Lefkovitz & Lefkovitz
Nashville Office
Cookeville Office
Serving all of Middle Tennessee's Bankruptcy Needs
We help individuals and businesses find the right solution to their money problems.

chapter 13 Archives

Which generation struggles the most with debt?

Many Tennessee consumers struggle with multiple types of debt, including credit card bills, student loans, medical bills and unpaid taxes. According to one report that compared how different generations were managing their debt, members of Generation X are struggling more than baby boomers and millennials.

Ways to cut down on debt

Many Tennessee consumers are overwhelmed by their debts and believe that they will never be able to pay them off. However, some of them who have substantial levels of debt have several options to try to repay them and to improve their credit scores.

Study says credit report errors are frequent

Some people in Tennessee may not realize that there are errors on their credit reports until they attempt to get a loan or a job. They could be denied the loan or even a job because of errors that are not their fault. One study found that there were more 120 million confirmed credit report errors between 2014 and 2016.

How bankruptcy code changes impact creditors

Creditors in Tennessee may need to make themselves aware of changes to existing bankruptcy laws. These changes may impact those who have secured claims, unsecured claims or lien judgments in a Chapter 13 case. One important change relates to filing a proof of claim. Failure to do so may result in not being included in a debtor's Chapter 13 repayment plan. However, liens a creditor may have do not go away merely because a proof of claim is not filed.

Bankruptcy changes

Debtors in Tennessee who are considering filing for bankruptcy may be interested to learn the changes that have been made to the federal rules of bankruptcy procedure. The changes, which became effective on December 1, 2017, also include a new plan form for Chapter 13 bankruptcy.

Buying a house after filing for bankruptcy

Bankruptcy is a reality for many Tennessee residents struggling with debt. Sometimes, it is the only way out of a bad financial situation. Many people who have filed for bankruptcy wonder how long they will have to wait before they are able to buy a home. The answer depends on many factors, such as the type of bankruptcy filed and what steps the debtor has taken to repair his or her credit rating.

Bankruptcy and older debtors

The primary reason people in Tennessee and the rest of the nation file for personal bankruptcy is medical debt. People who are at least 65 years of age or older account for 8 percent of the bankruptcy filers. This figure represents a 1 percent increase from 2008.

401(k) contributions deductible in Chapter 13 repayment

Many Tennessee residents understand the importance of saving for retirement. One of the most popular ways to do that, having a 401(k) retirement plan, was recently the subject of a decision rendered by a U.S. bankruptcy judge. The ruling allows people who are in Chapter 13 bankruptcy to deduct contributions to their 401(k) from their repayment plan, even if they haven't made those contributions within six months.

Bankruptcy filings down again

Tennessee residents might be interested in some good news about America's financial situation. According to the Administrative Office of the U.S. Courts, bankruptcy filings have hit a 10-year low. The rate of bankruptcy filings has been on a downward trend in recent years, but experts advise caution, saying that the rate of decline is actually slow and could turn around again in the near future.

Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
Fax: 615-255-4516
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Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
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