URGENT UPDATE: Due to COVID-19, We Can Now File Your Bankruptcy Over The Phone With $0 Down Options. No Office Visit Required. Call (423) 479-4188. FREE CONSULTATION. Open Monday – Friday from 8:00 AM – 5:00 PM.

navigation
Richard Banks & Associates, P.C.
free consultations
local: 423-244-0009
toll free: 866-596-8527
Practice Areas

August 2020 Archives

If you pay on your medical bills, will they go to collections?

If you are behind on medical bills, you may think that you'll never get out from under this debt. Medical bills can add up quickly and be hundreds or thousands of dollars. Even a single day in the hospital could end up costing you thousands before you meet your deductible.

Why choose Chapter 13 bankruptcy? Is it better than Chapter 7?

Chapter 13 bankruptcy is not the liquidation bankruptcy that you probably think of when you imagine someone going through one. Instead, this form of bankruptcy is much like a consolidation and repayment plan for debt.

How to decide whether to pay your bills before filing bankruptcy

Deciding to file bankruptcy is a serious decision. A bankruptcy can remain on your credit report for seven to 10 years. It may be more challenging to get new credit such as credit cards, mortgages and personal loans during that time. If you can secure credit, like an auto loan, you may be looking at higher interest rates, larger down payments and the possibility of needing a co-signer.

How should you choose between the many debt relief options?

There are two primary ways that individuals end up in debt — by living beyond their means and being confronted with unexpected bills. The latter can happen as a result of a medical emergency, job loss, divorce, death of a spouse and other non-planned events. While it would be ideal if everyone could pay their bills off, many can't. Debtors often look for debt relief options and end up choosing bankruptcy. It's not necessarily always the best choice for them, though.

Understanding the 341 meeting for your bankruptcy case

Having money problems is not an ideal situation to be in. Unfortunately, many people in Tennessee and across the country find themselves struggling with debt due to high credit card balances, medical bills, job losses and other issues that leave them with far more liabilities than assets. You may fall into this group, and try as you might, getting back on financial track has not happened yet.