Darrell Castle & Associates

  Memphis bankruptcy and personal injury attorneys .

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How Does Social Security Assess Complex Regional Pain Syndrome?

Chronic pain is one of the most difficult impairments to assess for purposes of Social Security Disability Insurance benefits. Pain is often difficult, if not impossible, to diagnose through testing. Social Security officials tend to disregard an applicant's claims regarding pain as “subjective” and unreliable, even when there is a medically documented cause. To help clarify how the law is supposed to work, Social Security revised guidance with respect to assessing an applicant's symptoms. The agency’s guidelines emphasize that Social Security administrative law judges (ALJs) should not conduct an inquisition into a disability applicant's personal character. Nor can an ALJ ignore testimony regarding the “intensity or persistence” of an applicant's pain just because it cannot be “substantiated by objective medical evidence.”

Social Security Criticized for Playing Doctor Social Security guidance may be applied to existing cases, as technically it is a clarification of existing law and not new policy. This change meant that there were many disability applicants who were initially denied benefits, but later entitled to reconsideration of their cases. For instance, one federal magistrate judge ordered a new hearing for a disability applicant who suffers from complex regional pain syndrome (CRPS). At a prior hearing, a Social Security ALJ agreed the applicant suffered from CRPS, among other ailments, but the ALJ denied disability benefits after further deciding the applicant's testimony regarding the severity of his chronic pain was “not credible.”

The magistrate agreed with the applicant that the ALJ's findings were inconsistent, not only with each other, but also with the revised Social Security guidance. The ALJ apparently based her credibility determination on factors unrelated to the applicant's CRPS, including the fact that he was laid off from his previous job, that he smoked, and that he failed to take certain prescription medications as directed. In conclusion, the ALJ had no medical evidence to support her own subjective belief the applicant was capable of returning to work in spite of his CRPS.

We Can Help Social Security Understand Your Pain One reason Social Security is apt to dismiss CRPS is because of its uncommon and unpredictable nature. According to the Mayo Clinic, CRPS “typically develops after an injury, surgery, stroke or heart attack, but the pain is out of proportion to the severity of the injury.” Under-educated Social Security ALJs may incorrectly interpret this to mean an applicant is fabricating or overstating their pain. As judges have repeatedly cautioned in disability cases, Social Security officials are not allowed to “play doctor” and make their own medical judgments.

Call a Social Security Disability Attorney for Help If you suffer from CRPS or any other type of chronic pain that prevents you from working, you have the right to be treated fairly by Social Security. A qualified disability benefits lawyer, like a Social Security lawyer in Memphis, TN, can help you present your case to Social Security and, if they still ignore you, appeal to the appropriate court. 

Thanks to Darrell Castle and Associates, PLLC for their insight into talking to Social Security about getting benefits for chronic pain.

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Chapter 13 Versus Chapter 7 Bankruptcy: What Are the Differences?

When debt becomes overwhelming and you can no longer afford to pay off your creditors, you may consider declaring bankruptcy as a solution. Whether you have massive credit card debt or can no longer meet your mortgage payments due to illness or job loss, bankruptcy could be the right choice as you work to reorganize your debt. Before you take this step, however, it is wise to learn about the differences between Chapter 13 and Chapter 7 bankruptcy so you can choose the path that best suits your financial needs.

What Is Bankruptcy? 

Bankruptcy occurs when you are no longer to pay your debts and they build up to a point where they cannot be resolved privately. This includes car and mortgage payments, multiple credit card payments and costs for the home, such as utility payments. Filing for bankruptcy is not a simple choice, but it can be the first step in resolving your debt problems. Most individuals either claim Chapter 7 or Chapter 13 bankruptcy, and each has different strategies for handling unpaid bills.

What Is Chapter 7 Bankruptcy? 

If you are in a situation where creditors are constantly calling you and demanding payments but you have no resources to satisfy them, then Chapter 7 bankruptcy may be an option for you. When you file at your local courthouse, your creditors will be notified and collection calls may cease, especially if you work with a bankruptcy lawyer. Once the filing goes through, your assets will be tallied and items like your car, home and other valuables sold to pay off all or some of your outstanding debt.

Chapter 7 bankruptcy can help give you a fresh start, especially if your debt is the result of a job loss or illness. The process can take up to six months, but you can begin rebuilding your credit once the debt has been cleared. This differs greatly from Chapter 13 bankruptcy, which is another option you might choose for handling insurmountable debt.

What Is Chapter 13 Bankruptcy? 

This type of bankruptcy focuses on reorganizing your debt instead of liquidating your assets. Under Chapter 13, you can work to pay off your debt over three to five years and take advantage of several features of this type of bankruptcy:

Keeping your car, house and other property

Paying one lump sum monthly to a trustee

Gaining back control of your debt and finances

Unlike Chapter 7 Bankruptcy, only private individuals and sole proprietors of a small business can file Chapter 13.

Declaring bankruptcy can change your life forever. Call a bankruptcy law firm in Memphis, TN today to learn about your options and the most effective way for you to handle your debt.

