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November 2018 Archives

The purpose of pre-bankruptcy credit counseling

A common perception that many in Nashville may have is that personal bankruptcy simply offers one who has been irresponsible in their financial decision-making a way to avoid the consequences of their actions. The fact that most who seek bankruptcy protection file under Chapter 7 may seem to reinforce this fact. Indeed, according to information compiled by the American Bankruptcy Institute, 127,545 of the 200,159 non-business bankruptcy filings from the second quarter of the 2018 fiscal year were Chapter 7 cases. Yet a closer examination of Chapter 7 eligibility requirements reveals that there are several steps one must take before the opportunity to file under this Chapter even becomes an option. 

Holiday spending pitfalls you'll want to avoid this year

Moving the calendar along into the holiday season is enough to make your head spin isn't it? Current data shows the average parent spends more than $400 on each person in the household for Christmas alone. That doesn't include wrapping and decorating supplies, holiday meals, travel and other seasonal expenses. 

What is an automatic stay?

If you are one of the many Americans who struggle with credit card debt, medical expenses, mortgages and other bills, you may have been contacted by creditors regarding your late payments. Businesses often turn your unpaid, deficient amounts over to a collections agency, who will contact you in an attempt to collect. Collector phone calls may become burdensome, and in some cases, may be considered harassment. Once you file for Chapter 7 bankruptcy, however, you will be saved from harassing creditor phone calls while your bankruptcy is being processed.

Your mortgage, foreclosure and Chapter 13

On top of worrying about how to deal with creditors and pay monthly bills, people in Tennessee who struggle with serious financial problems may also have to be concerned about having a place to live. Homeowners facing these types of issues may be at risk of losing their homes and may want to find solutions that allow them to keep their treasured houses. Filing for a Chapter 13 bankruptcy may help them do just this.

Your life after completing a Chapter 7 bankruptcy

Chapter 7 bankruptcy is a viable option for individuals who have an insurmountable amount of certain types of consumer debt. This legal process allows an applicant to discharge specific types of debt and emerge to a better and more stable financial future. If you are considering this step, it can be helpful to understand how this process works and what you can expect after it is final.

Using your credit card the right way can build your credit score

While building your credit score takes time and commitment to careful spending, ruining your credit and destroying your chances of getting help from lenders can happen in an instant. One of the most significant risk factors to hurting your credit is accumulating too much debt that you are unable to manage effectively. At Rothschild & Ausbrooks, PLLC, we have helped many people in Tennessee to become more educated about their options for managing debt. 

The difference between secured and unsecured debt

There are many advantages to filing Chapter 13 bankruptcy for those who are able. However, filing for Chapter 13 bankruptcy in Tennessee means meeting certain eligibility requirements in regard to the debt that one owes, as well as the income that one earns. There are limits to the amounts of debt that one can owe and still qualify for Chapter 13 bankruptcy. Specifically, according to the United States Courts, one must owe less than $1,184,200 in secured debt and no more than $394,725 in unsecured debt.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

Toll Free: 866-656-8909
Phone: 615-866-2265
Fax: 615-242-2003
Nashville Bankruptcy Office