Blog Archives

Headline: "Flood of bankruptcies likely in coming months"

5/26/2020

Through no fault of their own, thousands of Tennessee families have suddenly found their financial future is in jeopardy.

In fact, since March 15th, over 530,000 Tennesseans have filed for unemployment. And while the re-opening of most businesses is underway across the state, most of those who filed for unemployment are either still looking for a job, or returned to a job with fewer hours and less pay.

Without work, or working for less pay than before, Tennesseans worry about whether they can pay rent and other bills, not to mention essentials such as groceries.

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!

Tennessee one of only 9 states meeting COVID19 benchmark!

5/19/2020

Tennessee is one of only 9 states to reach a benchmark for COVID-19 testing set by Harvard researchers who estimated the state should perform over 3,000 tests per day by May 15th...and properly track and contain the spread of the virus.

Dean Flener, the spokesman for Tennessee's COVID-19 response group said, "From a national perspective, Tennessee has exceeded the federal benchmark."

The benchmark, set at 2% population testing per month, helps officials make informed decisions regarding re-starting and re-opening the state economy.

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!

The danger of waiting for the next stimulus check

5/19/2020

While millions are still (believe it or not) waiting for their first stimulus check, even more are hoping for another round to be issued soon.

There is a serious danger in waiting for help, and another layer of concern when folks become accustomed to counting on a rescue.

Make no mistake, if your financial situation has you desperate to open the mailbox and find a check inside...you need to begin considering ways to remedy that desperation; either through aggressive career action, common sense budgeting, or through a legal re-set in the form of personal bankruptcy.

Millions of Americans, blinded by the coronavirus crisis, still haven't recognized that their financial troubles began long before this event. Rather than burying your head in the sand, or binge watching Netflix, maybe this is a good time to evaluate where you are financially, and begin taking steps to make some life changes....or if you're just too far behind, use this moment in time to wipe the slate clean and start over.
At the law office of Verner Smith, we have helped thousands of Tennesseans do exactly that, and we're here to help you get your life back as well.

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!

Families aren't the only ones struggling. Some big businesses may bite the dust too, due to this crisis.

5/12/2020

If you're constantly checking your bank balance and checking your mailbox, hoping for some sort of light at the end of the tunnel....you're not alone.

Some of the most well known businesses in the world may not survive this crisis either....including some businesses with locations here in Jackson.

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!

Tennessee makes top 10 'most vulnerable COVID19 states' (health, housing, & money)

5/12/2020

Tennessee is ranked overall at #8 in the Top 10 of the 'Most Vulnerable Populations to Coronavirus'. This list, compiled by Wallethub.com, is based on a combination of factors, primarily: health, living conditions, and money.

Categorically, Tennessee ranked 5th worst in financial vulnerability, 22nd in housing vulnerability, and 7th in medical vulnerability.

States finishing in the top 10 overall were led by West Virginia at #1, followed by Louisiana, Mississippi, Arkansas, Alabama, Kentucky, Florida, Tennessee, South Carolina, and Georgia.

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!

Is it time to PACK to survive the Covid19 crisis?

5/5/2020

Many families are using the PACK system during the Covid19 crisis.

PACK is an acronym for POSTPONE, AXE, CUT-BACK, and KEEP. If you're still waiting on money, or it came and went.....the PACK system can be a smart way to hang on a little longer.

This financial exercise may open your eyes to areas in which you can find some relief.

Simply put, the P in PACK is:

'POSTPONE' - go through your expenses and see what you can postpone, such as any household projects you had planned, any trips, any new large purchases, etc. The A is...
'AXE' - what do you have that you can just flat out cut? Memberships, subscription services, things that were frivolous add-ons that you can AXE for now. C is for...
'CUT-BACK' - what areas can you cut back in? Cook instead of ordering out (if that's cheaper) for example. and K is for...
'KEEP' - those are expenses you just can't change: rent, utilities, etc.

So literally grab a note pad, and along the left column, write down P-A-C-K, and start listing items that fit those criteria. Many families find that getting those items on paper can open your eyes to your situation as well as possible options. Utilizing this concept may help you find ways to get through a few more lean weeks.

If, however, you determine 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!

38 questions the IRS can answer about your stimulus check

5/5/2020

As of just a few days ago, there were still over 70 million people who have NOT received their stimulus money. That's 70 million people who have been struggling to make ends meet as a large percentage have either had their jobs put on hold, or had their income affected in a seriously negative way due to the covid19 crisis.

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!