Thanks to Darrell Castle & Associates, PLLC for their insight into bankruptcy law and chapter 13 vs chapter 7.

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Bankruptcy and Going to Court

Bankruptcy might sound like an awfully big headache to take care of. Though it might be your only choice and best option at the moment, the thought of it might overwhelm you. The good news is with a bankruptcy attorney, you don’t have the struggle that comes with handling a big, scary situation on your own. If you hire an attorney, does that mean you’ll go to court over your bankruptcy filing? The following should help you understand when you might end up in court.

Filing Forms

The first time you might go to the courthouse is to file your bankruptcy forms. This won’t actually be a time you’ll sit in front of a judge and have someone determine whether you’re guilty, but you may have to enter the courthouse to file the forms. Depending on your attorney, he or she may be able to do it for you through electronic submission, which means you won’t have to go to the courthouse at all.

Meeting of the Creditors

The next time you will find yourself in the courthouse is for your Meeting of the Creditors. This is a quick meeting where a trustee sits down with you to determine whether your bankruptcy forms were truthful. This is done to ensure there’s no fraud being committed on your part. The meeting typically only lasts about five minutes and is made up of questions that help the trustee make the determination. If the trustee feels you are truthful, you will be approved and discharged.

Fixing an Issue

If something goes wrong with your submission or the trustee’s evaluation, it’s possible you’ll have to sit down again to go over paperwork or have another Meeting of the Creditors. This rarely happens, and if your case is quite simple, you probably won’t need to plan on going back.

Chapter 7 bankruptcy does not include a trial, though there is a chance the creditor will send a lawyer to your Meeting of the Creditors. Again, this rarely happens as someone with not many assets won’t be worth a creditor’s time.

Contacting Your Lawyer

Whether you are looking at your financial future and don’t see light at the end of the tunnel, or are already in the middle of bankruptcy proceedings, contact a bankruptcy lawyer in Memphis, TN for assistance. You don’t need to navigate the legal world on your own, and you don’t need to feel bad about being in such a situation. Call your lawyer today to learn more and to get started with the process.

Thanks to Darrell Castle & Associates, PLLC for their insight into bankruptcy law and going to court.

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Why Do Disability Claims Get Denied?

Millions of people apply to receive Social Security Disability benefits every year. Research has found that only about thirty percent of these millions of applications get approved at the initial level of the claim process. Why do so many claims get denied? Every claim is different and the reasons each Social Security Disability benefits claim gets denied vary with each application. However, there are five main reasons that a claim gets denied. It is important to know the most common reasons claims gets denied if you are applying to receive benefits. 

The most common reasons Social Security disability benefits claims get denied are listed below:

Not Enough Medical Evidence: In order to qualify to receive disability benefits, you will need to show proof that you are not able to work due to your disabling medical condition. You will need to have your medical records directly show that because you have this disability, you are not able to work as well as if you did not have the disability. For instance, you could go see a doctor every month for neck pain, however, if you doctor has never written down how the neck pain affects your working ability, your claim could get rejected. 

Your primary care physician’s records of your care will be considered most important when deciding if your claim will get approved. Because of this, it is crucial to openly and frequently speak with your doctor about how your disability affects your ability to work. 

Previous Denials: Many people believe that creating a new disability claim is a better solution than just appealing a denied claim. However, that is not true. In many instances, a claim will be denied simply because your claim’s reviewer has found that you applied for Social Security Disability benefits are were denied previously. It is important that you go through the proper appeals process instead of just filing a new claim if your claim has been denied in the past. 

Your Income: If you are apply for Supplemental Security Income, you may get denied if you earn too much income. This does not apply if you are applying for SSDI benefits. You are able to work part-time and apply to receive SSI benefits, however, if you are earning more than $850 per month, your claim will more likely than not get denied. Claims will only get approved if someone is not able to work because of their disability. 

Not Following Proper Treatment: Your claim will be denied if you are not following the prescribed treatment plan from your doctor. The reason for this is because if you are not following the treatment plan, there is no way to know if you actually cannot work because of your condition if you are not trying to get better. If there is a legitimate reason you are not following the treatment plan provided to you by your doctor, you can bring this up during the appeals process. However, in these instances it is especially vital to have a trusted social security lawyer in Memphis, TN on your side. 

Not Cooperating: It is important to always cooperate with everyone handling your claim during the application process. If you do not provide the office with necessary documents or attend scheduled medical examinations, your claim will definitely be denied. You should always stay in contact with the person in charge of your case and always provide necessary information as soon as possible. 

Contact Darrell Castle & Associates, PLLC for their insight into social security law and denied claims.

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Will a Settlement Affect My Disability Benefits?

If a disabled person is going to receive a large amount of money in a personal injury settlement, their current disability benefits often come into question. If they take this money from the settlement, will it affect the money they receive each month for disability benefits? Does the type of benefits they receive make a difference? 

What is the Difference Between SSI and SSDI?

SSI and SSDI are two types of benefits that are commonly confused. SSI is Supplemental Security Income while SSDI is Social Security Disability. Each have their own requirements for eligibility, but each one is affected by personal injury settlements completely different. 

