Wofford owing $770,000.
The family had tried to get a loan modification for the last two years but could never get it approved. Now, there home is scheduled to be sold out from under them unless they can get a three month loan modification completed by Christmas Eve.
If you are ever wondering when to file bankruptcy, receiving a foreclosure notice is a pretty good indicator that it is time. Chapter 13 bankruptcy can offer protection from foreclosure for people just like the Wofford family. It can stop foreclosure and reorganize the rest of your debt to make your chapter 13 payments feel like the burden has been lifted off your shoulders. While the Wofford family wouldn’t necessarily call a St. Louis law firm for a Missouri or Illinois bankruptcy lawyer, you certainly can.

St. Louis has had one of the worst years for foreclosure in its history—but there is help available. You don’t have to let your home be sold and leave your family with no place to live. The Castle Law Office website can take your order for my ultimate debt guide. It includes answers to bankruptcy FAQ, offers help for you to figure out if you should file bankruptcy, and provides you with the latest news in the world of bankruptcy. Plus, I offer it for free. To order your copy of “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” click here. And, if you think that bankruptcy can help you, we would love to talk to you absolutely free. You can call us at 1-866-570-8484 today to get you and your family on your way to a fresh start.

A Few Things to Consider When Filing Bankruptcy in Missouri or Illinois after a Divorce

If you are filing bankruptcy in Missouri or Illinois during or after a divorce, there are a few things that you and your missouir or illinois bankruptcy attorney will want to keep in mind. Divorce doesn't necessarily make a bankruptcy harder but, because your spouse may be a cosignor or may know a lot about your financial situation, there are some extra precautions to be taken.

Bankruptcy Terms to Know: Avoidance

An avoidance is a legal action under the bankruptcy code that permits the debtor to eliminate some kinds of liens that interfere with an exemption claimed in their property. As you may know, an exemption is a protection placed on a piece of property that makes it beyond the reach of your creditors (for more information, see our definition of exemption.)

The way an avoidance action works is that it takes some liens that are considered secured (tied to a piece of your property) and makes them unsecured. Unsecured debts are often completely eliminated in a Chapter 7 bankruptcy.

The best way to determine if a lien can be avoided is to speak with an experienced bankruptcy attorney. He or she will be able to determine the best way to keep the property that is important to you and get rid of the debts that are preventing you from living the life you want.

This Isn’t Working Anymore, Visa

And this time, it isn’t me—it’s you. Breaking ties with your credit card is harder than just walking across the kitchen to get the scissors. It often means cutting ties to your easiest way of spending; and maybe that’s a good thing. Credit cards can really get you into trouble and, when they do, the credit card companies only make it worse. They’ll hike up your rate or lower your limit, either of which doesn’t exactly help you pay your bills. So what’s the best way to tell your plastic pal it’s over?

One option is to close the account. If your rates are rising and you aren’t paying your balance in full, it is costing you money right out of your pocket. “But James, won’t it lower my credit score to close my card?” Well, maybe, but it is too hard to say by how much or for how long. Plus, having too many open accounts can lower your score too. It seems that it would be safer to go with something that may cost you some money as opposed to something that will definitely cost you more money.

You can open up a new credit card account to make up for the loss in credit points—but you’ll definitely want to set some ground rules before you jump back in. You could try a smaller credit union instead of a big bank. A small bank may have fewer tendencies to change your account without warning. You should also set a budget that you can stick to for your credit cards.

If you can’t secure another credit card because of your payment history or low credit score, you may want to consider options to relieve your debt. A chapter 7 bankruptcy actually wipes most of your debt and gives you a clean slate to start from—and build good credit. In most cases, filing the bankruptcy actually improves someone’s credit score, assuming they don’t make late payments on anything after filing.

Why Are Retirees Filing Bankruptcy?

I read an article  yesterday that announced the 55 and older crowd as the most likely to file bankruptcy. Is this a coincidence? I don’t think so. Bankruptcy provides protection for all people with debt but it has some extra benefits for seniors. Assets in IRAs and other retirement accounts are protected in bankruptcy filings. Depending on your state, it is usually 100% protected. However, I wouldn’t just run out and dump a bunch of money in an IRA. As in most cases, if large contributions were made within three years of filing, they could be held to be fraudulent and not protected. That means that seniors will get to keep their safety net that they’ve worked all their lives to build. Plus, they can get rid of the debt that has burdened them for their whole lives.

Most people who’ve reached the later years of their lives have assets to protect. They have the home they have raised their family in. They have the car they taught their son or daughter to drive in. And they have a lot more at risk when the creditors start calling. They’ve also got big bills to pay. In retirement, tax bills can be pretty hefty. Many of them are also trying to manage a house payment, credit card payments, and car payments on their income from social security. After living their lives on a regular income, having to switch to a low fixed income does not always make it easy to take care of all of the bills. It’s no wonder that they are willing to take responsibility and protect a life they’ve spent all these years building.

America has always taken responsibility for protecting their seniors and bankruptcy is just another way to do that. Do you have more questions about what bankruptcy can do? Now, you can request a free copy of my book: Get Out of Debt.

Can Bankruptcy Affect Gifts to Children?

Bankruptcy won’t affect any funds set up for your children as long as they are handled correctly. You can open an account under the Uniform Gifts to Minors Act of the Uniform Transfers to Minors Act. While the parent will remain in charge of these accounts until the child reaches adult age, the money put in cannot be taken back.

How does this help your child? The account is set aside specifically for your child and you cannot draw money out of it to pay your own bills—making the purpose of the bank account clear.

However, you have to be careful on when and how much is transferred into this account in relation to the date you intend to file Bankruptcy. Why? If you transfer a lump sum of money from a general checking to a UTMA within 2 years of filing bankruptcy, it could be looked at as if you were hiding an asset. In some cases, a bankruptcy trustee can avoid this transfer and get the money back to pay creditors.

It is hard to know that you’ve fully protected your children’s funds when setting up these accounts. I know as a parent of 3 that ensuring your child’s future successes is very important. If you find yourself in this situation, it is important to contact a bankruptcy attorney who can make sure you keep gifts to your children safe.