As a Missouri bankruptcy lawyer, I’ll tell you that the law requires a copy of your income tax return to be sent to your Chapter 13 trustee each year that you are in bankruptcy. Even if you don’t get a tax refund, you’ll still have to send copies of your tax returns. But, as a rule with any documents requested by a Trustee, don’t send them directly to the Trustee. Send the copy of your returns to your attorney to review before it is sent to the Trustee.

Neglecting to send your tax returns to the Chapter 13 trustee can result in your bankruptcy case being dismissed. If this happens, this means your case will be closed, and your debts won’t be discharged. At this point, creditors can start harassing you again because any protection you had from the bankruptcy court is lost.

If you are entitled to a refund, you should discuss with your Missouri bankruptcy lawyer to determine what, if any, of the refund must be sent to the Trustee.

Still not sure if you should contact a Missouri bankruptcy lawyer for help? The best advice I can give you is that before you speak to an attorney, the IRS, or sign any forms you should 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 see if bankruptcy could be the answer that you’re looking for.

]]> http://www.castlelaw.net/2012/05/08/how-chapter-13-bankruptcy-affects-filing-taxes-2/feed/ 0 http://www.castlelaw.net/2012/05/07/red-flags-of-predatory-loans-to-look-out-for-2/ http://www.castlelaw.net/2012/05/07/red-flags-of-predatory-loans-to-look-out-for-2/#comments Mon, 07 May 2012 19:36:14 +0000 courtneys http://www.castlelaw.net/?p=3677 When you’re signing a loan, sales people can give you a fast pitch that can make you vulnerable to their practices. You want to hope they are being true to you, but unfortunately this is not always the case. We know that all purchase decisions are made on emotions and that is the [...]]]> When you’re signing a loan, sales people can give you a fast pitch that can make you vulnerable to their practices. You want to hope they are being true to you, but unfortunately this is not always the case. We know that all purchase decisions are made on emotions and that is the reason many people get caught up in predatory loans. They want the item soooo bad, the terms of the loan become something they don’t care about.

Predatory loans are those that are unreasonably expensive, charge overly high fees, or are fraudulent in some other way. Predatory lenders tend to take advantage of those who are elderly, poor, less-educated, or non-English speaking by offering loans that seem “too good to be true.” These lenders use many different tactics, but below are some of the more common:

• Very high interest rates.
• Very high fees.
• Requiring credit insurance.
• Promises to fix problems with future refinances.
• Adjustable interest rates
• Penalties for paying off early
• Balloon payments. The ideal situation is to not have a balloon payment at all.
• Lender solicitation. This is where the lender contacts you about the loan and some even try to rush you into making a decision.

Probably the worst predatory loans are the ones associated with refinancing your home. This is because extreme problems can result from a bad loan, such as, losing your equity or even the house itself. Other high-cost loans are “payday” loans and “title” loans. These loans can have annual percentage rates of more than 100 percent. They can be very profitable for the lender, but very expensive for you.

My advice as a St. Louis bankruptcy lawyer is to wait a couple days and check out all options before signing a loan in the presence of a high pressure salesman.

If you have been a victim of a predatory loan that has drained your equity and pushed you into foreclosure, you may not need a St. Louis bankruptcy lawyer. What you do need is the right information for your situation. Before you speak to an attorney, creditors, or sign any forms you need to read my book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”

]]> http://www.castlelaw.net/2012/05/07/red-flags-of-predatory-loans-to-look-out-for-2/feed/ 0 http://www.castlelaw.net/2012/05/04/3-reasons-you-should-ignore-my-advice/ http://www.castlelaw.net/2012/05/04/3-reasons-you-should-ignore-my-advice/#comments Fri, 04 May 2012 14:09:59 +0000 courtneys http://www.castlelaw.net/?p=3673 “Hey you—ignore me. Don’t listen to my advice.” Now, as a Fairview Heights Illinois bankruptcy attorney, you’d think I would want people to take my advice (and then hire me to handle their Fairview Heights Illinois bankruptcy case, etc).

And I do. But before I give anyone advice, I want to make sure I know [...]]]> “Hey you—ignore me. Don’t listen to my advice.” Now, as a Fairview Heights Illinois bankruptcy attorney, you’d think I would want people to take my advice (and then hire me to handle their Fairview Heights Illinois bankruptcy case, etc).