Social Security Disability benefits are only available to those who are disabled and who have worked, and therefore contributed, to the Social Security trust fund through their FICA tax. In some cases, a person with disabilities may be able to receive these benefits due to their spouse or parents. SSDI is viewed as a benefit to which people are entitled.

Supplemental Security Income is funded federally and provides assistance to low-income disabled, aged, or blind people. SSI is viewed as a needs-based benefit from the government. 

Personal Injury Settlements and Benefits

Someone who receives SSDI has met the requirements by contributing to the social security system, as well as being classified as disabled according to the standards of the Social Security Administration. SSDI benefits will not be affected by a personal injury settlement. 

However, one of the main requirements to be able to receive SSI is the total amount of income and assets someone has. Even having assets as small as $2,000 for an individual could make someone ineligible for receiving SSI benefits. If someone were to receive money through a personal injury settlement, they would more than likely not be eligible to receive SSI. 

Can I Protect My SSI Benefits?

If someone has been involved in a personal injury settlement and loses their eligibility for their SSI, it can be devastating to their livelihood. The expenses that come along with medications, home modifications, surgical procedures, and skilled nurses can quickly spend all of their settlement funds. Most who receive SSI cannot afford to lose their eligibility to receive this benefit. If you are in this situation, it is important to contact an experienced Social Security disability lawyer today. One way to receive your settlement while staying eligible to receive your benefit would be to create a comprehensive settlement plan which most of the time would include a special needs trust. 

A special needs trust is a trust that is used specifically for disabled people to let them access their settlement funds to pay for their needs. By placing their settlement funds in a trust, a disabled individual should be able to keep their eligibility to receive Supplemental Security Income benefits.

It is important to have someone on your side to walk you through this stressful time. Being involved in a personal injury case as well as the thought of losing your benefits is not something you should have to face alone. Contact a social security lawyer in Memphis, TN today to schedule a consultation.  

Contact Darrell Castle & Associates, PLLC for their insight into social security law and how a settlement could affect your benefits.

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What Happens to Your Credit Cards After You FIle for Bankruptcy?

For some people, the idea of declaring bankruptcy is a fearful, embarrassing subject. Certainly, this isn't the ideal situation; however, in some cases, bankruptcy offers a fresh start financially for people who are trapped under a mountain of debt. Large credit card balances are often the biggest culprit for money woes. This doesn't mean you won't be able to have an account ever again. In fact, it may be possible to hang onto your card even immediately after you declare bankruptcy.

Why Declare

When a person declares bankruptcy, the court requires that the individual liquidates assets. If you declare Chapter 7 bankruptcy, for example, you may have to sell your home, cars and even some possessions in order to pay off credit cards, consumer loans and other obligations. This wipes out your debt and gives you a clean slate. This is subject to your income, though. If you make too much, you'll have to file for Chapter 13. A chapter 13 bankruptcy lawyer in Memphis, TN will help you know which one is right for you.

Credit Card Options

If you file for Chapter 7, you will be able to keep credit cards. Be aware that spending too much and building large balances may have caused your financial problems in the first place. Your attorney may advise you to not keep your credit card, but it may be prudent to keep it for situations such as reserving hotel rooms or rental cars. Your card could come in handy in the event of an emergency. Just be prudent and mindful of your balance. The credit card company will also have a say in whether you keep the account.

Paying It Off

In a bankruptcy, you must pay off any balances on credit cards, as they will be included on your list of debts. You won't have to worry about including any cards you have already paid off.

Can You Get a New One?

Once you file for Chapter 7 or Chapter 13, it's possible to apply for a new credit card altogether. Most likely, you will need someone to co-sign with you, and you will start with a small balance. If you can demonstrate over the next several months that you can be responsible with it and that you make on-time payments, you may be able to request a high limit.

Credit cards can put you on dangerous ground if you're not careful. This doesn't mean you won't be able to keep the ones you have or apply for new ones after you file for bankruptcy.

Thanks to Darrell Castle & Associates, PLLC for their insight into bankruptcy law and credit card debt.

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Do I Have to Go to Court If I File for Bankruptcy?

Whether you have made the decision to file for bankruptcy personally or for your business, the idea of appearing in court and speaking to a judge under oath can be daunting. The good news is that the majority of cases do not actually end up in a courtroom at all. There are a few formalities that will take place but are often simple and your bankruptcy attorney will be present to guide you along.

Forms and the Meeting of Creditors

The first thing you will do is file your bankruptcy paperwork. If you do not have a lawyer, you will take these to your local courthouse and file them with the clerk. If you do hire a lawyer to assist you in the proceedings, they will be able to file these electronically for you, while ensuring every detail required by law is present and correct.

You will then be required to appear at a section 341 meeting (meeting of creditors). This meeting is usually not held in a courtroom, but rather in a meeting room or something similar. The meeting is run by a bankruptcy trustee, who will ask a series of questions regarding the information you submitted with your paperwork (financial history, debts, properties, etc). Creditors may also have some questions.

