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Chapter 7 Archives

Bankruptcy and student loan debt

If you are one of the millions of people in the country that owe money on government student loans, you would probably like to see that balance be discharged as part of your bankruptcy. At Rothschild & Ausbrooks, PLLC, we understand that the bankruptcy process can be frustrating. Understanding how student loans factor into your debt can help make the Tennessee bankruptcy process less stressful.

Cash strapped millennials increasingly look to payday loans

When an unexpected cost comes along, those who may not qualify for traditional financing may turn to payday loans to get the money they need. While these types of cash advances can seem attractive, they are often disastrous for borrowers who end up paying exorbitant amounts of interest and driving themselves deeper into debt. In fact, the average interest rate for a payday loan is 391 percent, according to CBS News.

Bankruptcy can take an unspoken emotional toll on many people

While bankruptcy can bring financial relief to many Tennessee residents, there is often not a lot said about the psychological and emotional repercussions it can have on a person. The shame some people feel from drowning in debt leaves their self-esteem in shambles long after the bankruptcy has been discharged, according to U.S. News & World Report.

What happens to my bank account during my bankruptcy?

It depends on what type of bankruptcy you file for. If you file for Chapter 7, your assets will likely be liquidated and that may include your bank accounts. If you are filing for Chapter 13, your bank accounts are probably safe as long as you make the required monthly payment to the trustee for the term of your bankruptcy.

Are annuities protected from creditors in Tennessee?

Yes, they are. Similar to IRAs and other retirement accounts, annuities are protected from creditors in the event of bankruptcy. An earlier blog post discussed retirement accounts and what bankruptcy protections apply to them in further detail. However, annuities and life insurance policies are forms of asset protection which many Tennessee residents may not be as familiar with.

Factors that affect your Chapter 7 eligibility

Each year, thousands of Tennessee residents make the decision to file for Chapter 7 bankruptcy. Indeed, reports that Tennessee has the highest bankruptcy rate of any state in the nation. Those considering filing for Chapter 7 bankruptcy in Tennessee should be aware that certain circumstances may preclude them from being eligible for a Chapter 7 filing.

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

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