If you could be in peak physical health and be debt-free at the same time, would you choose to do so? Of course! But what if you had to choose between the two? Credit Karma, a personal finance company, surveyed Americans and found that a giant percentage, 72% to be exact, would rather keep their current debt than lose 25 pounds. Living in Memphis, the city listed in Newsweek magazine as the “Fattest City in America” in 2012, makes that factoid even more alarming. Using Credit Karma’s survey as a guide, if the large majority of the Memphis population cares so little about their weight, then how much less will they care about their current debt situation? Americans owe more
Medical bills are putting people in debt By: Darrell Castle Methodist LeBonheur Healthcare in Memphis will cut 75 jobs and reduce spending by almost $50 million. This is due to falling reimbursements – America’s medical industry’s new reality. “The current healthcare environment is presenting financial challenges for hospitals across the country.” said Gary Shorb, Methodist LeBonhuer’s CEO, in an email to employees. Memphis’ economy has been fueled by the medical industry in recent years with more than $300 million worth of hospital expansions and 10,000 new health industry jobs over the last decade. However, rising health care costs are finally catching up the this regional medical hub. It’s not only businesses and the employees being affected by rising health
The USA Today’s Wall Street Cheat Sheet reported the top 12 states with the healthiest foreclosure markets. The ranking, based on the percentage of foreclosure inventory and the amount of completed foreclosures in 2013, looked like this: Wyoming Alaska North Dakota Nebraska Colorado California Minnesota Montana South Dakota Virginia Missouri Arizona So, even with Memphis, one of the state’s main cities that CNN Money ranked as the 10th “Hottest Housing Market for 2014,” Tennessee still has work to do in the foreclosure department compared to other states. “Clearly 2013 was a transitional year for residential property in the United States. Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signs that we are turning a
What Does It Mean to Be Injured in a Slip and Fall Accident? Here at Darrell Castle & Associates, I’ve met with hundreds of people who’ve been injured in a slip and fall accident. We also call these premises liability cases. Slip and fall injuries can be far more serious than some people imagine. They can require surgery and long hospital stays. But what does it take to prove a slip and fall actually occurred and that you deserve compensation? Simply put, in premises liability cases, there has to be negligence that caused the injury, and you have to be able to prove that negligence. If you’re in a commercial building and slip and fall, causing an injury, you need
Congratulations, you just graduated college! Now you’re $24,000 in debt! That is, according to the Federal Reserve Bank of New York, the average outstanding loan balance, with 10% of borrowers owing over $58,000. Some graduates are able to land a good paying job right out of college and pay them off without any problems. Some graduates are not. Different experts offer different advice for paying back your student loans: treat the loan like a mortgage create a 3-5 year plan establish your own college repayment fund start early with a part-time job in college avoid the usual traps max out federal loans before using any private loans pay down your principal check out programs like public service loan forgiveness to see
How can you remove a bankruptcy from your credit report? Well legally, you can’t, but that’s not how you should be thinking about credit anyway. Video Transcript Hello, this is Darrell Castle. I’m an attorney licensed to practice law in the state of Tennessee and on this video today, I’m talking about how you can remove a bankruptcy filing from your credit report. The answer to that question is – you really can’t. Not legally anyway. There are many people – agencies, companies – that come to you through advertisements and tell you how you can remove a bankruptcy from your credit report, but it can’t legally be done. And it’s not the right way to think about credit anyway.
How does a Chapter 13 bankruptcy work and what are the advantages? This infographic should help. Click on the image below to enlarge. If you’re considering filing for bankruptcy or if you have any questions, please contact us today, either online or by calling us at (901) 327-2100. One of our experienced Memphis bankruptcy attorneys will be happy to speak with you, free of charge. With the advocacy of a liquidation lawyer Memphis, TN residents trust, bankruptcy can usually be completed within 3-6 months from the date of filing.
By: Darrell Castle When hiring a bankruptcy attorney, keep in mind that you pay for what you get. Some attorneys advertise “cheap bankruptcies.” But that’s often JUST the cost of the attorney fee. There are also filing fees and credit counseling fees they don’t explain. And then there could be even more … Do you have a mortgage? That’s extra. A car you want to keep? Extra. More than one creditor? That’s extra too! Almost everyone ends up burdened with these hidden fees. So when it’s all said and done, those “cheap” bankruptcies end up being REALLY EXPENSIVE. That’s why I’m not going to tell you about OUR fee in this blog post. Because at Darrell Castle & Associates, we
Experian, one of the three main credit agencies, has released their Fourth Annual State of Credit. In this post-recession study, each of the four generations are compared based on the following statistics: Average credit card debt Average number of bank cards Average balance on those bank cards Average revolving utilization rate (the overall percentage of credit limits used) Average VantageScore (a credit score developed by Experian, Equifax and TransUnion) Here are how the four generations stack up: Greatest Generation (ages 66 and older) – this generation has the highest VantageScore along with the lowest average debt and the lowest utilization rate. This generation doesn’t use much credit, but whatever they do use, they manage very well. Baby Boomers (ages 47-65) –
Applying for Disability and the Role of Education Are you less likely to be approved for Social Security Disability Insurance (SSDI) if you have a high education? Here’s what you need to know about how education affects your Social Security Disability application. How Education Affects Your Work Options First, you’re just as entitled to SSDI with a law degree from Harvard or if you dropped out of school in 3rd grade. As long as you’ve worked and paid into the system (either through your paycheck or taxes), you can get SSDI for a disability. In fact, education can be a hindrance when it comes to SSDI. Your options will likely be seen differently by the SSA. More education typically means