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. One...
Month: November 2017
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...
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...
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...
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...
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...
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...
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...
The hardest thing about bankruptcy? Swallowing your pride
If you're in serious debt, you may already understand that you can't get out on your own. You would know because you've already tried for months or, more likely, years. You may be in real financial trouble because of a job loss, a business downturn, a divorce, an...