Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

August 2016 Archives

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.

Commercial bankruptcies up 10 percent. Is it the right option for your business?

According to data recently provided by Epiq Systems Inc., and distributed by the American Bankruptcy Institute (ABI), commercial bankruptcies in the U.S. increased 10 percent in July 2016 when compared to the same month just one year earlier. This marks the ninth straight month in which commercial bankruptcy filings have experienced year-over-year increases.

A "fee only" Chapter 13 plan

Couples or individuals in Tennessee with crushing debt may want to assess their personal financial circumstances to determine if bankruptcy would be appropriate. In some cases, the circumstances are such that there is no one-size-fits-all approach to the type of bankruptcy plan they choose. In those cases, the debtor, his or her legal representation, and the court may need to work together to find a bankruptcy plan that fits.

Protecting your business' reputation during bankruptcy

With Donald Trump under public scrutiny for filing Chapter 11 bankruptcy protection multiple times in the past few decades, many businesses wonder how a bankruptcy will reflect on their own reputation and future business deals. Is there a way to shield your business bankruptcy from public view? What steps can you take to minimize any negative impact to your business?

Chapter 13 and personal injury settlements

A Tennessee debtor who is currently making payments under a court-confirmed Chapter 13 bankruptcy plan would need to modify the terms if new income enters his or her financial picture. Under such circumstances, the bankruptcy court would review the new information and possibly adjust the payment schedule. Funds received after a personal injury settlement would not necessarily be off limits to creditors.

Chapter 13 and returned funds

While filing for bankruptcy is something that most people don't want to do, there are situations in which it makes the most sense for their financial health. When people in Tennessee file for Chapter 13 bankruptcy, they know that they have to fulfill a court-approved debt repayment plan for the next several years. While repayment plans in most cases are straightforward, occasionally interactions with creditors can present legal challenges and questions.

I'm in over my head, and school's to blame. Can I file bankruptcy to get rid of my student loans?

In an era where an undergraduate degree can cost an astounding $200,000, people often ask us whether bankruptcy can help them escape student loans. The unfortunate reality is that few people have the option to discharge (free themselves of) student loans through bankruptcy. The way the US Bankruptcy Code currently reads, you must face severe financial difficulties ("undue hardship") to be eligible for discharge.

Escaping the credit card debt trap

Tennessee residents with unmanageable bills often get into trouble financially after a job loss or other unexpected setback. Few people in these situations have enough money put aside to cope for long without a paycheck, and credit cards allow them to make ends meet until they are able to get back on their feet. However, when money problems persist, revolving debt can become a trap that is very hard to escape from. The bankruptcy laws were written to help those in this kind of predicament, but some debtors see bankruptcy as an option of last resort and choose instead to negotiate directly with credit card companies.

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

Phone: 615-686-2279
Fax: 615-255-4516
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Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
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