Tag: Chapter 7

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Is your bankruptcy case almost over?

Are you getting close to the end of your bankruptcy? If so, go ahead and contact your attorney to see if you need to do anything. In Chapter 13 cases, you will need to sign a “Request for Discharge” at the end of your case. Generally our Chapter 13 Trustee will send out a notice when it is time to file that document.

For both Chapter 7 and Chapter 13, you have to complete a 2 hour credit counseling class before your case can be discharged. If you are not sure if you did that, check with your attorney. Many people will do that class right after their case is filed.

Remember that some things don’t go away in your bankruptcy. Things like taxes, student loans, and child support orders don’t go away. If you aren’t sure if something is going away, ask your attorney.

Congrats on getting through your bankruptcy and finishing!

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Some things to think about to increase your credit score AFTER your bankruptcy case is over

While you can’t do too much during your bankruptcy case to actively increase your credit score, there are things you can do after your case is over to help.

One thing is you can get a secured credit card. This is basically like a prepaid debit card where you have to pay for it before you can use it. This helps you not overspend and end up back in bankruptcy. The very first question to ask the card issuer is whether they report to the credit reporting agencies. If they do not, then move on because it will not help you. You can set up a totally separate bank account and have your employer direct deposit a certain amount each paycheck into that account, and then have the card autopay from that bank account. Then use that card to pay something that stays the same each month like your Netflix or Hulu or phone bill. That way you don’t have to worry about the amount changing.

Another thing you can do is get a card specifically for something like gas, and only gas. Again, be sure first that the card issuer will report to the credit reporting agencies or this is not helpful. Then use that card each time you buy your gas, and you don’t buy anything else on it. You are really only looking to make regular charges and regular payments, and NOT carry a balance. You need to pay this off each month. Some people prefer to make a card payment right after they make a charge. Other people will just transfer the money to cover the charge to a separate account and wait on the monthly bill to arrive, then they have enough money in the separate account to fully pay off the bill. Some cards even have cash back or points you can earn. Just also be sure that you don’t have an annual fee because that will not be helpful at all.

Regardless of what you do, be sure to not carry a balance, pay your bill on time every month, and watch your credit report.

You can find more about your credit score at www.myfico.com.

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It’s summer! But your debts don’t take a summer break

We all look forward to summer. Sunshine, warm days, late nights, road trips. But what about those debts? They don’t take a break for summer. Many people try to avoid thinking about their debts over the summer, but those debts only get worse. It really is best to talk to someone about your debts when they first cause you problems, or even better, before they become a problem.

Everyone has a different tolerance level, so what drives you crazy may not drive someone else crazy. I talk to many clients who have waited until they’ve been sued and now they have a wage garnishment, and only then are they really concerned. We also have clients who know they haven’t paid a bill in 3 or 4 months and are trying to avoid that lawsuit or garnishment. Or maybe they are facing a foreclosure or car repo. Then we have people who know bad things are coming down the road and are trying to preplan to avoid all the bad things.

Rest assured that no matter in which category you find yourself, we can give you some options to help. Give us a call at 731-424-3315 no matter what stage you are in, so we can help, or visit our website www.tennesseefirm.com for more information.

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Have you checked your credit report lately?

I recommend checking your credit report often, at least once per month. The three credit reporting agencies are Equifax, TransUnion, and Experian. You can go directly to their websites to obtain your credit reports. You can also use www.annualcreditreport.com to try to obtain all three reports at one time. Generally you can get one free report per year, though during COVID many are allowing a weekly free report.

There are many free websites and apps to monitor your credit and notify you of any changes. One such services is CreditKarma (this is not an ad for them, just a mention). They pull from 2 of the 3 credit reporting agencies and provide updates as you set your preferences.

If you haven’t filed bankruptcy yet, getting your credit report will help you determine who you owe and what your bankruptcy will look like. You can just email the report to your attorney. You don’t have to print it.

If you have filed bankruptcy and discharged, checking your credit report can help make sure all the debt you got rid of in the bankruptcy is properly showing as discharged.

As always, if you have any questions at all, ask your attorney!

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Time for Spring Cleaning Those Debts!

It’s spring! While most people thing of spring cleaning their homes, this is also a great time to spring clean your finances. Get rid of debt that is holding you back and bogging you down. You have dreams and goals, and that debt is holding you back from achieving those goals. We can use the federal bankruptcy laws to help you with that, clean out your debt load, and get you on track to making those dreams a reality. Don’t keep trying to tread water, let us help you thrive! Call us at 731-424-3315 so we can plan a way to make those dreams a reality.

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How can we serve you?

Often times our bankruptcy clients find that they need additional legal help while they are working on their bankruptcy case. Sometimes they need a will, or a power of attorney, or sometimes they are injured and need help recovering for that injury. At Teel & Maroney, PLC, we can help with all of those things, and more. Keeping all of your matters in one office helps reduce the strain on you, and you already know the team that will be helping you. You can relax knowing that our office can help you through many things, not just bankruptcy. Give us a call if we can help you with anything at 731-424-3315 or visit us at www.tennesseefirm.com.

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Stimulus Payments and Bankruptcy

With three rounds so far of stimulus payments, many clients are asking if these payments are subject to being taken by the Chapter 13 or Chapter 7 case trustees. The first two rounds were specifically protected. However, the third round was provided under a reconciliation act, so it was much more up in the air. Just recently the United States Trustee issued guidance to the local Chapter 13 and Chapter 7 trustees that they should not try to take the third stimulus payment, or the child tax credit. But if a local trustee thinks that such action is necessary, they can contact the United States Trustee for further guidance.

Be sure to contact your attorney with any questions.

Do you need an attorney to help you with bankruptcy? We would be happy to help. You can reach us at www.tennesseefirm.com, 731-424-3315, or any of our other contact methods.

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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!