And I do. But before I give anyone advice, I want to make sure I know the specifics of their case. Because even the most basic advice can fall flat if it’s given at the wrong time.

There is some financial advice you’ll find out there on the Internet that is considered “conventional wisdom.” But it doesn’t apply to everyone, in every situation. For example:

1. Don’t Rent—Buy Property!
The logic goes that the money you’re spending on rent every month could be used as a mortgage payment. If the subprime mortgage and foreclosure crises have taught us anything, it’s that this theory doesn’t hold up! For many families, it simply makes more sense to rent. Paying a mortgage isn’t the only cost of home ownership—property taxes, utilities and maintenance costs come with the deed, too. If you can find property where your monthly expenses (mortgage rate+costs of homeownership) equal 30% or less of your monthly income, buying property makes sense for you.

2. Payday Loans Are Just For Quick Fixes
No. No, a thousand times NO. A payday loan may seem like a logical solution, but you are just digging yourself into a hole with this one. Even if you pay it back in full by the due date, you’re paying a ridiculous interest rate. In fact, the average APR for a payday loan is 400-500%! Not to mention you will have a bunch of post-dated checks out there, and if you miss an interest payment, they will cash it whether you have the money or not. This leads to bouncing checks and bank fees all over the place.

3. Bankruptcy Will Ruin Your Credit
You’ve probably heard the bankruptcy myths—does filing bankruptcy mean you can never buy a home, get a car loan, or have a good credit score ever again? No way. In fact, we typically see clients’ credit scores improve after the debt weighing down their credit score is discharged.

You see, even the most basic, general advice doesn’t apply to every single person. In fact, the articles you find on our website are written for most situations, but at Castle Law Office, we view every case as unique. The only way to make sure you’re getting the best Fairview Heights Illinois bankruptcy advice is to set up a consultation. Castle Law offers you a free in-person, no-pressure consultation with one of our associates so that we can review your situation with you, and answer any questions you may have. However, due to high deman, our appointment books fill up quickly. Call today to reserve your time with the *best Fairview Heights Illinois bankruptcy law office at 314-344-0800.

*I can’t say I’m the “best” Fairview Heights Illinois bankruptcy attorney. In fact, due to state bar rules, no one can, so you really have to find out for yourself. It won’t cost you anything to come in.

Debt collectors

Here are just a few lies it is illegal for debt collectors to tell:

• Debt collectors cannot lie about how much money you owe them.
• Debt collectors cannot lie about being an attorney or lawyer.
• Debt collectors cannot lie about being a government official or federal employee.
• Debt collectors cannot lie and say that you have committed a crime when you have not.
• Debt collectors cannot falsely say that they are going to take legal action when they do not intend to.
• Debt collectors cannot lie about being a credit reporting company.
• Debt collectors cannot lie about sending you legal forms.
• Debt collectors cannot lie about extra interest owed or other charges that were not part of the original contract.
• Debt collectors cannot lie about an impending arrest if debts are not paid.
• Debt collectors cannot lie to others (such as credit reporting companies) about the details of your debt.
• Debt collectors cannot lie about their company name.

If your debt collectors have lied to you or to others about the nature of your debt, you should immediately report their illegal behavior to the Federal Trade Commission (FTC) and to your Attorney General’s office. You may also sue any debt collectors that break the Fair Debt Collection Practices Act – talk to an attorney today if you believe you have a case and wish to collect damages.

Contact Castle Law today to find out how we can help you get back on top of your debt. 314-344-0800.

Your creditors will get a notice of the confirmation 25 days before it is set to occur, they may object to confirmation of your Chapter 13 payment plan. I’m sure you’re wondering what types of objections they might make. As a Wentzville bankruptcy lawyer, I can tell you that there are a variety of objections the creditors may make. Some of the more frequent objections occur because payments offered under the plan are less than creditors would receive if you paid off your debts or that  your plan does not require all of your estimated disposable income for the three or five year commitment period of the Chapter 13 case.

So, if the court confirms your Chapter 13 payment plan, the trustee will distribute the funds received under the plan “as soon as is practicable.” If your Chapter 13 payment plan is declined by the court, you can then file a modified plan. Another option is to convert your case from a Chapter 13 case to a Chapter 7, but as a Wentzville bankruptcy lawyer, I don’t recommend this option. If you can keep up with your Chapter 13, which is the best option, because switching to a Chapter 7 won’t necessarily give you a complete discharge of all your debts. This is the type of situation where it is vital that you have an experienced Wentzville bankruptcy lawyer on your side, there are certain dangers you want to watch out for.

