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

August 2019 Archives

Survey finds fewer Americans paying credit cards in full

The Credit Card Confidence Index from CompareCards.com has provided some new insight into how Tennessee residents and others are managing their credit card balances. According to the survey, only 30% of respondents said that they were able to pay their credit card balances in full. Furthermore, 21% said that they were unable to pay their credit bills in full during the previous six months. This is the fourth straight month in which that percentage has increased.

Seniors and debt: bankruptcy during retirement

In Tennessee and across the United States, many senior citizens do not retire in style. Instead, retired seniors often live on low Social Security incomes or Social Security disability payments. Some seniors cannot afford to buy groceries unless they have food stamps. Additionally, many of these seniors experience overwhelming debt. Struggling with debt is challenging, especially if the person is near retirement age. Numerous seniors who are 65 and older face severe financial challenges.

How to incur new debt during a Chapter 13 case

Tennessee residents and others who have filed for Chapter 13 bankruptcy may be allowed to incur new debt while their cases are ongoing. However, debtors must get a court's permission to do so. Failure to do so could result in a case being thrown out and the vehicle being repossessed. There is also a possibility that a debtor could be sued by his or her creditors.

How leases are treated in Chapter 11 cases

If a person leases land in Tennessee or anywhere else, it may be possible to retain an unexpired lease after filing for Chapter 11 bankruptcy. However, there must be an explicit acceptance of that lease, and the bankruptcy court must then approve of the decision to accept it. This is according to a ruling made by the United States Bankruptcy Court for the Eastern District of North Carolina.

Young people have high credit card debt

Student loan debt among the Millenial generation gets a lot of attention for a good reason, but what gets less attention is the high amount of credit card debt accumulated by this same group. According to a survey conducted by CompareCards, only 13 percent of younger credit cardholders in Tennessee and other states say they are completely debt-free. They also say that this credit card debt is more of a financial burden than their student loans.

Women often struggle with credit card debt

A new study has found that women are less confident than men that they can pay off their credit card debt. Specifically, it found that 26% of female respondents expressed doubt that they could pay their balances in full this month. Only 14% of male respondents felt the same way when asked that question. On average, women in Tennessee and throughout the country make 80% of the median annual income that a male does.

When filing for bankruptcy is a good decision

During the financial crisis, there were 1.6 million bankruptcy filings per year. While that number has dropped by roughly 50% in recent years, it doesn't necessarily mean that Tennessee residents are doing better financially. In some cases, individuals don't file for bankruptcy because they can't afford the $1,000 or more that it can cost to do so. However, the benefits of filing may outweigh the cost to do so.

Chapter 13 bankruptcy offers additional choices for debtors

Many people in Tennessee struggle to make ends meet, even if they have significant assets or properties that they want to keep or make a substantial salary. Credit card debt, medical bills and other expenses can put people's financial health and credit rating at severe risk, especially when they wind up dealing with creditor calls and debt collectors. People often think that they can only declare bankruptcy if they give up all of their assets. However, Chapter 13 bankruptcy offers an option that allows people to retain their property while paying off their debts through a special, court-approved repayment plan.

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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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