Many of those who are currently unemployed may not find their job available again anytime soon. Others will find their jobs and their pay have been scaled back in the aftermath of the crisis. This financial crossroad will land thousands of Tennessee families into financial trouble, and legal remedies should be considered in advance.

Why legal help? New research indicates that if you're being sued by a debt collector, having legal representation can make all the difference. According to a new study released by Pew Research just last month; "People sued for debts rarely have legal representation, but those who do tend to have better outcomes. Research on debt collection lawsuits from 2010 to 2019 has shown that less than 10 percent of defendants have counsel, compared with nearly all plaintiffs. According to studies in multiple jurisdictions, consumers with legal representation in a debt claim are more likely to win their case outright or reach a mutually agreed settlement with the plaintiff."  Read more about changes in procedures and outcomes in debt collection here.

​The federal bankruptcy code is written to protect people who can't pay their debts.  Bankruptcy can help you wipe out debt through discharge, create viable debt repayment plans or alter the terms of your debt.

If this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! ​

In a recent survey, nearly 60% say they’ve lost income because of coronavirus, and of those, nearly seven out of 10 are worried about paying bills as well as making loan and mortgage payments.

While many Tennessee families have utilized stimulus checks, as well as aggressively working with their largest debtors to ask for delays in payment....the fact is, there is still too little too late...and a return to normalcy seems even further down the road. To that end, many are considering the legal remedy of personal bankruptcy, with some experts predicting a 'flood of bankruptcies likely in coming months".

The federal bankruptcy code is written to protect people who can't pay their debts.  Bankruptcy can help you wipe out debt through discharge, create viable debt repayment plans or alter the terms of your debt.

If this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! 

41 of the 50 states failed to meet the suggested number.  

Tennessee overall has reported (as of May 18th) 298 deaths attributed to the virus, with 17,388 confirmed cases. Some projection maps suggest Tennessee will obtain another 200 deaths by August 4th....as deaths continue to drop to eventually 1 per day by the end of  June.  For THE most comprehensive running totals for Tennessee, along with projections for the next 3 months, click here.  That calculation and projection site is maintained by the Institute for Health Metrics and Evaluation in Seattle Washington.

This crisis has caused a serious financial strain on most families.  If this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! 

Forbes Magazine reported this week that a recent poll found 82% of Americans believe the $1,200 stimulus checks should keep coming until the lockdowns are 100% over.  79% said the government should do more to help the unemployed.  And 55% said mortgage and rent payments should be frozen until it's all over. More about that poll here.

While the House passed the 2nd stimulus package last Friday, the Senate has yet to pass it, and it appears they won't. More negotiations are expected with some sort of package voted on the first week of June. Until then, many households are being forced to choose between paying bills or buying food...and food prices are skyrocketing in the wake of factory closures and supply chain problems. Most retail businesses are beginning to re-open, but the days of 'normal' are still a long way over the horizon as the public hasn't flocked to anything except big box retailers and home improvement places. This event is a very long way from being over. And the financial hardships are just beginning to become evident.

​Meanwhile, if this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! 

A recent U.S. Chamber of Commerce report discovered that over 40% of small businesses are concerned they may shut their doors within six months if economic conditions don't change soon. 

While the government's rescue plans have focused on families and small businesses, there are several big businesses that are in big trouble as well. Most of these well known names that are on the fence, were struggling prior to the crisis, and there's no denying that recent events could push them over the edge.

Several of these businesses had their corporate filings and news reports reviewed by 24/7 Wall Street, and here are a few that are in real trouble:  

J. C. PENNEY - This retailer, and also one of the anchor stores at our own Old Hickory Mall, is reportedly considering filing bankruptcy. They are carrying a multi-billion dollar debt load and were unable to pay their $12 million interest payment in April.  They had already shuttered over 200 stores since 2015, and were scheduled to close 6 more this year. 

AMC THEATERS - While we don't have an AMC Theater located in Jackson, there are 20 locations scattered across the state, and another 640 locations nationwide...and all still temporarily closed.  The company has over $5 billion in outstanding debt and now losing revenue with closed doors...they're in trouble. The rumor mill had Amazon considering buying up their stock, but unless that occurs, it appears bankruptcy and/or closing doors or selling assets after this crisis will be their only options for survival.

Other well known names in trouble due to the crisis:
BED BATH & BEYOND, STUBHUB, HERTZ, STEAK 'N SHAKE, GNC, NORDSTROM, GOLD'S GYM, RUBY TUESDAY, BEST BUY, AND REVLON.   

For more about this article, click here.

Meanwhile, if this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!

Wallethub is based in Washington D.C. and focuses on reviews for financial advisors.   For more specifics on this study, click here. 

​Meanwhile, if this crisis has created a financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!

​Now the IRS has expanded their F.A.Q. (frequently asked questions) section of their website on this topic...and there are now 38 common questions that are clearly answered on the page. Click here to access it.

On that page you'll find answers to questions such as:

• Who is eligible?
• Do I need to take action?
• Will the IRS contact me about my payment?
• What is the amount of the payment I will receive?
• etc.

We suggest you visit the site page to see if your question is easily answered. 

Meanwhile, if this crisis has created a financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!