You need to look out for this when buying a car By: Darrell Castle A recent New York Times article revisited the new fad of subprime car loans and how it hurts lower-income consumers. If you recall, this is where car dealers inflate a prospective buyer’s income and credit information so they are then approved for car loans they can’t afford. These car loans sometimes have interest rates in the 20s, which effectively raises the value of the loan higher than the actual car. This New York Times editorial mentioned the “yo-yo” effect in which a dealer gives a buyer one interest rate for a loan, let’s him or her drive the car around for days or weeks, then
By: Darrell Castle When you don’t make your car payments, the bank can threaten to come and take your car away. And eventually, they will if the debt isn’t handled. You can do one of two things when you find yourself in that situation. 1. You can try to stop the car repossession by filing for bankruptcy. 2. You can allow the car to be repossessed. Let’s talk about option 2. Why would someone let their car be repossessed? Some people realize they just flat out can’t afford to make the payments on their car. So instead of playing a cat and mouse game of constantly trying to avoid a repo, they go ahead and surrender it in order to
I don’t know everyone in the world, but I assume no one truly wants to get their car repossessed. And often times if someone is behind on their car note, despite receiving notices, he or she never truly knows when and where the repo man, or woman, will strike. For a Memphis grandmother, the timing wasn’t ideal. Ruth Brown had just arrived back at her home from the grocery store with her 4-year-old grandson asleep in the back seat. With the boy being too heavy for her to carry, Ms. Brown went inside the house to ask someone else to carry him in. “The car was right there,” Brown said. Though Ms. Brown claims she wasn’t inside the house for
In February 2012, the National Highway Traffic Safety Administration announced it was launching an investigation into 309,00 General Motors vehicles and 830,000 Toyota vehicles. The announcement stemmed from a series of reports from drivers who claim their passenger side door caught on fire while they were driving. In each incident, the driver noticed smoke or heat coming from the door and pulled over to find part of the car in flames. The safety agency is looking into the possibility that GM and Toyota use the same supplier for their electronic door parts. According to the Huffington Post, it’s not as uncommon as you might think for cars to burst into flames. With modern cars depending on electric power for everything
The Complex Problems That Lead to Elder Neglect and Mistreatment Nursing home abuse is a tragic but common problem. No elder abuse or neglect is ever OK; but sometimes understanding what leads to the problem can help us prevent it or notice issues before they escalate. Here are some of the most common factors leading to nursing home abuse: Caregiver Stress Nursing homes often pay very low wages, and many workers are expected to serve more patients in more ways and in less time than in other health care positions. This tension can create a stressed and exhausted atmosphere that places nursing home patients at odds with caregivers. Understaffed Homes A lot of nursing homes are under budget constraints
On Saturday, a Memphis driver was speeding through Midtown, lost control of his car, and then hit several iron fences, a brick pillar, and a tree.The fatal crash happened on East Parkway near Madison in the middle of the night. Our hearts go out to this driver and his family. It’s an accident that could happen to anyone who speeds without realizing the risks. While this driver may have lost control simply because of speed, there are a lot of possible causes in single-car accidents, including: Drug or alcohol impairment Medical problems, like a heart attack Swerving or phantom vehicles that drive away Vehicle malfunction, like tire failure Road problems Obstacles in the road, like deer And many more.
How the Way You Treat the SSA Affects Your SSDI Claim If you’re applying for disability, you may hear from the Social Security Administration (SSA) during the process. The SSA oversees your claim and decides whether or not to approve you. And to avoid Social Security Disability denial, you’ll want to keep a good relationship with them. How to Relate with the SSA If you’ve been injured and are applying for Social Security Disability Insurance, you’ll need to cooperate with the Social Security Administration (SSA). At our Memphis SSDI appeals firm, we’ve seen clients struggle with this. The SSA reaches out, and our clients don’t respond. As a result, the SSA denies their claim. The SSA is famously understaffed and
I Need to Move During My Bankruptcy. Will That Affect My Case? It’s perfectly fine to move during a bankruptcy, but there are a few things to keep in mind so you don’t lose important mail: On the bankruptcy petition, it will ask you for 2 addresses: your physical address on the date of filing, and your mailing address. If you know you’ll be moving, you can use a P.O. Box as your mailing address to keep things simple. If you don’t know, or don’t have a P.O. Box, your attorney can file a notice of change of address. There are some people who need to file bankruptcy when they don’t even have an address. This is actually fairly common
Getting a credit card after a Chapter 13 bankruptcy Video Transcript If I file Chapter 13 bankruptcy, when can I get new credit cards? You don’t get a new credit card until you complete the Chapter 13 process. Remember that Chapter 13 is a reorganization and repayment of your debts, and people who do Chapter 13 usually have a home that they’re trying to keep – maybe they’re a little bit behind on it – it allows you to do that. Or perhaps a car.So it takes anywhere from 3-5 years to complete. In this jurisdiction, a typical case is 5 years because that’s the lowest payment. After that process is complete, after 5 years, your debts are paid off.
Buying a car after a Chapter 7 bankruptcy Video Transcript Your Chapter 7 is going to be discharged and that means your debts will be gone in something like 3-4 months after your case has filed. And after that, if you want to buy a car then you can start looking to do that. And remember, right now you have debts that you’re probably not paying if you’re looking for Chapter 7 release and the Chapter 7 is going to take care of that for you so you should be in much better position to be able to afford a car. Now, you’re going to have to look for certain deals. Not every car dealer is going to sell you