For many business owners struggling with debt, bankruptcy provides the best - and often only - solution for keeping their businesses afloat. However, while a Chapter 11 bankruptcy may be your best option, it is important to remember that, during the time leading up to...
Year: 2016
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...
5 reasons you shouldn’t wait to file bankruptcy
Unfortunately, many people wait far too long to file for bankruptcy protection. In fact, many will first try any other option available before even considering bankruptcy as a solution to their financial problems. They cash out their retirement accounts, refinance...
Refinancing a mortgage after bankruptcy
Tennessee residents who have just filed for Chapter 13 bankruptcy may be eager to get back on their feet by making all of their plan payments on time and rebuilding their credit. However, high monthly mortgage payments can sometimes make it more difficult for people...
Southern states ― particularly Tennessee ― have some of the highest bankruptcy rates
According to a recent review of federal bankruptcy data conducted by NerdWallet - a financial information organization - six out of the 10 states with the highest personal bankruptcy rates can be found in the South. Topping the list with 553 bankruptcy filings per...
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...
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...
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...
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...
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...