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

April 2017 Archives

Discharged bankruptcies can improve credit ratings

Tennessee residents who are struggling to cope financially sometimes do not file for bankruptcy because they worry about the impact that doing so would have on their credit ratings. While personal bankruptcies remain on credit reports for seven or 10 years, the impact that Chapter 7 has on credit scores diminishes significantly after only two years.

Consumer debt picks up after sluggish January

Tennessee residents may be using their credit cards more than in the past. According to the Federal Reserve, Americans have accrued $3.79 trillion in consumer debt. That is an increase of $15.2 billion in February according to data from a report it issued on April 7. Credit card debt increased by 3.5 percent on an annual basis to $1.1 trillion after it dropped by 3.2 percent in January 2017. That was the first drop since April 2013.

Attorney cannot recover loaned bankruptcy filing fee

Tennessee consumers who are struggling with their financial obligations might be interested to learn that a bankruptcy court in another state ruled that when a debtor's bankruptcy attorney paid the debtor's filing fees, this did not permit the attorney to be repaid before other creditors. Chapter 7 bankruptcy permits a fee waiver in some cases, but this was a Chapter 13 bankruptcy. While in some cases the fee might be paid in installments in a Chapter 13 bankruptcy, the court said there is not a provision in place for the debtor's attorney to pay the fee and then seek reimbursement in the bankruptcy court.

Spike in bankruptcies during March and April

Many people in Tennessee and around the country look forward to tax refunds because they allow individuals to make large purchases or pay off significant debts. However, for some, a tax return will allow them to get out of debt by filing for bankruptcy rather than by paying off a creditor.

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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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