On behalf of Foley-Walker Enterprises, L.L.C. posted in Chapter 13 on Thursday, May 17, 2012
For people in St. Louis who are experiencing financial difficulties and looking for ways to relieve some of their debt, bankruptcy may be the best option. Although many people have an adverse reaction to hearing the word bankruptcy, the process of bankruptcy protection can have saving benefits for individuals who are struggling with debt.
For example, in Chapter 13 bankruptcy, debtors are allowed to keep their assets while developing a workable debt payment plan with the court. Consumers who go through Chapter 13 proceedings generally have regular income and need to keep their assets -- like a house or a car -- to continue to earn money. One downside to Chapter 13 is that it can take a considerable amount of time for debtors to pay off the debt.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Debt Relief on Wednesday, May 9, 2012
Consumers around the country are experiencing extreme tactics as collection agencies try to gather money from debtors. In some cases, harassment by creditors has become so severe that it is causing emotional distress. St. Louis residents looking for debt relief may be interested to know that it is resulting in lawsuits against creditors in many states across the country. Consumers and even some former collectors agree it is time to stop such harassment to give people some sense of debt relief.
Some of the more roguish collectors have resorted to calling debtors inappropriate names, making threats of arrest and lawsuits and even calling employers. These tactics have left debtors so frustrated that the number of federal lawsuits against collectors has exploded since 2005. Last year alone the number of federal lawsuits claiming violation of the Fair Debt Collection Practices Act in one state escalated from 230 to 1,255.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Debt Relief on Thursday, May 3, 2012
Many high school seniors in St. Louis and throughout Missouri are nearing the spring deadline to choose a college. However, with the state of the economy and the general reticence people feel about taking on more debt -- even for education -- the decision to go to college has become more complicated than it was in the past.
Student loan debt in the United States has escalated to $1 trillion. According to the Consumer Financial Protection Bureau, this number exceeds the amount of credit card debt owed by consumers across the United States.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Debt Relief on Monday, April 23, 2012
According to a recent study by the St. Louis Better Business Bureau, Missouri residents looking to rebuild their credit should steer clear of so-called credit repair companies. The Better Business Bureau claims that certain companies are charging consumers seeking debt relief a large amount of money but provide little to no results in return.
Missouri residents with heavy debt who are looking for an easy and effective payment plan may be especially susceptible to the ploys of credit repair or debt settlement companies. These companies often draw consumers in with claims of raising credit scores "up to 130 points" or even by providing 100 percent guarantees of "fast credit repair."
On behalf of Foley-Walker Enterprises, L.L.C. posted in Medical Debt on Thursday, April 19, 2012
Medical expenses are becoming an increasing concern for consumers nationwide, including here in St. Louis. The problem is highlighted by a recent situation involving a Missouri woman who lost her arm because she failed to seek medical attention in time to resolve her medical problems.
The woman was a nurse for 16 years. Three years ago, she began experiencing health problems after injuring her right wrist. However, she was unemployed and uninsured. Afraid of incurring unnecessary medical expenses from high hospital bills, she refused to seek medical attention.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Chapter 13 on Wednesday, April 11, 2012
In an earlier post, we discussed the national foreclosure settlement meant to award financial compensation to residents in numerous states after fraudulent foreclosures were executed by certain private lenders between 2008 and 2011. Missouri was one of the states awarded money in this settlement.
Now St. Louis residents who were not able to stop foreclosure on their homes may be entitled to financial compensation from the settlement. Depending upon the number of people who enroll in this process, it is expected that each homeowner who fell victim to foreclosure could receive up to $2,000. Many people are likely to say that this amount comes nowhere close to covering their losses, but the money is nonetheless welcome as individuals try to stabilize their financial situations and work toward rebuilding credit.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Credit Card Debt on Thursday, April 5, 2012
St. Louis residents who are gearing up to do their taxes may want to pause for an important piece of information before submitting the files. Consumers with an outstanding credit card debt will want to keep their eyes peeled for a 1099-C form that could be coming in the mail.
A 1099-C form is issued when a creditor relieves a consumer of his or her debt. When a consumer is relieved of debt, the Internal Revenue Service actually regards the relieved debt as income, therefore making it taxable. But debtors should beware that not all 1099-C forms are correct, and it is important to do your homework before succumbing to what may not be debt relief.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Medical Debt on Friday, March 30, 2012
With the current state of the economy, a lot of St. Louis residents are experiencing high levels of debt. However, individuals and families with unpaid medical bills, no matter the amount, should know that these medical expenses may cause drastic drops in credit scores if not paid off in a timely manner.
Many consumers with medical debt are finding bankruptcy is their only option for debt relief. Situations such as missing due dates on bills and filing for bankruptcy are known to negatively impact credit scores. However, what many people do not realize is that unpaid medical debt is a type of debt that can most negatively impact a person's credit record.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Debt Relief on Monday, March 19, 2012
Missouri residents may be interested to hear that the state's attorney general recently filed a lawsuit against six companies that may have committed fraud against thousands of people throughout St. Louis and Jackson counties. These companies may be charged with telephone cramming.
Telephone cramming refers to the practice of adding undue charges onto consumer telephone bills. The charges usually show up for products and services that the consumers never purchased. These charges have appeared on thousands of telephone bills throughout St. Louis and Jackson counties, and Missouri residents who are seeing these strange charges and also looking for debt relief may eventually see compensation.
On behalf of Foley-Walker Enterprises, L.L.C. posted in Debt Relief on Tuesday, March 13, 2012
St. Louis residents who are experiencing financial constraints and considering bankruptcy might benefit from learning more about the common mistakes people make when trying to create a household budget.
One common mistake among debtors is not tracking spending. Individuals often create a budget simply by estimating monthly expenses. The problem is that these individuals do not realize how spending on the small things, such as going out to lunch or coffee, can add up and affect their finances. In order to avoid this scenario, it is important to track actual expenses for at least two months.
