Author: AG

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Covid 19 related Bankruptcy Law Changes

President Biden recently signed an act that was very helpful to bankruptcy clients. Essentially, if your case was confirmed prior to March 27, 2021, you are able to extend your Chapter 13 plan to up to seven years total. So if you started with a five year plan, as most people do, you can now add up to two more years to that plan to make it more affordable. If you started with three or four years, you can usually extend up to five years anyway, but this new act would allow those cases to also go up to seven total years, provided they were confirmed prior to March 27, 2021.

Does your case qualify for this extension? Contact your attorney to find out.

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Covid-19 and bankruptcy

Covid-19 has brought us so many questions about so many things. One question we get is “Can I still file bankruptcy?” The answer is still very much “Yes!” Then, it’s usually “Well how will that work? Will I have to go to the courthouse?” Here in West Tennessee, the answer for the foreseeable future is that you will not have to appear in person at the courthouse. While there may be exceptions, in person hearings are very rare right now.

I have had the privilege of serving along side case trustees, judges, and other court personnel this year on the Committee on Reopening the Bankruptcy Courts in West Tennessee. At the present time, there is not a hearing you will have to attend in person generally. If you file in Jackson, there is one telephone hearing you will need to attend. This telephone hearing is a conference over the phone with your case trustee, your attorney, and possibly creditor’s attorneys. Again, this is over the phone, so you no longer have to take off work to come to court. This also helps those who live far away from Jackson in not having to spend money on the gas to travel, and those who are concerned about being out of the house due to Covid.

There are other hearings that happen throughout your bankruptcy case that your attorney normally will still be able to handle without you having to appear. Attorneys are handling court electronically for now, as in person hearings are still only held in very rare situations.

If you are thinking about bankruptcy, or just trying to figure out how to handle the debt that Covid brought to your doorstep, don’t hesitate to reach out for a consultation. We enjoy speaking with people and talking through the options. If bankruptcy turns out to be a good option for your situation, we will cover every question you have so you can make the best decision for you and your family. Just give us a call at 731-424-3315, or visit us at www.tennesseefirm.com. We look forward to serving you!

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Bankruptcy during COVID-19

Many people are struggling right now with decreased income, but they have the same bills (maybe even more!) since before COVID-19 started. Some are wondering can they still file bankruptcy. The answer is YES! You are still able to file bankruptcy under these conditions, and we are happy to help you navigate this new world. We can meet with you in person, talk over the phone, or even by video conference for an initial discussion on your options and how to reach your goals.

Many people do everything they can to avoid filing bankruptcy, so by the time we talk to them they are ready to file immediately. Other times, people know a change is coming and want to start planning the next right step.

For so many people right now in Tennessee, the end of July will also bring the end of the Federal Pandemic Unemployment Assistance payments. That is $600 per week that many people will no longer receive. We can start planning now to determine what the next right step is. We do not have to wait until that income stops coming in.

For others, pay cuts are still happening. Layoffs are still newly announced every week. So for people who are living paycheck to paycheck, the time to start planning may be before you actually get the call that your pay has been cut or you’ve been part of the latest rounds of layoffs. You don’t have to wait to start planning.

For some people, we are even able to say that bankruptcy isn’t the best option, and perhaps other options might be good to try first.

Either way, we are happy to discuss your goals and see how we might be able to help. Just give us a call at 731-424-3315 and we will find a time convenient for you to discuss everything and ask all the questions you have so you can make the most informed decision. I look forward to seeing you soon!

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It’s almost Halloween! Are you haunted by debt?

It’s getting close to Halloween!! Have you checked your credit report lately? As you know, part of having a good credit score is making sure everything on your credit report is correct. Especially in this age of constant hacking and personal information being stolen, you can’t really afford to not look at your report.

So how do you check your report? Simply go to annualcreditreport.com, where you will have access to all three credit reporting agencies. If you find anything incorrect, initiate a dispute with the credit reporting agency to get it fixed. Each agency has a link on their website for disputes.

If you find that you have lots of old debt that’s haunting you, and you are ready for a fresh start, give me a call and I’ll be happy to help you reach your financial goals.

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Equifax is hacked. Now what?

Equifax announced on September 7, 2017 that they were hacked over the summer. Equifax believes 143 million Americans may have been affected. Among the hacked information was social security numbers, birth dates, and credit card numbers.

Luckily they’ve now set up a website where you can find out if you were potentially affected. Simply go to www.equifaxsecurity2017.com where you will enter your information and it will tell you if they believe you were affected. Equifax is also alerting people by mail who were affected. One year of free identity theft protection and credit monitoring are offered for those affected. Simply visit the same website for more information.

