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

August 2018 Archives

Medical debts and bankruptcy cases

Concerns about medical debt continue to grow in Tennessee and across the United States. According to a study published in 2013, people who have cancer are 2.5 times more likely to declare bankruptcy. The bankruptcy system is designed to give people a fresh start, and it can be a good financial strategy in some cases. However, it also usually requires making sacrifices. The two most common kinds of bankruptcy are Chapter 7 and Chapter 13.

Young people face significant debt

Debt continues to be a major concern for people of all generations in Tennessee and across the country. Young people ages 16 to 20, known as "Generation Z," already have a significant average debt of $4,343 according to a survey of 2,000 young adults conducted by financial company Charles Schwab. Young millennials, aged 21 through 25, have an average of $11,663 in debt. These sums include student loan debt as well as credit cards and other form of personal or consumer debt.

New report shows 1 in 7 bankruptcy filers is retirement age

The financial pressures that can drive anyone in Tennessee to choose bankruptcy hit seniors especially hard. A new report based on data collected by the Consumer Bankruptcy Project revealed a large increase in the number of people 65 and over who have declared bankruptcy. As of 2016, one out of every seven bankruptcy filers fell into this age group. Since 1991, the number of senior citizens in bankruptcy court jumped 480 percent.

After I file for Chapter 7 or 13, how soon can I buy a house?

Many people are concerned about the impact of a Chapter 7 or Chapter 13 filing on their credit scores, which always drop low after a bankruptcy is done. A lot of those consumers worry that it will be a long time before they can get a mortgage or another major loan. This is a valid concern, one that must be weighed against even bigger concerns about what you can do to get out of a personal financial crisis that may have been caused by a health problem, a divorce, a job loss or another stressful occurrence in your life.

More seniors seeking debt relief in bankruptcy

An increasing number of senior citizens in Tennessee and across the country are facing financial crises up to the point of filing for bankruptcy, statistics show. More seniors than ever before are seeking personal bankruptcy, with that number doubling since 2013. Since 1991, there has been a five-fold increase in the number of seniors in the bankruptcy system. Over 12 percent of filers for bankruptcy are seniors, while only 2.1 percent of people seeking bankruptcy were seniors in 1991.

Bankruptcy after 65 is far more common than ever. Is that bad?

For many older Americans, life has become harder to afford, and debt has become harder to manage. Findings from a recent study reported by the New York Times indicate that a big change in bankruptcy demographics illustrates a pervasive economic problem that many responsible, hardworking adults never imagined they'd experience when they hit retirement age.

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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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