You will be under oath at this meeting so it is vitally important to remain honest to ensure the meeting runs smoothly. The type of bankruptcy you file for will also determine how simple the process will be. When filing Chapter 7, the meeting may only last five minutes. In more complex cases, such as Chapter 13, there are usually more details to cover and you may need to provide additional verification of income and expenses.

Possible Appearance in Court

While the chances for spending time in the courtroom are slim, there are occasions when it happens.

Some of your property is exempt from bankruptcy and you will state which possessions fall under that category. If a trustee objects to your exemptions, however, there is a chance of going to court. So be sure to follow your state's laws closely, though this is something your lawyer will be able to help you with.

Anyone who has followed the law and listened to their lawyer's recommendations will never encounter a show cause order. This often only occurs when the person filing for bankruptcy has lied or has missed a step in the paperwork or other proceedings. This is most common for those who try to file bankruptcy on their own.

Filing with a Lawyer

While bankruptcy is a critical issue, and can appear stressful, there is truly nothing to fear as long as you remain as honest as possible, disclose all the required details, and most importantly, have an experienced Memphis, TN bankruptcy lawyer on your team. This will greatly reduce your chances of appearing in court in front of a judge, ensuring the entire process is as smooth and painless as possible!

Thanks to Darrell Castle & Associates, PLLC for their insight into bankruptcy law and going to court.

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Does Filing for Bankruptcy Mean You Have To Go To Court?

Many people do not really understand bankruptcy, and this misunderstanding contributes to a lot of fears. People who file for bankruptcy are frequently afraid of losing all their possessions, permanently damaging their credit, or having to appear in court before a judge. 

Most of these fears are unfounded or exaggerated. While it is possible that you may need to go to court for bankruptcy, it is very rare that it is required. 

Circumstances in Which You May Need To Go to Court

Most people who file for bankruptcy do not need to go to court. Rarely, however, circumstances may arise in which you may need to appear before a judge. 

1. Adversary Proceedings

For example, if someone were file a lawsuit against you that's related to your bankruptcy filing, you would have to appear in court. This usually doesn't happen unless there is reason to believe that you have committed some sort of fraud.

2. Objections to Exemptions

In a Chapter 7 bankruptcy, which involves selling off your assets in order to pay your debts, the law allows you to claim exemptions for certain types of property, meaning that you can keep them even as your other assets are liquidated. There are strict rules that apply to exemptions, and you are expected to follow them closely. If there is reason to believe that you have not followed the rules, the trustee in charge of your case may object to your exemptions. In this event, you would have to appear in court.

3. Show Cause Order

The third situation in which you may need to appear in court after filing for bankruptcy is a show cause order. If you made a mistake in your filing, or if you tried to deliberately deceive the court, you may receive a show cause order asking you to appear in court to demonstrate why you deserve to have your debts discharged through bankruptcy. The process of filing for bankruptcy is very complicated, and it is easy to make a mistake if you don't know what you're doing. Hiring a bankruptcy lawyer can help you to file correctly the first time and minimize the risk of a show cause order. 

Requirements for Filing Bankruptcy

In most cases, you won't have to go to court over your bankruptcy, but you will need to attend a Section 341 meeting with your creditors to attest to the accuracy of your filing and answer questions about your finances. It does not take place before a judge and may not even be held in the courthouse.

Bankruptcy is often a far more painless process than most people fear. Let bankruptcy lawyers in Memphis, TN examine your situation and help you explore your options.

Contact Darrell Castle & Associates for their insight into bankruptcy law and going to court.

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Does Bankruptcy Destroy Your Chances of Getting a Credit Card?

When you decide to declare bankruptcy, it's because your financial situation seems inescapable. The debts keep piling up, and there is no relief in sight. Whether you have this issue due to poor financial planning on your part or because of some emergency that wiped out your reserves, it is still a tremendous strain and loss.

There are some things you worry about considering bankruptcy. One is whether or not you will qualify for a credit card in the future or not. You may be surprised to learn how quickly the credit card offers will start rolling in – and why.

Bankruptcy Is Like a Reset

There are two types of bankruptcy that individuals typically file: Chapter 7 and Chapter 13. In Chapter 7 bankruptcy, all of your assets are sold to pay for as much of your outstanding debt as possible. In some cases, you can keep your house and/or vehicles, but these typically vary by state. All of your debts are discharged. Chapter 7 stays on your credit report for 10 years.

In Chapter 13 bankruptcy, you restructure your debts to get the payment conditions more manageable. You can negotiate with creditors to come up with payments and rates that better suit your income. You do not have to sell assets including your home or vehicle. Chapter 13 bankruptcy stays on your credit for seven years.

Once you fulfill the terms of your bankruptcy, it is discharged, and you can start qualifying for things again (like a house or vehicle).

Rebuilding Credit

As soon as you file bankruptcy, there is a clock that starts ticking. It is representative of the fact that you now cannot claim bankruptcy again for seven years. What does this mean? It means that creditors won't have to be concerned that you'll start utilizing them again only to turn around and file bankruptcy because you can't. 

