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

March 2017 Archives

Bankruptcy could help if you're married to someone with an addiction

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 the problem hits really close to home, or it is in your home right now?

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 of repayment.

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 Mick Fleetwood. Abraham Lincoln, Henry Ford and Donald Trump are often cited as other examples.

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 make payments over three to five years.

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 a debt collection agency. When the debt is sold, the collection agency will normally report the debt to credit agencies so that it shows up on the debtor's credit report.

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 that the national form for Chapter 13 plans be used if a district does not already have a process that is in line with the requirements of the new rule.

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 Trump Entertainment Resorts, which sought protection from creditors.

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 of cases, people are not responsible for the credit card charges made to another individual's cards.

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Contact our Nashville office at 615-686-2279 or our Cookeville office at 931-400-2218. You can also reach us via email to set up a time to talk to us about your debts.

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

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