Author: AG

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The website you need while in bankruptcy…

If you are in a Chapter 13 bankruptcy, you need to set up an account on www.ndc.org. This website pulls information from the Chapter 13 Trustee, and keeps you updated on money going in, money going out, and gives you a general idea of what is going on. It doesn’t provide legal information, because that comes from your attorney. It also doesn’t have every single thing on there, so you can’t really add up columns to figure out how much you have left to pay. Again, you will need to contact your attorney for that information. I do, however, recommend that you check in on this website at least monthly to make sure your payments are actually getting to the trustee’s office. More times than I can count, employers have really messed up, or the USPS lost a money order, and ultimately, it’s up to you to make sure money shows up. This is the best way to make sure your payments are getting where they should go. If you identify a problem, let your attorney know immediately so that you can together form a plan of attack and get you back on track. Your attorney is on your team and knows how to help.

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Is your bankruptcy case almost over?

Are you getting close to the end of your bankruptcy? If so, go ahead and contact your attorney to see if you need to do anything. In Chapter 13 cases, you will need to sign a “Request for Discharge” at the end of your case. Generally our Chapter 13 Trustee will send out a notice when it is time to file that document.

For both Chapter 7 and Chapter 13, you have to complete a 2 hour credit counseling class before your case can be discharged. If you are not sure if you did that, check with your attorney. Many people will do that class right after their case is filed.

Remember that some things don’t go away in your bankruptcy. Things like taxes, student loans, and child support orders don’t go away. If you aren’t sure if something is going away, ask your attorney.

Congrats on getting through your bankruptcy and finishing!

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Some things to think about to increase your credit score AFTER your bankruptcy case is over

While you can’t do too much during your bankruptcy case to actively increase your credit score, there are things you can do after your case is over to help.

One thing is you can get a secured credit card. This is basically like a prepaid debit card where you have to pay for it before you can use it. This helps you not overspend and end up back in bankruptcy. The very first question to ask the card issuer is whether they report to the credit reporting agencies. If they do not, then move on because it will not help you. You can set up a totally separate bank account and have your employer direct deposit a certain amount each paycheck into that account, and then have the card autopay from that bank account. Then use that card to pay something that stays the same each month like your Netflix or Hulu or phone bill. That way you don’t have to worry about the amount changing.

Another thing you can do is get a card specifically for something like gas, and only gas. Again, be sure first that the card issuer will report to the credit reporting agencies or this is not helpful. Then use that card each time you buy your gas, and you don’t buy anything else on it. You are really only looking to make regular charges and regular payments, and NOT carry a balance. You need to pay this off each month. Some people prefer to make a card payment right after they make a charge. Other people will just transfer the money to cover the charge to a separate account and wait on the monthly bill to arrive, then they have enough money in the separate account to fully pay off the bill. Some cards even have cash back or points you can earn. Just also be sure that you don’t have an annual fee because that will not be helpful at all.

Regardless of what you do, be sure to not carry a balance, pay your bill on time every month, and watch your credit report.

You can find more about your credit score at www.myfico.com.

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It’s summer! But your debts don’t take a summer break

We all look forward to summer. Sunshine, warm days, late nights, road trips. But what about those debts? They don’t take a break for summer. Many people try to avoid thinking about their debts over the summer, but those debts only get worse. It really is best to talk to someone about your debts when they first cause you problems, or even better, before they become a problem.

Everyone has a different tolerance level, so what drives you crazy may not drive someone else crazy. I talk to many clients who have waited until they’ve been sued and now they have a wage garnishment, and only then are they really concerned. We also have clients who know they haven’t paid a bill in 3 or 4 months and are trying to avoid that lawsuit or garnishment. Or maybe they are facing a foreclosure or car repo. Then we have people who know bad things are coming down the road and are trying to preplan to avoid all the bad things.

Rest assured that no matter in which category you find yourself, we can give you some options to help. Give us a call at 731-424-3315 no matter what stage you are in, so we can help, or visit our website www.tennesseefirm.com for more information.

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Have you checked your credit report lately?

I recommend checking your credit report often, at least once per month. The three credit reporting agencies are Equifax, TransUnion, and Experian. You can go directly to their websites to obtain your credit reports. You can also use www.annualcreditreport.com to try to obtain all three reports at one time. Generally you can get one free report per year, though during COVID many are allowing a weekly free report.

