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

February 2018 Archives

Chapter 13 bankruptcy and vehicle ownership

Tennessee residents who have substantial debts may use the Chapter 13 bankruptcy process to address them if they have a regular source of income. This type of bankruptcy requires the court to approve a repayment plan that lasts either three or five years. If they own a vehicle before filing for bankruptcy that they want to keep, or if they want to purchase one during or after they process, this may be possible.

Medical debt may be challenging for everyone

For Tennessee residents and others across the country, medical debt is the most common reason to file for bankruptcy. Of those who have insurance and are under age 65, approximately 20 percent say that they have trouble paying medical costs. Although seniors are most likely to have health issues, members of Generation X have the highest levels of medical debt. A person in this generation has a medical debt load of $19,670 on average.

Chapter 13 and mortgage arrears: How long before it's serious?

Every homeowner wants to pay their mortgage on time. But things can happen to us that cause financial trouble and make it difficult to stay out of problem debt. Illness, divorce, job losses and business problems are examples of hardships that can lead to missed mortgage payments and fears about foreclosure.

Remington announces bankruptcy plans

Tennessee residents have used firearms manufactured by Remington to hunt or protect their property for two centuries, but declining sales have placed the future of the North Carolina-based company in jeopardy. The Remington Outdoor Company announced on Feb. 12 that it would be seeking bankruptcy protection to keep its doors open while it struggles to come to grip with its debts, and many experts say that the victory of a president who staunchly supports firearms is largely to blame.

Courts may reshape "cram down" modifications

A series of bankruptcy court decisions could signal an impending shift in the way Tennessee courts treat residential mortgages. In a number of cases, Ohio bankruptcy judges greatly expanded a debtor's ability to "cram down" a mortgage on their primary residence. This marks a stark change from how most courts treat these mortgages.

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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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