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

November 2017 Archives

Bankruptcy and older debtors

The primary reason people in Tennessee and the rest of the nation file for personal bankruptcy is medical debt. People who are at least 65 years of age or older account for 8 percent of the bankruptcy filers. This figure represents a 1 percent increase from 2008.

401(k) contributions deductible in Chapter 13 repayment

Many Tennessee residents understand the importance of saving for retirement. One of the most popular ways to do that, having a 401(k) retirement plan, was recently the subject of a decision rendered by a U.S. bankruptcy judge. The ruling allows people who are in Chapter 13 bankruptcy to deduct contributions to their 401(k) from their repayment plan, even if they haven't made those contributions within six months.

Bankruptcy filings down again

Tennessee residents might be interested in some good news about America's financial situation. According to the Administrative Office of the U.S. Courts, bankruptcy filings have hit a 10-year low. The rate of bankruptcy filings has been on a downward trend in recent years, but experts advise caution, saying that the rate of decline is actually slow and could turn around again in the near future.

The bankruptcy monkey trap: Letting go of that credit score

If you have been deeply in debt for a long time and you are still longing for a way out, you may already know in your heart that bankruptcy is the only viable solution. Maybe you're still clinging to the high credit scores you've always worked hard for. Your very stressful financial problem may be rooted in a job loss, illness or injury, a divorce, a business failure or another difficult life event.

Chapter 7 bankruptcy and foreclosure: Focus on the right things

Being in serious debt can cause a world of stress and anxiety for you and your family. The constant phone harassment from collectors, the threatening letters and the resulting loss of sleep can set you on edge and make it difficult to focus on work and family responsibilities, much less the recreation and fun you need to stay healthy.

Bankruptcy decisions: Do you really need to "save your home"?

Being in serious debt can bring on intense feelings of fear and even panic episodes. Many times, the debt is a result of a problematic life event like a job loss, a divorce, a medical crisis or a business failure. Above all else, many consumers lose sleep at the persistent thought of losing their home to foreclosure.

How debt limits may burden debtors

To qualify for Chapter 13 bankruptcy, a Tennessee resident needs to have secured debts of equal to or less than $1,149,525. Furthermore, that person or anyone else in America with unsecured debts of greater than $383,175 cannot file for Chapter 13 bankruptcy. These limits were established in 1978 to make sure that those who have multiple properties would file for Chapter 11 instead of Chapter 13 bankruptcy.

Lawyers urge increase in Chapter 13 debt limits

For people in Tennessee facing crushing debt and other serious financial problems, bankruptcy can be a way to get a fresh start. However, there is an upper limit on the amount of debt that an individual can have to qualify for Chapter 13 bankruptcy. People who have secured debt greater than $1,149,525 or unsecured debt greater than $383,175 are excluded from filing for Chapter 13.

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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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