A large part of your credit score is credit utilization, the debt-to-income ratio that companies, such as lenders, go by to determine your creditworthiness. After you file bankruptcy, you can apply for a credit card because many credit card companies understand that you are blocked from bankruptcy again for a while. Since you need credit to rebuild credit, getting a card shortly after filing is a good idea.

When it comes to controlling your financial spending habits, only you know what must be done to keep yourself out of trouble. If you aren't sure how to proceed with bankruptcy, hiring a Memphis, TN bankruptcy lawyer may be your best bet. Ask any questions you have about the present and the future to a professional.

Contact Darrell Castle & Associates for their insight into bankruptcy law and credit cards.

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Debt Relief Options Besides Bankruptcy

If you are deeply in debt, you may worry about having to file for bankruptcy. Many people fear bankruptcy because they do not understand it. Bankruptcy isn't a way for the government to ruin you by seizing all your assets. Rather, the purpose of bankruptcy is to help you get back on your feet and make a fresh financial start. 

Bankruptcy is one potential debt relief option, but it isn't the only one available by any means. There are alternatives to bankruptcy that may work better for your particular situation. If an alternative debt relief option does not work, it is likely that you'll still be able to file for bankruptcy as a last resort. 

Debt Consolidation

If your debt has not yet had a significant impact on your credit score, you may be able to consolidate and pay one lower monthly payment instead of many large payments per month. The different consolidation options available include the following: 

Home equity loan

Fixed-rate debt consolidation loan

401(k) loan

Assuming your credit will allow it, you can also obtain a zero-percent interest credit card, transfer the balance to it, and pay it off during the promotional period before the interest rates go up. 

Negotiate With Creditors

This may involve settling your debts or obtaining more time in which to pay them off. It is not necessarily in creditors' interest to have you file for bankruptcy, so if you explain your situation, they may be willing to work with you. Be aware that settling debts has a negative effect on your credit score.

Credit Counseling

A reputable credit counseling agency can act as an intermediary between you and your creditors and may be more successful at negotiating lower interest rates and payments for you than you would be by yourself. If you do ultimately decide to file for bankruptcy, you will be required to go to credit counseling anyway, so it may be either a solution or another step in the process. 

Extra Income

Try to make extra money to put toward paying off your debt by taking on a second job, working overtime, or leveraging a hobby to generate income for you. You may also be able to obtain extra money eliminating luxuries from your budget. 

Liquidating Assets

If you have property that you don't need, such as a second car, you may be able to sell it off to obtain money to pay off your debt. 

While there may be alternatives for you to avoid bankruptcy, in some cases it is simply the best available option. Contact a bankruptcy law firm in Memphis, TN to see how they can help you with your particular situation.

Call Darrell Castle & Associates for their insight into bankruptcy law and debt relief options besides bankruptcy.

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How To Tell If Bankruptcy Is Right For You

Many people may initially be embarrassed to decide to file for bankruptcy. However, filing for bankruptcy often ends up being a huge relief for people financially. If you are not sure whether filing for bankruptcy is the right decision, you can speak with an attorney to go over your specific circumstances to find the best option for you. For example, if they determine that you should file for bankruptcy, they can show you the different options and present you with the one that fits you and your debt situation best. Your attorney will help you to determine this by seeing who is attempting to collect a debt, if they are suing you, and what your options are for paying back your debt without filing for bankruptcy, among other things. 

Are you able to deal with your debt without filing for bankruptcy?

One of the best ways to determine if bankruptcy is the right option for you is how you are able to handle your debt. When you work with bankruptcy attorneys, they can go over the different debts that you have and see if it is possible for you to manage these debts on your own. If you are unable to do so, filing for bankruptcy is likely the best option for you.

Is your home being foreclosed on?

If your home is being foreclosed on, you are likely seeking bankruptcy as an option to save your house or at least delay the process. Additionally, if your car is going to be repossessed, you may be seeking bankruptcy as well. Unfortunately, when you do not make the agreed-upon payments for your house or your car, the lender is legally allowed to take back items like your house or your vehicle. However, when you file for bankruptcy, a judge can put in place an automatic stay. When they do this, it can temporarily give you more time to determine if you can pay off these debts and create a schedule for paying them off. It is also possible to use this time to reduce the balance of your loan.

What happens when a creditor is suing me?

If you are in a situation where you default on your credit cards, it is possible that your creditors will begin the process of suing you in order to collect their debt. When this happens, your creditors can use various means to begin collecting your assets so that they can receive their payments. However, when a judge issues an automatic stay, it’s possible to delay these lawsuits or even have the judge dismiss them. It is also possible for the creditors to file a motion with the court to have the automatic stay lifted. You want to speak with your bankruptcy lawyer in Memphis, TN about the best option in this case.

Contact Darrell Castle & Associates for their insight into bankruptcy law and how to tell if bankruptcy is right for you.

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Can Lawsuits Against My Business Result in Bankruptcy?

