On behalf of Lefkovitz & Lefkovitz | Jan 3, 2020 | Chapter 13
Tennessee residents who went into debt this holiday season were not alone. According to the National Retail Federation, Americans spent an average of over $1,000 each to buy gifts for their friends and family this year. That amount of money isn’t in most...
On behalf of Lefkovitz & Lefkovitz | Dec 18, 2019 | Chapter 13
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...
On behalf of Lefkovitz & Lefkovitz | Dec 12, 2019 | Chapter 13
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....
On behalf of Lefkovitz & Lefkovitz | Dec 4, 2019 | Chapter 13
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%...
On behalf of Lefkovitz & Lefkovitz | Nov 13, 2019 | Chapter 13
Roughly 12% of those who file for bankruptcy in Tennessee and other states are 65 and older. The rate was only 2% in 1991, and there are several reasons why older Americans are doing so more frequently. Generally speaking, older people are less likely to work, which...
On behalf of Lefkovitz & Lefkovitz | Oct 29, 2019 | Chapter 13
Americans owe a cumulative $900 billion to credit card companies. According to the Consumer Financial Protection Board, there are reasons to be worried that it will be difficult to pay off this balance in a timely manner. Of course, there are also reasons to believe...
On behalf of Lefkovitz & Lefkovitz | Oct 17, 2019 | Chapter 13
Tennessee residents who are struggling to pay their bills are sometimes reluctant to file for bankruptcy because of fears over what it could do to their credit scores. A Chapter 7 bankruptcy will remain on credit reports for up to 10 years and a Chapter 13 bankruptcy...
On behalf of Lefkovitz & Lefkovitz | Oct 16, 2019 | Chapter 13
Filing for bankruptcy in Tennessee may put a stop to a foreclosure or repossession. It could also prevent utilities from being shut off or a landlord from evicting a tenant. The automatic stay can also put a stop to wage garnishment, which would allow an individual to...
On behalf of Lefkovitz & Lefkovitz | Oct 15, 2019 | Chapter 13
Those who live in Tennessee have the 17th highest average household credit card balances in the United States. Households in California owe an average of $10,175 in credit card debt, which is the highest in the United States. During the second quarter of 2019, the...
On behalf of Lefkovitz & Lefkovitz | Sep 18, 2019 | Chapter 13
A report written by John Roberts, the Chief Justice of the Supreme Court, shows that bankruptcy rates are at their lowest in 10 years. The reasons for the lull in filings may have more to do with people being broke than secure, however. People in Tennessee and across...
