Tennessee Governor Bill Lee has extended Tennessee's state of emergency through August 29th due to the ongoing COVID-19 pandemic and recent rise in infections. Lee signed three executive orders extending certain provisions and allowing for the continued suspension of various laws and regulations.

The state health department is reporting 42,297 COVID-19 cases and 592 related deaths as of June 29th.  You can see the latest statewide updates by clicking here.

The extension continues to limit social and recreational gatherings to 50 people, except for places of worship, weddings and funerals. It also allows for electronic government meetings, remote notarization and allowing continued take-out and delivery alcohol sales. Additionally, the extension suggests:

• Urging Tennesseans to continue limiting activity and staying home where possible, as well as following health guidelines and maintaining social distancing;

• Urging persons to wear a cloth face covering in places where in close proximity to others;
• Urging employers to allow or require remote work/telework if possible;
• Providing that persons with COVID-19 or COVID-19 symptoms are required to stay at home, and that employers may not require or allow employees with COVID-19 to work.

For the entire list of suggestions, extensions, and other facets of the order, click here.

What does it mean for you? Aside from how the order impacts your everyday life, it also sends a strong signal that this battle is far from over. Officials are less confident that the pandemic is slowing, and are growing more concerned that more problems are still to come. How that affects you, your household, and your finances, varies from person to person. Many Tennessee residents are beginning to realize how devastating this lengthy slow down can be to their finances, and the problems are real. Household bills continue to mount, government assistance is slow to arrive, the employment picture is sketchy, and plans for a return to near normal seems even further away. 

If you feel your financial situation is out of control...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! 

NerdWallet is one of the most highly recognized financial information providers in the nation, offering advice to consumers about credit card selection, college loans, banking, mortgage loans, stock trading and insurance policies. The CEO is a board member at the National Foundation for Credit Counseling. 

Last month they published an article dismissing the 5 most common myths about bankruptcy. These are the same myths we often battle with the general public, who have misconceptions about what the process really entails.


​From the article:
 
Myth 1: You'll lose everything!  
Not true.  You may think filing for bankruptcy means giving up your house, car and any other assets you may have. In fact, you’re likely to keep a lot of your possessions. The majority of Chapter 7 cases are no-asset cases, meaning the debtor gives up no possessions. Under Chapter 13, you keep all of your assets, but the value of them figures into your repayment plan.

Myth 2:  ALL of your debts will be relieved.
Also not true. Bankruptcy will provide you relief from most forms of debt, but there are some exceptions. Usually, recent taxes, child or family support, student loans, and debts that are a result of fraud are not forgiven.

Myth 3:  It's always best to have some debt.
Not true.  Filing for bankruptcy is one of the most serious financial decisions you can make, but that doesn’t mean it’s a bad idea. If your debts are more than 50% of your annual income and you see no way to pay them off within five years, bankruptcy is likely your best path toward living debt-free.

Myth 4:  Filing for bankruptcy is a personal failing.
People have this idea that bankruptcy is an admission of failure or a character flaw rather than a financial remedy. But when almost 60% of bankruptcies were the result of medical bills, it oftentimes has nothing to do with personal decisions. 

Myth 5:  Bankruptcy will ruin your financial future.
Not true. You can expect to have limited access to credit and to pay higher interest rates for the seven to 10 years that a bankruptcy remains on your credit report. But your credit score is actually likely to rebound shortly after you file for bankruptcy.

If you feel your financial situation is out of control...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! 

New projections for Tennessee suggest that COVID-19 could return with a second wave three times worse than the last.

According to projections compiled by healthdata.org, Tennessee is predicted to see a return of the virus, resulting in an additional 1,500 deaths between now and October 1st. The death total, to date, is around 485.
​See the projection chart by clicking here.  

Healthdata.org noted that the likely rise is attributed to several factors: "These forecasts indicate that COVID-19 infections could rise between August and September as we enter the fall season, human contact increases, social distancing mandates continue to be relaxed. We assume that schools will start to reopen in mid-August for in-person instruction, resulting in further increased mobility thereafter. All of these factors are likely to contribute to an increase in COVID-19 deaths."

What will this mean for the next few months in West Tennessee? Will the state, counties, and cities return to lock downs? Or will we, as a society, just accept that the virus is going to infect and ultimately kill a certain percentage of those who come into contact with it, similar to how we have adapted to flu death numbers?

Regardless of what measures are taken, there is still no doubt that financial stability will continue to be rocked as businesses, employers, the workforce, and society in general will continue to alter their behaviors in a way that affects the economy.  The end result is that a larger percentage of families will find themselves cash-strapped and overburdened with debt. Legal remedies are often the best solution in order to reset home budgets, overcome the COVID-19 economic impact, and put families on better footing for the future. 

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! ​

  

According to the CDC, suicide is already the 10th leading cause of death in the United States. Those numbers have risen 35% in the last 20 years. And a new article in the Journal of the American Medical Association suggests we may be about to see another rise in those numbers due to the COVID-19 crisis.

The article states, "Economic downturns are usually associated with higher suicide rates compared with periods of relative prosperity.  Since the COVID-19 crisis, businesses have faced adversity and laying off employees. Schools have been closed for indeterminable periods, forcing some parents and guardians to take time off work. The stock market has experienced historic drops, resulting in significant changes in retirement funds. Existing research suggests that sustained economic stress could be associated with higher US suicide rates in the future."

Those economic factors, combined with social isolation, decreased community and religious support, barriers to mental health treatment, and other COVID-19 related issues, have created a perfect storm. Click here to read the article in full. 

While there is little law offices can do to address many of those problems, the one area we can assist is in the economic relief area. Through debt resolution, and other possible legal remedies including bankruptcy, the law office of T. Verner Smith can at least help remediate those concerns.  

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! 

The chain, the largest company to file for bankruptcy protection so far during the COVID-19 PANDEMIC, had already announced they would be closing nearly 250 locations for good....and the paperwork filed last week, listed the first 154 locations to close. In addition to Dyersburg, five other locations in Tennessee will shutter their doors, including:  Columbia, Kingsport, McMinnville, Maryville, and Cleveland.

Large, well established businesses such as J.C. Penney, are facing financial difficulties during this crisis. It's perfectly understandable that families are struggling as well.  Just as these large businesses are turning to legal remedies to survive the aftermath, families should consider legal options as well. 

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! 
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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!