As an owner of a small business, it’s important that you work closely with an attorney from the start to ensure that you get things right from the start. Unfortunately, many small business owners choose to forgo the expense of legal counsel. In some cases, this could be detrimental to the business you have worked so hard to build. When this occurs, bankruptcy may be the most viable option for you. Businesses that are no longer able to sustain a profit, will naturally have difficulty staying afloat. Additionally, it’s not uncommon for business owners to find themselves susceptible to lawsuits. Unfortunately, this may result in the need to contact bankruptcy lawyers about filing for bankruptcy.

Facing Lawsuits

As a small business owner, you are particularly vulnerable This is a key reason why it’s so important to work with a business lawyer when in the process of starting your own business. They can help to ensure that you have put the proper protections in place to safeguard your business. This may include policies regarding employment law, ensuring that contracts are drawn up effectively, and helping you to find the most appropriate form of insurance policies for your business. All of these have the ability of helping to safeguard your business from potential lawsuits you stand to face in the future. Litigation can be costly, especially without taking the above measures. As a result, you may find yourself facing bankruptcy.

Filing for Bankruptcy

When filing for bankruptcy, there will be a number of factors that will need to be considered. It’s important to know that you do have options. This is where a bankruptcy lawyer can come in to help you clearly understand the process, and to identify the appropriate bankruptcy chapter to file under. Bankruptcy options may include:

Chapter 7

Chapter 11

Chapter 13

The specific one that is best for you will largely depend upon the amount of debt you have incurred, the legal entity of your business, and more. A bankruptcy lawyer will work closely with you by reviewing your specific situation and helping you to identify the bankruptcy chapter that best suits your needs.

Finding the Right Bankruptcy Lawyer

If you are considering bankruptcy for your small business, it’s important that you put forth the effort into finding a bankruptcy lawyer in your area. Taking the time to carefully research bankruptcy lawyers, can ensure that you have chosen an experienced attorney to represent and support you in making key decisions. When searching for a bankruptcy lawyer, make sure to:

Ask people you know for referrals

Choose a lawyer with experience in representing bankruptcy cases

Choose a lawyer who represents cases in your particular jurisdiction

Take the time to meet with prospective lawyers to ensure that they are the right professional for the job

When your business is struggling financially, it can be incredibly disheartening. You likely did not set out for your business to fail when you first set up shop. A bankruptcy lawyer may be the logical next step when considering whether you should file for bankruptcy. A chapter 13 bankruptcy lawyer in Memphis, TN with experience can help you to make the right decisions when the time comes for you to close the doors to your business for good.

Contact Darrell Castle & Associates, PLLC for their insight into bankruptcy law and business lawsuits that result in bankruptcy.

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Signs Your Business May Be Headed for Bankruptcy

Pouring your time, money and energy into building a business can be a harrowing task. As a business owner, chances are you have set your sights on building a successful and established business that will thrive for years to come. Unfortunately, many business owners may find themselves experiencing financial hardship. While no business owner wants to see their hard work result in bankruptcy, in some cases it may be the only option. When your business is suffering, it may be a good idea to turn to a bankruptcy lawyer for assistance in guiding you through the bankruptcy process. Here are some signs that may indicate your business may be headed for bankruptcy:

Sign #1 You Have Minimal Cash Flow

If you are experiencing cash flow problems, you may want to take the time to consider if there is an end in sight. While some business may have a bad quarter or periods of time where they have limited cash flow, it doesn’t always mean there is a problem. In some cases, you may be able to get yourself back on track and make changes that correct the issue. However, this may not be the case for your business, especially if you are unable to recover. Consulting with a bankruptcy lawyer may be the most appropriate next step.

Sign #2 You Are Unable to Pay Your Creditors

The last thing you want to experience is difficulty in making payments in a timely manner. Should you be facing debts that you are unable to pay, chances are you will be experiencing incessant calls from creditors attempting to collect the debts that you owe. In some cases, you may be able to obtain an extension for making payments allowing you to catch up and settle the debts that you owe. However, if you do not foresee being able to pay your creditors in the near future, bankruptcy may be an appropriate option to consider.

Sign #3 Your Personal Assets Are Entangled With Your Business

For business owners, it’s a good idea to separate your business from your personal assets. When your business is running short on cash, it can be tempting to entangle the two. However, in doing so, you could put yourself at risk of losing your personal assets.

Sign #4 Dwindling Customer Base

Are you experiencing less foot traffic in your business? Or, perhaps your sales are down? The reality is, without the sales, your business will no longer have the ability to bring in an income. As a result, you stand to experience significant financial losses. This can be this first sign of a problem. Lack of customers, and sales, can be a sure sign that your business may not be able to continue turning a profit.

Know Your Options

Depending upon the size of your business, you may have a few different bankruptcy options to choose from. You may be unsure of the type of bankruptcy that is best suited for you. That’s where the help of a bankruptcy lawyer comes in. A bankruptcy lawyer can help you to fully understand your options when considering bankruptcy. Primarily business bankruptcies can take on 3 forms:

Chapter 7 Bankruptcy

Chapter 11 Bankruptcy

Chapter 13 Bankruptcy

With the guidance and experience that a bankruptcy lawyer has to offer, you can be rest assured that you are making the right decision for you and your future.

