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

Posts tagged "Chapter 13"

Medical debt may be challenging for everyone

For Tennessee residents and others across the country, medical debt is the most common reason to file for bankruptcy. Of those who have insurance and are under age 65, approximately 20 percent say that they have trouble paying medical costs. Although seniors are most likely to have health issues, members of Generation X have the highest levels of medical debt. A person in this generation has a medical debt load of $19,670 on average.

Courts may reshape "cram down" modifications

A series of bankruptcy court decisions could signal an impending shift in the way Tennessee courts treat residential mortgages. In a number of cases, Ohio bankruptcy judges greatly expanded a debtor's ability to "cram down" a mortgage on their primary residence. This marks a stark change from how most courts treat these mortgages.

Chapter 13 bankruptcy and foreclosure: Four things to consider

Many people find themselves behind on their mortgage payments because of an unforeseen event like a job loss, a business problem, an expensive medical event or a divorce. Some consumers consider a Chapter 13 bankruptcy filing to stop the foreclosure process and save their homes.

Pitfalls with medical credit cards for consumers

A survey by the Kaiser Family Foundation found that approximately 33 percent of people around the country have trouble paying their medical bills. Tennessee patients who have used a medical credit card to pay for these expenses may not be fully aware of the consequences. One reason is that people sometimes sign up for these types of cards without fully understanding the terms.

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.

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Nashville Office
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Nashville, TN 37219

Phone: 615-686-2279
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Cookeville, TN 38501

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