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Determining when bankruptcy is the best option

On behalf of Shults Law Office • October 17, 2019

Bankruptcy is a tool that some Tennessee residents have used to get control of their finances. However, deciding to file for bankruptcy is never an easy decision. For example, some individuals may have over $20,000 in credit card debt along with a car loan and wonder if bankruptcy is the best option for them.

In some cases, filing for bankruptcy can mean a fresh start for someone and give them the ability to get back on their feet. The best thing that they should do is have a clear understanding of how much debt they owe, how much income they receive and how much they own in assets. Once a person has a clear grasp on these numbers, they can decide if paying off their debt is doable as opposed to filing for bankruptcy. If a person has $20,000 in credit card debt, paying off the debt is likely more doable for someone who makes $70,000 a year as opposed to someone who makes $30,000 a year.

Individuals who are considering debt settlement need to be extremely cautious. Since attorneys are usually not involved, these settlements are usually best for the creditor, not the debtor. The individual with the debt may be offered a better deal if they are represented by an attorney because the company will likely want to avoid the extra expense associated with litigation.

There are some advantages that come from filing for bankruptcy , including that a person can start saving money and will not have to pay taxes on debts that have been discharged. However, not everyone qualifies for bankruptcy. A person may wish to speak with a bankruptcy attorney to learn about the qualifications for filing. The attorney may be able to provide other information, including how to file the paperwork and when it needs to be done.

You can exercise your rights during a traffic stop

By On behalf of Shults Law Office • April 2, 2020
Flashing lights in your review mirror are intimidating, and when you realize you are the driver required to pull over, your concerns could increase. How will you afford to pay for a ticket? What if the police take you into custody? Will you lose your job because of this? Now imagine how you might feel if you had been drinking.…

Why creditors don’t want to violate stay orders

By On behalf of Shults Law Office • March 5, 2020
Those who file for bankruptcy in Tennessee or any other state will usually receive an automatic stay from creditor collection activities. In one case, a debtor’s divorce attorney claimed that she owed $10,000 in legal fees that were accrued before the Chapter 7 case was filed. Therefore, he didn’t believe that he had any legal obligation to stop pursuing a…

How to obtain a liquidation bankruptcy

By On behalf of Shults Law Office • February 19, 2020
Tennessee residents and others who are struggling to pay their debts may qualify for Chapter 7 bankruptcy. In such a proceeding, a debtor’s assets may be sold, and the money that a trustee is able to collect will be used to pay off some or all existing creditors. If there is not enough money to pay off a balance, whatever…

Tennessee raises penalties in DUI cases

By On behalf of Shults Law Office • February 5, 2020
People accused of drunk driving in Tennessee may face more severe penalties in case of a conviction, especially if they have multiple DUI convictions on their record. The state legislature has revised the criminal penalties associated with drunk driving, with some people facing years in prison as a result. In most cases, sentences are not associated with first-time DUI convictions,…

Prevent money trouble post split by being involved in marriage

By On behalf of Shults Law Office • January 20, 2020
Finances is one of the most important concerns when Tennessee couples get divorced. Recovering from the financial hit divorce often brings can take a while. One way to make this easier, however, is to be involved in all decisions made about finances during marriage. According to a study by Fidelity Investments, it takes about five years for people to recover…

Keep needs of the children in mind when creating a parenting plan

By On behalf of Shults Law Office • January 3, 2020
Tennessee co-parents want what is best for their children. This means that they must design an effective parenting plan. Cooperation between the parents is a must for a plan to work. Also, the plan should be created according to what the children need as they go through different stages of their lives. It has been recommended that babies and toddlers…

Student loans and bankruptcy

By On behalf of Shults Law Office • December 24, 2019
Many people living in Tennessee and around the country struggle with student loan payments. Despite their best efforts, they often find that they have difficulty keeping up with their loans and other expenses. Some of these student loan borrowers may wonder if it is possible to discharge their student loan debt in a Chapter 7 bankruptcy. Unfortunately, the discharge of…

Racial gap persists in criminal justice system

By On behalf of Shults Law Office • December 11, 2019
Criminal justice reform advocates in Tennessee and across the country have highlighted racial disparities in incarceration rates, noting that the legal system has been unfair to black Americans. These racial gaps have continued decades after the end of Jim Crow segregation, exacting devastating effects on communities of color. One study finds a reason for optimism in the declining gap in…

Determining whether a prenuptial agreement is necessary

By On behalf of Shults Law Office • November 25, 2019
Some people in Tennessee may think of a prenuptial agreement as something that only wealthy people need. A prenup describes how property will be divided if a couple gets a divorce. A spouse might also waive the right to claim alimony using a prenup. For some people, a prenup might seem like preparation to divorce before the marriage has started.…

Survey finds people willing to go into debt for holidays

By On behalf of Shults Law Office • November 13, 2019
The holiday season may tempt some Tennessee consumers to use their credit cards for gifts and other spending. According to a survey by CreditCards.com, around half of Generation X and millennials and around one-third of baby boomers said they would be willing to take on credit card debt for the holidays. People who were already in debt were more willing…
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