When you have poured all of your efforts into your business, it can be incredibly difficult to experience financial difficulties. Filing for bankruptcy may be the most appropriate option for struggling businesses. Although there may be a number of obvious signs that indicate that the time has come to consider bankruptcy, it can be challenging to come to terms with. Contact bankruptcy lawyers in Memphis, TN for help in not only deciphering whether it is time to take this step, but to guide you through the bankruptcy process.

Call the office of Darrell Castle & Associates, PLLC for their insight into bankruptcy law and signs your business might be heading for bankruptcy.

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Common Reasons Small Businesses File for Bankruptcy

If you have decided that bankruptcy is the best option for your business, chances are you did not take this decision lightly. As a small business owner, it’s likely that you have put forth significant effort in building your business. However, when a business is not successful, or no longer able to turn a profit, bankruptcy may be the best option for you. Are you struggling to pay your creditors or vendors in a timely manner? Are you finding it difficult to turn a profit each month. Sometimes, despite your best efforts to succeed, bankruptcy may be the most appropriate step towards resolving your financial issues. Working with a bankruptcy lawyer who represents small businesses may be a way of helping you to move forward so that you are able to obtain a fresh start.

Any bankruptcy lawyer can tell you that there are a number of reasons that bankruptcy may be the best way to proceed. While it may be difficult to realize, in some cases, taking certain misteps have the ability to impact the success of your business. Here are common reasons a  business may file for bankruptcy:

Reason #1 Poor Management

Starting a business doesn’t necessarily mean that you are equipped with the proper management skills needed to ensure that your business is able to thrive. Although you may not realize it, poor management skills can impact the success of your business.

Reason #2 Lack of a Business Plan

While you may have an idea of how you want to run your business, it’s important that business owners have developed a clear business plan. A business plan should outline how your business will run and also have clear goals that take into account the short term, and the long term. Without a business plan, you stand to lose your direction which has the ability to impact the success of your business.

Reason #3 Lack of Finances

Finances are a very obvious key component to operating a business. You will need to secure the proper financial backing to help your business thrive. Without financing in place, your business may struggle to stay afloat. This is especially the case if your business is unable to turn a profit.

Reason #4 Unforeseen Circumstances

While you may be able to plan for a number of situations, there can be some that may be difficult to plan for. Unforeseen circumstances have the ability to have an impact on your business. In some cases, it could leave you closing the doors forever. There may be situations that could arise that are completely unexpected, such as:

Natural Disasters

Illness

Death

Divorce

Chances are when you opened your business you had hopes of seeing it thrive. When this does not occur, it can be incredibly disheartening for a business owner. While there is a multitude of reasons that may lead to bankruptcy, many find that finally resolving the financial challenges they may have been facing through bankruptcy can provide business owners with a sense of relief. Contact a bankruptcy law firm in Memphis, TN as soon as possible for the help you need when making decisions over your business.

Reach out to Darrell Castle & Associates, PLLC for their insight into bankruptcy law and common reasons that small businesses file for bankruptcy.

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Can I File for Bankruptcy While Pursuing a Personal Injury Claim?

Have you recently been injured and are considering filing a personal injury claim? Perhaps you were already struggling financially prior to the injuries that you suffered? Being hit with possible bankruptcy proceedings and a personal injury can feel like a double whammy. If you are pursuing personal injury amidst bankruptcy proceedings, chances are you may be concern. You may be wondering how a potential bankruptcy stands to have an impact on the settlement you may be entitled to. While pursuing bankruptcy, it may be in your best interest to speak with a bankruptcy lawyer, especially when you are also facing a personal injury claim.

Personal Injury Settlements

If you have been injured, chances are you have considered whether you should pursue a personal injury claim. If you have suffered damages as a result of an accident that was caused by a negligent party, it may be in your best interest to work with a lawyer who can represent your interests in your case. The reality is, whether you are pursuing a personal injury claim or have already obtained a settlement, chances are you will want to retain the compensation you were entitled to. However, it’s important to keep in mind that your personal injury case will likely be a part of your bankruptcy case. In some cases, you may be required to retain a portion of your settlement, however much of it may need to be used to settle your debts.

Understanding Bankruptcy Exemptions

Depending upon the type of bankruptcy you choose to move forward with, you may not have to give up all of your assets and property should you file for bankruptcy. You will have the ability to retain some of your property. This can allow you the ability to fully start fresh once bankruptcy proceedings have come to a close. Bankruptcy exemptions may include:

A portion of equity you may have in your property

Some of your belongings

A few personal items

Retirement accounts

While a personal injury award may be considered exempt, you will only be able to obtain a certain amount. Meaning, anything beyond the exemption you are eligible may be used to help settle some of your debts.

Contacting a Bankruptcy Lawyer

Working with a bankruptcy lawyer can assist in helping you to make decisions regarding bankruptcy that help to retain as much of your assets and property as possible. Much of the time, people may choose to file for Chapter 7 or Chapter 13 bankruptcies. An attorney will play a key role in helping you to make decisions when it comes to filing for the most appropriate bankruptcy option. Chapter 13, also known as restructuring, can give you the ability to develop your own repayment plan. However, it’s important to be aware that you will have to notify the court should you obtain a settlement. Choosing Chapter 7 means that you may be required to turn over your personal injury settlement to the appointed trustee. Although you will be able to keep the exempt portion, the trustee will utilize the rest to settle your debts.  

