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

November 2018 Archives

Credit card debt on the rise

People who are struggling with debt in Tennessee are not alone. The Household Debt and Credit report indicates that debt tied to credit cards rose by $14 billion during the second quarter of 2018 in the U.S. The average annual percentage rate on credit card debt is nearly 17 percent. Penalty APRs, which may apply after a missed payment, can be 30 percent or higher.

Thinking about debt: Are we headed for another recession?

For millions of homeowners, the difficulties of the 2007-2010 Great Recession are easy to remember. In many parts of America, inflated home values plummeted, abundant business seemed to dry up dramatically, and unemployment skyrocketed. Home equity lines of credit became much more difficult to obtain, and once-ubiquitous refinancing money became far more scarce.

Financial recovery after bankruptcy

Bankruptcy is commonly considered to be a financial disaster that's very hard to recover from. However, new data from financial experts shows that this may not be the case for all debtors in Tennessee. Nearly half of Americans who file for bankruptcy have their credit scores rise dramatically just a few years after filing. In addition, people who went through bankruptcy and raised their scores found that they could get similar mortgage and car loan rates to regular borrowers.

Creating a debt repayment strategy

Household debt for those living in Tennessee and throughout the country increased by $63 billion in the first quarter of 2018. That was the 15th straight quarter in which household debt increased. Accruing debt may make it harder to achieve long-term financial goals, so it is a good idea to create a path to becoming debt-free or being able to better manage an existing debt load.

When debt settlement could make more sense than bankruptcy

Filing for bankruptcy is often a prudent path to take for Tennessee residents who are struggling to make ends meet, but it is not the only way to escape unmanageable debt. It sometimes makes more sense to avoid the consequences of a bankruptcy by negotiating directly with lenders to reduce balances or arrange more flexible repayment terms. However, this kind of work may be best left to attorneys with experience in this area who have a strict ethical obligation to pursue the best possible outcome for their clients.

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Contact our Nashville office at 615-686-2279 or our Cookeville office at 931-400-2218. You can also reach us via email to set up a time to talk to us about your debts.

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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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