Remember to check your credit report often to make sure your information is correct. Part of having a good credit score is having correct information!

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How do you pay for filing a bankruptcy? Can it be done with no money down?

On the list of questions many people ask is “how do I pay for this because I don’t have any money?” As usual, “it depends” is the primary answer. It depends on if you are filing chapter 13 or chapter 7. Let me explain….

In Chapter 13, our court allows you to pay ZERO DOWN on your bankruptcy filing, and you just pay the Chapter 13 Trustee your first month’s plan payment within the first 30 days. So there’s no money down for a Chapter 13 filing! With a Chapter 13 you do pay monthly payments to the Chapter 13 trustee for the secured items you want to keep like your house and car. You can pay that monthly payment out of your paycheck, your unemployment check, your social security check, or get help from friends and family. Also, the trustee has a fairly new option that allows the regular payments to the trustee to be automatically drafted out of your bank account if you’d like. Many people really like this option because it’s one less thing you have to do. And we all need one less thing to do these days.

In a Chapter 7, you can either pay the filing and attorneys fees before we file the case, or you can actually now finance the cost of filing. You just pay it over a period of 12 months with an auto draft from your bank account or debit card. It even works with social security debit cards. Again, this allows for NO MONEY DOWN bankruptcy filing. If that’s something you’re interested in, I can give you all of the details personally.

So you see, either way you go you have options for a no money down payment structure. Don’t let fear of the unknown stop you from reaching your financial goals. If you are in a rut and need a way out, or see that you are about to get into a rut, go ahead and contact us for a free conversation about how we might be able to help you. I look forward to working with you to achieve your dreams!

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Job Fair May 7, 2015 in Jackson, TN

The Jackson Goodwill Career Solutions Center in Jackson will hold a multi-career job fair on May 7, 2015 from 9:00am – 1:00pm. The job fair will take place at the Center at 1320 South Highland, Jackson, TN. You can call them at 731-736-3401 more more information, or visit their website here. They expect many different types of employers to participate from fast food to CNA positions and everything in between.

As always, dress for success, take several copies of your resume, put on your best smile, and be prepared for on the spot interviews. Need help with a resume? Check out the resume builder at www.jobs4tn.gov. Also watch for the Department of Labor’s Mobile Career Coach to come to your area. They help you in person with resume building.

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Series: What is a Bankruptcy Voluntary Petition Form 1?

While we may generally refer to the entire series of documents we file with the Court as your “Petition”, there is technically a form called the Voluntary Petition (Official Form 1).  For purposes of this series and to cut down on confusion, I’ll call it Form 1.

Form 1 is three pages, and is sort of like the data sheet for your case.  It lists things like your name and address, and what chapter of the Bankruptcy Code you are filing. It also lists an estimate of the number of creditors you have (creditors are the people you owe), an estimate of the value of your assets (assets are the stuff you have), and an estimate of your liabilities (the bills you owe).  There are also several check boxes that are filled in based on your situation to tell the court different things, as well as let the court know that you’ve completed your credit counseling and you’ve lived here long enough to file in this court. Additionally, if you’ve filed bankruptcy before, or if you have a spouse or cosigner in a bankruptcy, then their case information will also be listed on these pages.

Form 1 also contains places where you and your attorney sign saying that everything is correct under penalty of perjury.  You’ll see over the course of this series that there are lots of places you have to sign, and it’s all under penalty of perjury.  Wondering what happens if you don’t tell the truth? See my article here on that.

Here’s a look at what Form 1 looks like:

 

Form 1 Voluntary Petition

 

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Series: What is a Bankruptcy Petition?

You hear us talk about “your Bankruptcy petition” but you may wonder exactly what that is. In short, it’s the group of documents we file with the Bankruptcy Court so you can pay what you have to pay and not pay what you don’t have to pay, as well as get you all of the protection you can have in your case.

In this series of blog posts, we’ll explore what each part of your petition is, what it means, and any other information you might find useful. We will go through each section of the petition piece by piece so that you will have a better understanding of what everything is.

Remember that this will not serve as any legal advice on your situation, this is just a general overview. So if you have questions about your case, you need to be sure to contact your attorney for specific information tailored just for you.

Be sure to check back often for the next article in this series!

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VA Expanding Choice Program eligibility

According to a news release issued April 24, 2015, the VA now will determine eligibility for the Veterans Choice Program based on the distance between a Veteran’s residence and the nearest VA medical facility using driving distance instead of straight line distance.  This change is effective immediately.

What do you think? Will this help you and the people you know? Let me know in the comments!