Alcoholism and drug addiction affect people from all backgrounds in the Nashville area. Medical providers, social service agencies, law enforcement personnel and educators are always trying to find solutions to the many problems caused by substance abuse. But what if...
Month: March 2017
Ruling in Chapter 11 case
Tennessee companies considering undergoing a Chapter 11 bankruptcy may be interested to learn about a March 2017 U.S. Supreme Court decision. The court ruled 6-2 that bankruptcy courts do not have the authority to allow select creditors to bypass others in the order...
Many celebrities have used bankruptcy to get out of trouble. You can, too.
Countless celebrities have filed for bankruptcy over the years. According to Time, this long list includes talk show titan Larry King, former heavyweight champ Mike Tyson, rappers 50 Cent and MC Hammer, actors Gary Busey and Burt Reynolds, and rock stars Tom Petty and...
Man cannot use parents’ funds in Chapter 13 bankruptcy
Incarcerated people in Tennessee may be unable to file for Chapter 13 bankruptcy if they cannot demonstrate that they have enough income to make payments on their own. Chapter 13 allows people who file for bankruptcy to keep some property, but they must arrange to...
How collections affect credit scores
When Tennessee residents fail to pay a creditor, they are likely to be expected to pay a late fee, and they may also be reminded by the lender that they owe money. If this goes on for an extended period of time, their account may be passed on to collections or sold to...
Why bankruptcy may be ineffective against your student loan debt – and why that doesn’t matter
When you hear the two words, "student loan," do you have an emotional reaction? Is it panic about how difficult it is to make your huge payment each month? Is it anger about your inability to refinance a loan with a high rate that feels predatory? Is it a sense of...
New bankruptcy rule
Tennessee residents who are in debt and are considering Chapter 13 bankruptcy may be interested to learn about an interesting bankruptcy rule. On Feb. 7, 2017, the United States Bankruptcy Court for the Southern District of Illinois issued Rule 3015.1, which requires...
Trump’s Chapter 11 bankruptcies: Good news for your small business
In a previous blog, we glanced at the reported six Chapter 11 bankruptcies filed by President Trump's businesses in the past. According to the Washington Post, these bankruptcies date back to Trump's Atlantic City Taj Mahal in 1991 and end with the 2009 filing by...
Who is obligated to pay the debt of a decedent?
In many cases, Tennessee residents die while they still owe money to credit card companies. Some family members may worry that they are obligated to pay these debts, and debt collectors and creditors may attempt to give people this impression. However, in the majority...