Category: Repossession

4 common reasons why you may consider filing for bankruptcy

3/22/2023

Personal bankruptcy is a legal process that allows individuals to eliminate or restructure their debts. It is typically considered a last resort when other options, such as debt consolidation or negotiating with creditors, have been exhausted. Here are some common reasons why people consider filing for personal bankruptcy:

Overwhelming debt: If you have significant debt that you are unable to pay off, bankruptcy may be an option. Bankruptcy can help eliminate certain types of debt, such as credit card debt or medical bills.
Creditor harassment: If you are being harassed by debt collectors, bankruptcy may provide relief. Once you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from contacting you or taking collection actions against you.
Foreclosure or repossession: If you are at risk of losing your home or car due to missed payments, bankruptcy may be able to help you keep those assets. Filing for bankruptcy can put an immediate halt to foreclosure or repossession proceedings.
Legal judgments: If you are facing a lawsuit and cannot afford to pay the potential judgment, bankruptcy may be able to help. Filing for bankruptcy can stop legal proceedings and discharge the debt if it is eligible.

It's important to note that bankruptcy is a complex legal process and should not be taken lightly. Before deciding to file for bankruptcy, it's a good idea to speak with a qualified bankruptcy attorney to discuss your options and determine if bankruptcy is the right choice for your situation.

The Office of T. Verner Smith has helped thousands of Tennessee residents navigate this process and has a great reputation for handling the process in a respectful and professional manner. The first step is simply making a phone call to inquire about a free consultation. Call us at (731) 423-1888 and let's begin finding solutions for your problems today.

Bankruptcies on the rise as pandemic aid ends

3/15/2023

According to an article from CBS news: "The end of federal pandemic aid is putting many Americans and businesses under mounting financial pressure, leading to a spike in bankruptcies. Total bankruptcy filings in January shot up 19% in January to 31,087, up 19% from a year ago, according to data from Epiq, a legal research firm. The number of Americans who filed for bankruptcy across Chapters 7, 11 and 13 shot up 20% in January from a year ago. The surge in filings comes as rising interest rates and high inflation continue to stress household budgets."

The COVID-19 pandemic has had a significant impact on the economy, causing financial hardship for individuals and businesses alike. With the pandemic aid programs now coming to an end, bankruptcy filings are on the rise nationwide. Banktuptcy attorney Verner Smith in Jackson, Tennessee, is seeing an influx of clients from all across West Tennessee seeking debt relief.

As an experienced bankruptcy attorney, Verner Smith understands the challenges facing individuals and businesses struggling with debt. He is well-versed in the bankruptcy process and can help clients navigate the complex legal system to achieve the best possible outcome.

The pandemic has affected many different industries, from travel and hospitality to retail and manufacturing. With so many people losing their jobs or experiencing reduced income, it's not surprising that bankruptcy filings are on the rise. The pandemic aid programs, such as stimulus checks and unemployment benefits, provided some relief for those in need, but now that these programs are ending, many people are finding it difficult to make ends meet.

If you're struggling with debt, it's important to seek the help of a knowledgeable bankruptcy attorney like Verner Smith. He can evaluate your financial situation and recommend the best course of action to help you get back on track. Bankruptcy is not a one-size-fits-all solution, so it's important to work with an attorney who can provide personalized advice based on your specific circumstances.

One of the benefits of filing for bankruptcy is that it can provide immediate relief from creditor harassment, wage garnishments, and other collection activities. It can also give you a fresh start by wiping out certain types of debt, such as credit card debt and medical bills.

If you're considering bankruptcy, seek the advice of a qualified bankruptcy attorney like Verner Smith. With his help, you can make an informed decision about whether bankruptcy is the right option for you.

Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach.

Call us at (731) 423-1888 and schedule a free consultation.

Another bill collector? Hang up and do this.

2/13/2020

Are bill collectors blowing up your phone at home and at work? Are the 'past due' letters and threats of repossessions showing up in your mailbox?

We can help. The question folks often start to ask themselves is 'Should I file for bankruptcy?'

We have handled debt counseling and bankruptcy cases for thousands of Tennessee residents over the last three decades and welcome the opportunity to counsel you as well. Feel free to contact us anytime and we can tell you the first few steps necessary to get this process underway. Email us by clicking here, or call us at (731) 423-1888, (901) 730-4567, or (615) 371-6136.

4 common reasons why you may consider filing for bankruptcy

Bankruptcies on the rise as pandemic aid ends

Another bill collector? Hang up and do this.

Verner smith blog

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