Lefkovitz & Lefkovitz
Nashville Office
615-686-2279
Cookeville Office
931-528-5297
We help individuals and businesses find the right solution to their money problems.

chapter 7 Archives

Small business bankruptcy: know your options for moving forward

As a small business owner, you may be no stranger to financial struggles that threaten your business and perhaps even your personal assets. If you are in this situation, what alternatives there are to bankruptcy for getting debt relief? And if you do choose to file bankruptcy, what are the benefits and potential drawbacks of doing so?

Time of property transfer can be a bankruptcy issue

Every Tennessee bankruptcy filing presents courts with unique circumstances to consider. A case between a dentist and a patient awarded a judgment for malpractice illustrates one of the problems that can arise between debtors and creditors. In this case before the U.S. Court of Appeals for the 9th Circuit, the judges needed to decide if the legal concept of equitable tolling supported the creditor's claim.

Debt consolidation loans don't work for everybody

Tennessee residents who have a lot of credit card debt might decide to take out a loan as a way to consolidate their debts, lower interest payments and get out of debt faster. While debt consolidation loans may help some debtors, such loans may cause others to get deeper into debt.

Getting credit card debt under control for retirees

Many retirees who are living in Tennessee struggle with high credit card debt balances. Among all U.S. households, the average credit card debt is $5,700. For people who are ages 65 and older, the average debt is $6,351. There are several things retirees can do to control their debt as well as to obtain debt relief.

Considering bankruptcy? You may be able to keep more than you think.

Many people avoid bankruptcy because they think they will lose everything. However, the fact is that most individuals are able to keep many of their assets during bankruptcy by using an effective legal tool known as bankruptcy exemptions.

Signs that people need financial advice

Debt is one of the main reasons why Americans have a hard time savings. In fact, one in three Americans have nothing saved for retirement while 62 percent have less than $1,000 in a savings account. For Tennessee residents who are having trouble with their finances, it may be a good idea to visit with a credit counselor. One warning sign that it may be time to talk with such a person is if monthly expenses exceed monthly income.

Switching from high interest debt to low interest debt

Many Tennessee residents use credit cards to make purchases and then end up with a high credit card balance that they cannot afford to pay off. Because credit card debts have the highest interest rates of just about any form of obligation, it can be very difficult for credit card holders to get their balances back down to zero.

If I file for bankruptcy, will I lose my home?

Many people fear that they will lose everything they own once they decide to file for bankruptcy. However, this belief is simply not true, especially in Tennessee. In fact, many people who file Chapter 7 bankruptcy are able to keep a great many of their assets, while at the same time eliminating significant amounts of debt.

Dispute about timing of earnings in bankruptcy case

Tennessee residents who are filing for bankruptcy should be careful to keep records about when they performed certain services and when they were paid for those services. In Massachusetts, an attorney who filed for bankruptcy under Chapter 7 was ordered to turn $10,000 over to the bankruptcy trustee after a court ruled that payments made after the bankruptcy petition was filed were for work performed prior to the filing. Therefore, the court considered the payments to be part of the bankruptcy estate.

Creditor alleges it did not receive bankruptcy notice

When Tennessee consumers file for Chapter 7 bankruptcy, all of their nonexempt assets are liquidated to pay off creditors. At the outset of the process, the creditors receive a notice about the filing. If a creditor does not respond, the debt owed to the creditor is automatically discharged.

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

Phone: 615-686-2279
Fax: 615-255-4516
Nashville Law Office Map

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

Phone: 615-686-2279
Fax: 931-526-6244
Cookeville Law Office Map