There are many free websites and apps to monitor your credit and notify you of any changes. One such services is CreditKarma (this is not an ad for them, just a mention). They pull from 2 of the 3 credit reporting agencies and provide updates as you set your preferences.

If you haven’t filed bankruptcy yet, getting your credit report will help you determine who you owe and what your bankruptcy will look like. You can just email the report to your attorney. You don’t have to print it.

If you have filed bankruptcy and discharged, checking your credit report can help make sure all the debt you got rid of in the bankruptcy is properly showing as discharged.

As always, if you have any questions at all, ask your attorney!

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Time for Spring Cleaning Those Debts!

It’s spring! While most people thing of spring cleaning their homes, this is also a great time to spring clean your finances. Get rid of debt that is holding you back and bogging you down. You have dreams and goals, and that debt is holding you back from achieving those goals. We can use the federal bankruptcy laws to help you with that, clean out your debt load, and get you on track to making those dreams a reality. Don’t keep trying to tread water, let us help you thrive! Call us at 731-424-3315 so we can plan a way to make those dreams a reality.

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What is estate planning?

Estate planning is simply getting your affairs in order while you are still able to do so. Typically I recommend a will, a living will, and a power of attorney. They all do different things.

A will sets out how you want your property, aka stuff, divided once you are gone. This covers your house, car, and your personal property.

If you have a life insurance policy or a retirement account, those usually name a specific beneficiary, or person who will get the money, one you pass away. If you do not list anyone, or list your estate, then the probate court may help decide who gets what.

A living will tells how you want to handle things like organ donation.

Finally, a power of attorney is what can authorize someone else to do things for you when you can’t. For example, if you are in the hospital for an extended period of time and someone needs to access your bank account, this document would help them do that. It can also authorize someone to make medical decisions for you if you are unable to make those decisions. Those are just two examples of the many things a power of attorney can do for you.

While these documents may all sound complicated, an experienced attorney can help guide you through what you need, prepare the right documents, and make sure they are signed in the way the law requires for them to be effective.

At Teel & Maroney, PLC, we would be more than happy to meet with you to discuss your goals, and plan a way to help you reach those goals. Just contact us at 731-424-3315.

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How can we serve you?

Often times our bankruptcy clients find that they need additional legal help while they are working on their bankruptcy case. Sometimes they need a will, or a power of attorney, or sometimes they are injured and need help recovering for that injury. At Teel & Maroney, PLC, we can help with all of those things, and more. Keeping all of your matters in one office helps reduce the strain on you, and you already know the team that will be helping you. You can relax knowing that our office can help you through many things, not just bankruptcy. Give us a call if we can help you with anything at 731-424-3315 or visit us at www.tennesseefirm.com.

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Stimulus Payments and Bankruptcy

With three rounds so far of stimulus payments, many clients are asking if these payments are subject to being taken by the Chapter 13 or Chapter 7 case trustees. The first two rounds were specifically protected. However, the third round was provided under a reconciliation act, so it was much more up in the air. Just recently the United States Trustee issued guidance to the local Chapter 13 and Chapter 7 trustees that they should not try to take the third stimulus payment, or the child tax credit. But if a local trustee thinks that such action is necessary, they can contact the United States Trustee for further guidance.

Be sure to contact your attorney with any questions.

Do you need an attorney to help you with bankruptcy? We would be happy to help. You can reach us at www.tennesseefirm.com, 731-424-3315, or any of our other contact methods.

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Making your Chapter 13 Plan Payments

In the Western District of Tennessee, there are currently only two ways to make your Chapter 13 Plan Payments.

First, you can easily pay online at http://www.tfsbillpay.com. You will need your case number and other information from your paperwork to set up your payment. You can set up single payments or automatically recurring drafts. You can select your payment dates as well.

Second, you can mail a money order to the Chapter 13 Trustee. Make the money order out to Chapter 13 Trustee. Include your name (where you can read it), your case number, and only the last four digits of your social security number. Mail it to:

Chapter 13 Trustee

PO Box 6003

Memphis, TN 38101-6003