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.

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

Personal Bankruptcy Archives

Understanding how a person's bankruptcy can affect marriage

When Tennessee couples decide to get married, there are many factors to consider. Does the couple share the same values? Are they on the same page regarding children? Is one of the parties having financial struggles - particularly a past bankruptcy - that is concerning to the other party? Many people are scared at the prospect of marriage when their future husband or wife is struggling with bankruptcy. How will it affect the other person's good credit?

Is personal bankruptcy the right option to get rid of debt?

Many Tennessee residents are already struggling to pay off large amounts of debt -- tens of thousands of dollars or even more. A job loss, medical condition or other hardship can exacerbate financial problems even further. What are the options for those who are drowning in debt? Should personal bankruptcy be the first choice or should a consumer try debt settlement? Which is the better choice for someone looking to maintain their credit score?

Steps to take to after filing for personal bankruptcy

For some Tennessee readers, bankruptcy might seem like a personal failure. However, bankruptcy is becoming more and more common. In July, the number of bankruptcies in the United States had exceeded 87,000. In fact, bankruptcy provides many debtors with the fresh start they need to move forward financially. And even after the bankruptcy process is complete, there are steps debtors can take to successfully manage their finances in the future.

What happens when debt piles up again after bankruptcy

To many Tennessee residents, bankruptcy is a huge financial wake-up call. The extreme humiliation, creditor harassment and drastically reduced credit score that goes along with it is typically enough for someone to take steps to prevent it from happening again. However, some people don't learn from their financial mistakes the first time around. What happens when the debt piles up again just a few years later? Is another bankruptcy possible?

Scam debt relief companies fleecing consumers

According to a new study from the National Consumer Law Center, some unscrupulous debt relief companies are taking advantage of college students. These students are burdened with student loan debt that they are finding difficult to repay. Some of these companies seem to be offering a debt repayment program, but in reality are just enrolling students in federal government programs that are free. These companies are charging the students fees that can be as high as $1,600 to enroll and $50 per month. The problem is so bad that 23 senators have urged an investigation of these companies by the Federal Trade Commission, the Department of Education and the Consumer Financial Protection Bureau.

Former CEO files for bankruptcy after 1987 sale of retail chain

Even poorly executed business deals that were made decades ago can provide legal problems for former business owners. This was the case for William and Patricia Millard, who recently filed for personal bankruptcy after finding out they owed unpaid interest and taxes on the sale of their business. William Millard is the founder of the ComputerLand retail chain.

7th Circuit: Creditors can access inherited IRAs in bankruptcy

Sometimes, major bankruptcy questions are left unresolved on a bigger scale when circuit courts do not agree. This creates an unsettled issue that is ripe, meaning the question is often appealable to the Supreme Court. An appeals court has recently decided that that inherited retirement accounts (IRAs) are not exempt from bankruptcy creditors in a bankruptcy case. This ruling differs vastly from rulings in other circuits.

Women with heavy debt share their stories

People from all walks of life end up needing debt relief, but a recent article focuses on women whose debt problems have spiraled out of control for a variety of reasons, not the least of which is student loan debt.

Financial woes the subject of essay contest for kids

Upwards of 20 percent of the population in the United States has experienced difficulty finding full-time work during the past five years. Being unemployed or only getting part-time employment has left many families struggling to make ends meet. Some people have filed for bankruptcy, moved in with relatives following foreclosure or cut unnecessary expenses to survive tough times.

Pop star discusses money issues that led to bankruptcy

Circumstances outside of an individual's control can often lead to financial struggles. Combined with poor money management, it can be a recipe for difficulties that might lead to things like foreclosure. Bankruptcy can be a way for Tennessee residents to hit reset so that an individual can adopt new ways and recover their financial future.