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

chapter 7 Archives

Getting credit card debt under control for retirees

Many retirees who are living in Tennessee struggle with high credit card debt balances. Among all U.S. households, the average credit card debt is $5,700. For people who are ages 65 and older, the average debt is $6,351. There are several things retirees can do to control their debt as well as to obtain debt relief.

Considering bankruptcy? You may be able to keep more than you think.

Many people avoid bankruptcy because they think they will lose everything. However, the fact is that most individuals are able to keep many of their assets during bankruptcy by using an effective legal tool known as bankruptcy exemptions.

Signs that people need financial advice

Debt is one of the main reasons why Americans have a hard time savings. In fact, one in three Americans have nothing saved for retirement while 62 percent have less than $1,000 in a savings account. For Tennessee residents who are having trouble with their finances, it may be a good idea to visit with a credit counselor. One warning sign that it may be time to talk with such a person is if monthly expenses exceed monthly income.

Switching from high interest debt to low interest debt

Many Tennessee residents use credit cards to make purchases and then end up with a high credit card balance that they cannot afford to pay off. Because credit card debts have the highest interest rates of just about any form of obligation, it can be very difficult for credit card holders to get their balances back down to zero.

If I file for bankruptcy, will I lose my home?

Many people fear that they will lose everything they own once they decide to file for bankruptcy. However, this belief is simply not true, especially in Tennessee. In fact, many people who file Chapter 7 bankruptcy are able to keep a great many of their assets, while at the same time eliminating significant amounts of debt.

Dispute about timing of earnings in bankruptcy case

Tennessee residents who are filing for bankruptcy should be careful to keep records about when they performed certain services and when they were paid for those services. In Massachusetts, an attorney who filed for bankruptcy under Chapter 7 was ordered to turn $10,000 over to the bankruptcy trustee after a court ruled that payments made after the bankruptcy petition was filed were for work performed prior to the filing. Therefore, the court considered the payments to be part of the bankruptcy estate.

Creditor alleges it did not receive bankruptcy notice

When Tennessee consumers file for Chapter 7 bankruptcy, all of their nonexempt assets are liquidated to pay off creditors. At the outset of the process, the creditors receive a notice about the filing. If a creditor does not respond, the debt owed to the creditor is automatically discharged.

Administration introduces student debt forgiveness measures

College students in Tennessee and around the country who have been defrauded by their schools may find it easier to have their debt forgiven and pursue legal remedies under education reforms scheduled to be introduced by the Obama administration in June 2016. The measures, which were drafted by the Department of Education, also aim to prevent colleges that accept federal student loans from compelling students to agree to arbitration agreements. The reforms are primarily aimed at curbing the oft-criticized activities of for-profit schools.

Discouraging myths about Chapter 7 debt relief

An option available to Nashville debtors unable to get their bills under control is often overlooked due to persistent myths. These myths can be detrimental by delaying debt relief for consumers and denying them the consumer protections available under bankruptcy law. Tennessee residents suffering from persistent debt, creditor harassment and the threat of losing personal property to repossession will want to consider all the options without prejudice.

A Chapter 7 bankruptcy trustee may liquidate assets

Residents of Tennessee who find that they require a fresh financial start may consider filing for Chapter 7 bankruptcy. A successful Chapter 7 results in the court discharging a debtor's financial responsibility to pay back his or her unsecured debt. Often, the debtor may end up paying back very little of the debts he or she incurred. In fact, some debts may not need to be repaid at all.

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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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