Yesterday the city of Detroit filed Chapter 9 bankruptcy in the largest municipal bankruptcy in history. Detroit has very few options moving forward. I’d like to discuss a couple. Detroit is the best example ever of a failed new socialist model. Sooner or later, as we can see from its situation, debts have to be repaid by someone – either the borrower or lender. You can’t keep buying votes, labor peace, etc., without facing the consequences. As I’m writing this, the city still incurs a $380 million deficit every year with total debt of $17-20 billion. How can that possibly be right? Who besides other government agencies would buy their bankrupt, never-to-be-paid bonds? Michigan has been bailing out Detroit for
By: Darrell Castle A good bankruptcy attorney can change your life. If your financial struggles have caused you to fall behind on your bills, that debt can lead to serious stress – emotionally, mentally and physically. It could be your fault that you fell behind on your payments either by irresponsible spending or not taking care of your money. However, often times an unexpected event like a medical emergency or a sudden job loss can be the tipping point for you financially. If you hadn’t saved up enough money to sustain that loss, then missed payments on bills can quickly begin and the debt adds up quickly. You don’t have to live enslaved to that debt. By filing for bankruptcy,
(This blog post is part of our effort to support the Drive Sober or Get Pulled Over campaign. If you’ve been injured by a drunk driver, please contact our Memphis car accident attorneys online today or at 901-327-1212 to discuss your case for free.) That beer might only cost you $5, but driving after you’ve enjoyed it can cost you a fortune. So many people don’t realize that getting charged with a DUI – even for the first offense – is extremely expensive. It can even bankrupt you, depending on your situation before the traffic stop. In fact, on average, a DUI is going to cost you about $10,000. And that’s assuming you just got pulled over – no injuries
By: Darrell Castle A bankruptcy “discharge” means the debtor is released of all of his or her debts. If you’re behind on your bills and in debt, there are two ways a discharge can happen: You can file for Chapter 7 bankruptcy. This is a complete discharge of debts without any payments toward the debt. That means, once you file and everything is processed – which takes a few months – then you’re relieved of all of those debts. Chapter 7 bankruptcy is good for discharging your unsecured debts (debts not backed by collateral) like your credit card and medical bills. However, if you want to keep your house and car (secured debts – debts backed by collateral) then you
By: Darrell Castle Compensation for pain and suffering covers any non-monetary damages (loss of wages from time off work, medical bills, etc) If you’ve been hurt in an accident that wasn’t your fault, or you aren’t sure whose fault it was, call (901) 327-1212 to schedule a FREE case evaluation with an experienced personal injury attorney. Or you can fill out one of the contact forms on this page. Video Transcript What does “compensation for pain and suffering” mean? Hi, I’m Darrell Castle and I’m an attorney licensed to practice law in the state of Tennessee and that’s a question I get quite often. Compensation for pain and suffering really means what lawyers would call “general damages.” These are damages
How do you know if you have good credit? By: Darrell Castle Video Transcript Hello, I’m Darrell Castle and I’m an attorney licensed to practice law in the state of Tennessee and I’ve been doing a series of videos on the subject of credit. And by way of review, I will tell you that credit is what makes the world go round; it’s what makes life possible as we know it. Our homes, our cars and even our education is financed through credit. Many of us finances groceries, gas and so forth through credit. Credit is very very important and it’s very important that you pay attention to your credit score and that’s what we’re talking about today – what
Is declaring bankruptcy different from filing bankruptcy, or talking with a bankruptcy attorney? Well, for starters, declaring bankruptcy is nothing like this: It’s actually the same as beginning the bankruptcy process, which starts by filing a petition with a bankruptcy court. That petition is what protects you from creditors and sets up your estate for the bankruptcy. Before you can declare bankruptcy, the law requires that you go through a short credit counseling program that firms like ours offer in the same location as your initial appointment. After that, you’re free to sign paperwork and “declare” bankruptcy with the help of your attorney. By signing with a bankruptcy attorney, you’re declaring your intent to enter a bankruptcy based on the
By: Darrell Castle A Chapter 13 bankruptcy is a reorganization of your debts into an affordable longer repayment plan. By filing for Chapter 13, all of your debts will be lumped into a plan – 3-5 years – in which you make payments towards your debt. These are small affordable payments calculated by your attorney according to your income and expenses. Chapter 13 bankruptcy has many unique advantages, one being the ability to keep your property (house or car) if you’re behind on your payments. You can include these secured debts (debt backed by collateral) and stop your foreclosure or repossession! Then once the bankruptcy is complete, you’re free of that debt and current on your property. You’re also free
By: Darrell Castle If your debt is messy and out of control, you can reorganize them through Chapter 13 bankruptcy If you’re interested in Chapter 13 bankruptcy, we’d love to help you. Call (901) 327-2100 to schedule your FREE consultation today. Or you can fill out the form to the right of this page to have someone from our office contact YOU. Video Transcript What does it mean to “reorganize” your debts? Hi, I’m Darrell Castle and I’m an attorney licensed to practice law in the state of Tennessee. Reorganization of your debts usually means you need to seek Chapter 13 bankruptcy protection if you’re an individual. That’s normally what it means. It means you’re having problems in 1 of
Will You Lose Your Pets in a Bankruptcy? We get questions a lot regarding what happens to pets when a person files for bankruptcy. In this video, I offer some answers. A Trusted Memphis Bankruptcy Attorney If you’re concerned about your financial situation or are facing repossession, foreclosure, or wage garnishment, we can help. Whether it’s questions about how bankruptcy affects your children, pets, job, or future, we will stand beside you every step of the way. We offer free resources to all our clients, including help with life after bankruptcy. We’d love to help you get a fresh start and live a life free of debt. Contact me today for a free appointment.