Lefkovitz & Lefkovitz
Nashville Office
615-686-2279
Cookeville Office
931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs
We help individuals and businesses find the right solution to their money problems.

August 2017 Archives

Consumer debt totals higher than ever

Tennessee residents may be surprised to learn that Americans are now carrying a total consumer debt load of $12.8 trillion. That figure is a new record high, and it tops the $12.7 trillion in consumer debt carried by Americans in 2008. Auto and student loan debt has increased significantly while credit card debt is also at a level not seen since 2009.

Consumer debt on the increase

Many individuals and families in Tennessee struggle with their personal finances. in addition to trying to afford necessities, they also may be dealing with large amounts of personal debt. Recent research into the debt loads carried by many Americans show that this struggle may continue for many years.

Bankruptcy trustees ask for passwords to online accounts

Tennessee debtors who file for bankruptcy might be asked about various assets, but they are normally not asked to provide passwords to online accounts. However, two Chapter 7 bankruptcy trustees in Maryland have requested that debtors turn over their passwords to eBay, PayPal and Amazon Prime accounts, a move bankruptcy attorneys say is needlessly intrusive. The paperwork also says that the passwords cannot be changed for 10 days and the accounts cannot be closed.

The importance of paying bankruptcy fees

Tennessee residents who are considering bankruptcy should be aware of the importance of following the rules of the bankruptcy process. While bankruptcy is often a stressful time for those who may be struggling with overwhelming debt, this stress does not absolve the debtor from meeting their responsibilities.

Chapter 7 and your credit card debt: WHAT credit card debt?

Credit card debt can rack up quickly, especially if you've been through a job loss, a divorce, a medical problem or another serious difficulty. Seemingly overnight, your monthly payments can skyrocket, your interest rates and fees can explode, and debt can beget much more debt. It's a very stressful thing to have to deal with.

Life after Chapter 7: So WHAT if your credit is shot?

Being in serious debt is a lot like being in prison, emotionally . You may feel trapped and anxious for months or even years, with no relief. The overwhelming majority of Americans who are considering Chapter 7 bankruptcy are under financial stress because of medical expenses, a job loss, a divorce or another setback.

How to tell when its time for bankruptcy

Some Tennessee businesses that are failing may benefit from filing for bankruptcy. It is possible that Chapter 11 bankruptcy offers an orderly method for restructuring debt and repaying creditors without having to shutter the company. There are many signs that a company may be headed to bankruptcy such as surviving on a line of credit, an inability to pay bills and a negative net worth.

Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 931-400-2218
Fax: 615-255-4516
Nashville Law Office Map

Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
Cookeville Law Office Map