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

December 2019 Archives

Student loans often aren't discharged in bankruptcy

Americans owe a total of $1.59 trillion in student loan debt. However, many Tennessee residents and others who carry student loan balances won't be able to discharge them in bankruptcy. For some, it is because they don't qualify to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy allows debtors to liquidate assets and use the money raised to pay creditors. To qualify for a liquidation bankruptcy, an individual will need to pass a means test.

What debtors can expect from debt collectors

It isn't uncommon for individuals in Tennessee and other states to carry credit card or other types of debt. If a debtor is unable to stay current on a balance, it may be sent to a collections company, and debt collection companies may use a variety of tactics in an effort to get the money that they are owed. However, there are limits to what a debt collector can say or do to recover a past due balance.

Use credit cards as a last resort for medical debt

Consumers in Tennessee may have more money to use for savings and purchases as across the United States, the median household income has risen by 30% in 10 years. While this is good news, Americans are dealing with medical costs that are growing faster than income. Since 2009, medical costs have gone up by 33%.

What to do about credit card debt

You're buried in credit card debt, looking for a way out but never seem to make any progress. As frustrating as it may be, there are steps you can take to slowly dig yourself out of debt, thus resulting in improved financial circumstances in the future.

Credit card charge-offs on the rise

A number of credit card companies are reporting high rates of charge-offs. A charge-off is a loan that the creditor has determined it will not collect. Overall, the charge-off rate rose to its highest point since 2012's second quarter and was reported at 3.82% for the first quarter of 2019. This according to data gathered by Bloomberg Intelligence. People in Tennessee who are struggling to pay debts may take solace in the fact that they're not the only ones.

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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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