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Today is a good day. When funds are garnished from my client’s wages within the 90 days immediately preceding the bankruptcy filing, then I can “claw back” those funds and recapture them for my client. Nothing makes me happier than recapturing garnished or levied funds for my clients. Today I received a check for $437 for my clients. We filed back in September but the creditor’s attorney had not turned over the...

Here is an article written by Sean Pyles  that first appeared on Nerdwallet,com on .June 7, 2016  It’s a pretty good article and I suggest you give it a read.  A link to the original article is at the bottom of this page. Thanks! Kim ********************************************* 5 Bankruptcy Myths Dispelled — Sean Pyles Filing for Chapter 7 or Chapter 13 bankruptcy isn’t pleasant or simple. It can be easy to get tangled up...

CREDIT UNIONS & CROSS COLLATERALIZATION CLAUSES Around here, we have an awful lot of hometown credit unions. Credit unions often offer lower interest rates on loans and other benefits for their members. I have been a member of a local credit union most of my life but until I started practicing bankruptcy law, I never knew about “cross-collateralization” or even imagined that it was something commonly done at credit unions &...

Q: What are Bankruptcy Exemptions? A: In a bankruptcy filing, there is a certain amount of personal property which is “exempt” or excluded from the bankruptcy estate. That means that the exempt property is not used to pay creditors. You keep all of that property. Unlike some other states which allow you to choose between state and federal exemptions, in Tennessee you can only use state exemptions. The limit in Tennessee is...

As a rule, when I speak to someone about bankruptcy, we discuss “secured” and “unsecured” debts. The debts owed to the creditor are secured by an item used as collateral are “secured” and most others are “unsecured” (like medical bills or credit cards). The most common secured debts are car loans, car title loans, home mortgages, or furniture loans. Most people are concerned about keeping their vehicle and that is understandable...

When you file for bankruptcy, something called the “automatic stay” immediately stops any lawsuit filed against you and most actions against your property by a creditor, collection agency, or government entity. Especially if you are at risk of being evicted, being foreclosed on, or having your wages garnished. Once the automatic stay goes into effect, then creditors may not contact you to demand payment. The constant...