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Chattanooga Bankruptcy Law Blog

Prescription drug costs: a source of medical debt?

Many younger Tennesseans may not think much about the price of prescription drugs, but older Tennesseans know better; they are well aware of just how expensive a few pills can be. It’s not unheard of for people to use thousands of dollars worth of prescription drugs…

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Pros and cons of Chapter 7 bankruptcy

Filing for bankruptcy can be a difficult decision for some Tennesseans. It’s a big decision; it can come with some stigma. But in many instances bankruptcy is the right choice for putting a tough time in the rear-view mirror and getting on with one’s life. Below…

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Which investments are exempt from creditors during bankruptcy?

Filing for bankruptcy is a big decision. It can also be a confusing one, because there is so much misinformation out there about bankruptcy and what happens after filing for one. Worse, even when the information is not actually wrong, it can ignore important nuances such…

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What is the Tennessee homestead exemption?

When Tennessee residents are experiencing financial difficulties, they may worry about losing their personal property. When people file for bankruptcy, especially, they may know that some property can be sold to help pay back debts. Or, in the case of secured property, people may realize that…

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Should I transfer my credit card debt to a new card?

Many Tennesseans are probably aware that certain credit cards are marketed to consumers as balance transfer cards. These credit cards often offer a low or zero interest rate for a certain period of time, which can make them appealing to those who have significant balances on…

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Is an inherited IRA exempt as retirement savings?

Bankruptcy is not a simple process. Whether you are dealing with Chapter 7 debt relief or debating a bankruptcy exemption with a bankruptcy trustee, it is important to have an attorney with experience and knowledge representing you. Tennessee readers might be interested in a recent Chapter…

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When is a trust exempt from bankruptcy?

When someone in Tennessee files for bankruptcy the bankruptcy court assigns a trustee to the case. The job of a trustee varies depending on whether a person files for Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 Bankruptcy, the trustee identifies assets owned by…

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Who is responsible for credit card debt when someone dies?

There is a lot of confusion concerning what happens with credit card debt after someone dies. It is not uncommon for creditors to mislead consumers about such debts, even when the consumer is not responsible for the debt. While there are times when someone can be…

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NASCAR driver’s wife uses bankruptcy exemption to keep house

Readers in Tennessee may be interested to hear that the wife of former NASCAR driver Jeremy Mayfield recently filed for Chapter 7 bankruptcy. She filed for bankruptcy protection independent of her husband, listing liabilities between $1 million and $10 million and assets up to $50,000. She…

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Tennessee-based rapper liquidates songs in bankruptcy proceedings

Even though the economy is beginning to recover, it seems as though no one was left unaffected by the recession. This is indicated by rapper Young Buck’s recent decision to file for Chapter 7 bankruptcy in a federal court located in Tennessee. Included in the rapper’s…

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