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

January 2019 Archives

Fewer people are filing for bankruptcy compared to a decade ago

In September 2018, there were more than 770,000 bankruptcy filings in the United States. Of those cases filed in Tennessee and elsewhere, 97 percent were consumer bankruptcy filings. The number of cases filed was down from the roughly 1.6 million filed in September 2010. However, the downtrend in bankruptcy filings may be related to the cost of filing. It may also be related to the fact that many people don't have assets to protect.

How to tell if credit card balances are excessive

There are many signs that a Tennessee resident may have too much credit card debt. For instance, if they are using credit cards to pay off other credit cards, that is likely a problem. Other signs include if card balances are maxed out or if payments are higher than the debtor's other bills. Those who have a high debt-to-income ratio should also check to see if their credit card debt is causing the problem.

Bankruptcies more prevalent among older Americans

In 2017, there were 789,000 bankruptcy filings, which were the second-lowest since 1990. That compares to the 1.6 million filings in 2010 in the aftermath of the Great Recession. However, the decline in bankruptcy filings hasn't been uniform for all age groups. Older Americans in Tennessee and throughout the country are filing for bankruptcy at a higher rate than in previous years. There are several reasons as to why this may be the case.

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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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