By: Darrell Castle A recent article on Credit.com chronicles the story of Charles Phelan, a debt settlement expert, who found himself in a load of debt, totaling more than $60,000, while counseling several others out of their debt. After seeing the need for transformation, Charles and his wife gave up their home in order to pay off the debts that had accumulated from unforeseen medical bills. By selling their home, they were able to repay their debt, move into a leased home and recreate a savings account which had dwindled. Amazingly, Charles and his wife were able to successfully leave debt behind them. But what about those who don’t know where to start? Charles’ story is one of hope and
Memphis has approved a new budget. Again. In general, every major city works off a fiscal year, meaning they have to update their budget annually. Memphis begins working from their new version on July 1, but with the city in bad financial shape and no real consensus on how to deal with taxes or social programs, the approval process isn’t always an easy one. If you’re struggling with your own finances, there are certain lessons to be learned from the way cities handle their budgets, and mistakes to avoid as well. First, have a budget in the first place. If you aren’t already working from a budget, set one up ASAP. Unlike many cities do, make sure your budget
Credit cards can be very destructive to your finances, however if used correctly, credit cards can be beneficial. Here I talk about the good, the bad and the ugly when it comes to credit cards. Video Transcript Hello, this is Darrell Castle. I’m an experienced Memphis bankruptcy attorney licensed to practice law in the state of Tennessee and on this video, I’m talking to you about credit cards – the good part of credit cards and the bad part. And in my mind folks, this is just the way I look at it, there aren’t many good things to say about them. They’re mostly bad. They’re destructive. They’re destructive of your financial life. I say that to you because
Understanding credit-to-debt ratio can really help you By: Darrell Castle Many of us are concerned with our credit and maintaining a good score, which is good – you should be. But, often times, people make things more difficult on themselves when trying to figure out how to improve their credit score. Here, I’d like to touch on one simple aspect – your debt-to-credit ratio. Your debt-to-credit ratio is how much you owe verses your total available credit. This makes up a good chunk of your credit score – 30% to be exact. This is why carrying high credit card balances is something you don’t want to do. But you shouldn’t look at this information in a negative way, but spin
In recent weeks, banks like Bank of America have announced new fees, including charging for debit card use. The charges generally affect those people who don’t keep large balances in their accounts. In other words, the fees hit lower-income individuals the hardest. In response to these changes, a lot of people have begun talking about credit unions. A credit union is a cooperative financial institution owned and controlled by its members. Because the unions run on a membership basis, they are typically smaller, with more competitive rates than banks – including lower or nonexistent banking fees. They often pride themselves in strong customer service and promote local community development. Credit unions have a lot to offer, and many people are switching
How credit and credibility go hand-in-hand By: Darrell Castle ————- According to Merriam-Webster – credit – noun – money that a bank or business will allow a person to use and then pay back in the future credibility – noun – the quality or power of inspiring belief ————- As a Memphis bankruptcy attorney, I see clients in my office daily who are living beyond their means. They, like many other Americans, are extending their lifestyle by 30-40% of their income and not even thinking twice about it. How? By credit. The problem lies in the amount of credit people use. According to NerdWallet, as of April 2014, the current average US household’s credit card debt exceeds $15,000. Being
What creditors can and can’t do Imagine what would happen if law enforcement found you lying under oath in court? You’d probably face trial for perjury, and you certainly wouldn’t win your case. But all over the United States, creditors have been found to lie under oath when trying to collect from debtors. What’s worse, they’ve been getting away with it. The New York Times recently reported that lenders have been suing people who owe them money without putting together proper legal arguments. In some cases, they outright lie. The article cites a number of flaws in the way creditors take debtors to court, including: Claiming the debt is thousands of dollars more than it actually is Creating “robo-testimony”
Income and Disability: What You Need to Know If you’re injured but still able to make a small income, you may have questions about income and disability qualifications. In this video, Memphis SSDI attorney Darrell Castle discusses what you need to know. Transcript: Hello, I’m Darrell Castle, and I’m an attorney licensed to practice law in the state of Tennessee. I’ve been doing a series of videos on Social Security Disability. And today we’re going to talk about what it takes to be qualified for disability under the Social Security rules. Can you earn income and still be disabled? We know that you have to be medically unable to work, but can you earn income? The answer is yes,
Self-help repossession means a repossession without the courts being involved. In self-help repossession, if a lender decides you’ve defaulted on your loan, they can seize your car and sell it without even getting permission from the court or police. This type of repossession is completely legal in most states, including Tennessee; but it can lead to a LOT of problems. Without the courts involved, these repo agents don’t have to prove they have a right to your car. They just take it, which can look a lot like stealing. Plus these repo agents don’t need any sort of certification or licensing. A lot of companies will hire hardened criminals to do the job, which prevents most people from trying
If there’s a dangerous dog – or any dangerous animal – in your neighborhood, you do have some options. In this video, Memphis dog attack injury attorney Darrell Castle explains what you can do to protect yourself and people around you from dangerous dogs in Memphis. If you’ve been injured by a dog, you need the dog attacks lawyer Memphis, TN relies on for their worst injury cases. Relevant contact information: Memphis Animal Control / Animal Services – 901-636-1416 Memphis Dog Attack Injury Lawyer Darrell Castle – 901-327-1212