When pursuing personal injury amidst bankruptcy proceedings, it’s best to work with a bankruptcy lawyer. Legal professionals you can turn to can play a key role in helping you take the appropriate next steps in an effort to assist you in retaining the personal injury claim you stand to obtain. You deserve help when facing both of these situations, especially simultaneously. Reach out to a Memphis, TN bankruptcy lawyer for the assistance you need today.

Contact Darrell Castle & Associates, PLLC for their insight into bankruptcy law and personal injury claims.

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Understanding Uninsured Motorist Coverage

Auto insurance is required in most states, but it’s estimated that about 13 percent of drivers don’t have insurance. What happens if you are hit by a car without liability insurance? It depends on what type of insurance policy you personally. If you have comprehensive coverage, the damage to your car is probably covered. You may still be liable for your own medical bills. That’s where uninsured motorist coverage comes in.

How Does Uninsured Motorist Coverage Work?

If the at-fault driver doesn’t have car insurance, you would have to pay out of pocket for damages and medical expenses that aren’t covered by your own insurance. With uninsured motorist coverage, your insurance protects you by covering your out of pocket costs up to the limits of your uninsured motorist coverage. Typically, uninsured motorist coverage handles your medical bills. You may need a policy that specifies it covers property damage as part of the uninsured coverage.

Underinsured coverage protects you if the at-fault driver’s insurance isn’t high enough to cover your damages. The at-fault driver’s insurance pays for damages up to the policy limits of their own insurance. If you have more damages than this limit, underinsured motorist coverage pays the excess amount up to the limits of your policy.

Is Uninsured Motorist Insurance Required?

Some states require uninsured motorist coverage, while in others, the coverage is optional. It is required in 21 states and the District of Columbia. However, even if it isn’t required where you live, it is a good idea to consider it because one in eight drivers are uninsured. You should talk to your insurance agent about insurance in your area to have information to make a decision about what type of insurance will protect you the best where you drive.

Will Your Health Insurance Cover Your Needs After an Accident?

Your health insurance may cover your medical bills after an accident, but it might not cover your long-term needs. Some car accidents cause major injuries that require time off work and changes in your life that won’t be covered by health insurance. Uninsured motorist coverage is another layer of financial protection against the risks on the road.

Been in Accident Where the At-fault Driver Didn’t Have Insurance?

If you’ve been in an accident where the at-fault driver wasn’t insured or was underinsured, you may still have options to get your damages and medical expenses covered. It’s important to discuss your situation with a car accident lawyer in Memphis, TN who can advise you on the next steps to take.

Contact Darrell Castle & Associates, PLLC for their insight into personal injury claims and uninsured motorists.

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What Happens After an Accident That Was Your Fault?

It is best for all involved to err on the side of caution and follow the established protocol after a collision, which means contacting the police. In the first place, the accident may have caused injuries requiring medical attention to one or more occupants of either vehicle. In the second place, working with the insurance companies will be much easier if there is a police report with an objective description of the incident.

What To Say at the Scene

Once the police arrive to the scene, it is important to be completely honest with them. Stick to the facts and describe what happened as accurately as you can with as much detail as possible.

However, avoid admitting fault for the accident if you can. That doesn't mean lying, nor does it mean omitting relevant facts. It just means not saying anything that could be interpreted as an omission of guilt or responsibility. This includes apologizing for the accident. Even if you believe you were at fault, law enforcement and the insurance companies may interpret the situation differently, and refraining from admitting guilt may help you later.

How Liability Is Determined

Because different states make their own laws, there are no universal rules that govern liability for a car accident. This determination is made according to the laws of your state, of which the most important consideration may be whether it is a fault or no-fault state.

In a fault state, compensation for vehicle damages, medical bills, and other related expenses is usually paid by the insurance company of the driver at fault to the other driver. If you are the at-fault driver, you will pay only up to the amount of your deductible, and your insurer will take care of the rest. Most of the states are fault states.

In a no-fault state, you are required to have personal injury protection coverage as part of your automobile policy. This coverage will pay for your medical bills if you are injured, regardless of whether or not you're at fault for the accident. The other driver's policy will do the same for him or her. However, the insurance companies will need to determine fault for vehicle damage, as this is usually not included in PIP coverage.

How Will Fault Affect Your Insurance Premium?

Your auto insurance premium is likely to increase if you are more than 50 percent at risk for the accident and/or if you receive a traffic citation. However, you can protect yourself from premium increases by adding accident forgiveness to your policy. If your fault is in question, you can help your case by gaining documentation in the form of accident photos and witness statements.

Even if you are at fault for a car accident, you still have certain rights. An auto accident lawyer in Memphis, TN can help you to protect them while advising you on the best steps to take.

Contact Darrell Castle & Associates, PLLC for their insight into personal injury claims and car accidents that are your fault.