Newsletters

Recovering Money Owed to You via Collections Services

The Federal Fair Debt Collection Practices Act outlines methods by which debt collectors can go about collecting money from debtors. Below are some of the key provisions: Collectors cannot contact you before 8 a.m. or after 9 p.m. without your permission. Collectors cannot contact you at work if they know that your employer disapproves. You can write a letter to a debt collector and they must immediately stop contacting you. The debt collector can contact you a final time to let you know that the collector or creditor plans to take a specific action. Within five days after the collector contacts you, the collector must send notice of the amount you owe, the name of the creditor, and what you can do if you do not believe that you owe the money. While this Act aims to ensure that debt collectors act reasonably, debt collectors and businesses are still able…
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Best Bankruptcy Options for Small Businesses

A Chapter 11 bankruptcy is a reorganization bankruptcy that permits the business to continue to operate while working out a plan to pay its creditors. Under a Chapter 11, a business is under scrutiny from the Court, but the advantage is that the business remains in existence. This can be a good choice for small businesses with strong assets and a future, but which also need additional time to deal with their creditors. A Chapter 7 bankruptcy, during which the Court or secured creditors liquidate everything that a business has, might not be the right answer for your small business. For this reason, many businesses opt for Chapter 11. If your company is facing financial difficulties and is considering filing for bankruptcy, a Kansas City bankruptcy attorney can advise you how best to proceed. Chapter 11 for Small Businesses US bankruptcy law treats small businesses differently than others for Chapter…
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What Does a Debt Settlement Company Actually Do?

Kansas City Bankruptcy Attorneys Explain the High Risks and Low Rewards Debt settlement companies claim they will significantly lessen the amount of money owed through negotiation with credit card companies and other creditors. So how does this actually work? To use a settlement company’s services, you stop making payments on the debt itself. Instead, funds are deposited into an account with the debt settlement company. Those funds are in turn used by the settlement company to pay creditors—and the settlement company itself—only after (or if) a settlement amount has been agreed upon. How Do Debt Settlement Companies Make Money? Many companies require substantial up-front fees and/or monthly fees to start the process. Additionally, settlement companies’ fees can include a percentage of the amount of money paid to settle the debt. However, choosing to stop making payments on a debt means additional interest and fees will continue to accumulate on the…
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Keeping Your Car and Other Property During Bankruptcy

Filing for bankruptcy is an important decision that people can make when they need to protect part of their lives from financial trouble. Bankruptcy filings have been on the rise in recent years due to a struggling economy, and high debt levels and unemployment among the American people. In 2009, over 30,000 people in Missouri and over 11,000 in Kansas filed for bankruptcy. Keeping Your Car and Other Property During Bankruptcy Safeguarding your property is one of the most important aspects of filing for bankruptcy. Many people opt for bankruptcy as a way to protect property like cars, houses, and other assets from being sold off to pay creditors. Determining what property may be kept is a difficult decision that depends on the type of bankruptcy filed, which state you file in, and other factors. An experienced Kansas City bankruptcy attorney can help you make the right decision. Chapter 7…
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