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Reaffirmation Of A Debt

Bankruptcy, debt collection, Missouri

An agreement between a creditor and a debtor agreeing to be liable and continue to pay money owed even after a bankruptcy proceeding has concluded is known as reaffirmation. Usually, you do not want to reaffirm an old debt, especially in bankruptcy. Despite this, creditors encourage reaffirmation before and during a bankruptcy because they know […]

Handling Debt Collector Calls

debt collection, Missouri

As a consumer, it is important to stay calm if a debt collector calls. You have many ways to handle the calls, including asking them to stop contacting you. The Fair Debt Collection Practices Act (FDCPA) makes it illegal for collectors harass, oppress or abuse you or anyone else they call about a debt. When […]

Understanding Discharge In Bankruptcy

Bankruptcy, Chapter 7, debt collection, Missouri

If you are considering bankruptcy, you should learn as much as you can before beginning the process in order to make an informed decision. A key reason many seek out bankruptcy, is to discharge any outstanding debts they may carry. When you file a chapter 7 petition, the goal is to discharge most of the […]

State Statute of Limitations for Old Debts

debt collection, Missouri

Once a debt surpasses the statute of limitations in Missouri, a debt collector loses the right to sue you for payment. Any debt collector threatening to sue you beyond that statute of limitation has violated the Fair Debt Collection Practices Act. Although you may still have a moral obligation to pay off the debt, you […]

Consumer Rights When Debt Collectors Call

debt collection, St. Charles, St. Louis

When consumers receive phones calls from debt collectors, they may be embarrassed or overwhelmed, not sure what to do. Many consumers do not even realize even when they owe money, federal law protects them and grants them certain consumer rights. First of all, it is illegal for any debt collector to  harass, oppress or abuse […]

Where Customer Data Goes In Bankruptcy

Bankruptcy, Missouri

Over the years some companies thrive, while others that may have once thrived, fail. Some failing companies declare bankruptcy as a means to close up their company. Don’t be too quick to think this doesn’t affect you, as their customer. It is important to be an informed consumer and understand what happens to your customer data in such […]

Making only Minimum Payments on a Credit Card

Bankruptcy, St. Charles, St. Louis

Some people think that they are doing a good job with their credit card by only paying the minimum each month. While it’s true that this will keep a person current each month, it also means that a debtor will pay the maximum amount of interest possible. If they are able, a debtor should pay […]

Should I Reaffirm Debt in Chapter 7?

Bankruptcy, Chapter 7

One question many people have regarding Chapter 7 bankruptcy is about reaffirming debt. When a person has an asset that they would otherwise lose, they may be tempted to reaffirm the debt in order to keep this particular asset. In general, this is a decision that should be very carefully considered. There is no single […]

Priority Debt Explained by a St. Louis Chapter 13 Bankruptcy Attorney

Bankruptcy

When a person files Chapter 13 bankruptcy, the trustee will examine their debts for what is known as “priority debt.” These are debts which, by law, cannot be reduced in bankruptcy. They include:

Is my Bankruptcy a No Asset Bankruptcy?

Chapter 7, St. Charles, St. Louis

One concern people have when filing bankruptcy is that, after filing, they will have no money left to start a new life. In reality, most people who file Chapter 7 bankruptcy wind up filing what are known as “no asset” cases, meaning they pay back nothing. After applying the Missouri bankruptcy exemptions, it may be […]