If the court denies your modified plan and dismisses your case during your confirmation hearing, the court may allow the trustee to keep some of the money acquired so far throughout the Chapter 13 case to cover costs, but all the remaining money must be returned to you, other than funds already distributed or due to creditors.

If your Chapter 13 payment plan is confirmed at your confirmation hearing, you and each creditor are bound to the plan. Once your Chapter 13 payment plan is confirmed by the court, you must succeed at following through with the plan. This will most likely require some lifestyle changes to be successful at living on a fixed budget. Also, once your plan is confirmed you will be able to keep your property as long as you stay current with payments. This is a question a lot of my clients want to know the answer to.

If you are thinking about filing Chapter 13 bankruptcy to pay off your debts and keep your property, you want to make sure you understand the process so you don’t make a mistake you might regret. Before speaking to any debt collectors, Wentzville bankruptcy lawyers, or signing any forms, you need to read my FREE book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know!”

Bankruptcy is designed to help the honest, hard-working American get out from under crushing amounts of debt. When you can no longer handle the debts that you owe, bankruptcy is there to help you get rid of that debt and get you back on your feet. A chapter 7 bankruptcy eliminates your debt and discharges it through a court of law. A chapter 13 bankruptcy is slightly different. It reorganizes your debt, forcing your creditors to accept lower monthly payments. And both chapters give you the protection of federal law.

Bankruptcy is the solution for those who are drowning in overdue bills, harassing calls, wage garnishments, and worse. And the need for bankruptcy continues to increase with the number of people filing bankruptcy expecting to hit 1.4 million this year. Bankruptcy isn’t the last stop for failures or the scape goat for people who want to shirk responsibility. It was made into law in order to help the average American family survive hard times.

Wondering if bankruptcy can help your family survive this recession? You can request a free copy of my book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” It may help you determine how much debt is too much, what your options are, and how you can go about getting the relief you need.

Call us at 314-344-0800 if you want to stop dealing with your credit card debt today!

If you are being constantly harassed by debt collectors, it is vital that you know your rights and that you know how to stop illegal debt collection processes. This is why before you even speak to debt collectors, an attorney, or sign any forms, you need to read my FREE book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”

Key Factors Considered by a Landlord for a Potential Renter

1.    Your income. Most landlords simply want to know if you have enough income to pay the rent. Typically, you’ll be safe with your rent being 30% or less of your income. And if you’re renting after filing Chapter 7, you may find that your disposable income has increased dramatically after eliminating the debt that previously weighed you down.
2.    Credit history. Yes, it has become more and more common for a landlord to request a credit report. And if you’ve received a discharge, your credit should look a lot better than it did prior to filing your case. Many debts that would have been reported as liabilities prior to filing should be reported as discharged and zeroed out after your case has completed.
3.    References. Many potential landlords will want to know about your previous landlords and how you treated your previous property. They might also want information on whether you paid your rent on time, whether you were a courteous neighbor, and whether or not you stayed in the rental property for a long time.

As you can see, many factors considered by a landlord having very little to do with your Missouri Chapter 7 bankruptcy. The primary impact filing will have is on your credit rating, which in many cases may improve. So, is it impossible to find a place to rent after filing? No, but many of the difficulties people encounter have more to do with issues not related to bankruptcy. If you were a perfect tenant otherwise, a credit report that shows you filed a Chapter 7 Missouri or Illinois bankruptcy should not prevent you from finding an affordable place to rent.

Wondering what other aspects of your life may be improved by filing? Before you speak to an attorney, debt collectors, or sign any forms you need the right information to find out the best option for your situation. My best advice is to request a free copy of my consumer guide, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”

Castle Law Office represents families struggling with debt in the greater St. Louis area, as well as in St. Louis County, St. Charles, St. Charles County, Jefferson County, Franklin County, Boon County, Warren County, Lincoln County, Affton, Berkeley, Breckenridge Hills, Bel Ridge, Clayton, Chesterfield, Creve Coeur, Des Peres, Ballwin and throughout Missouri.