Tag: Tennessee bankruptcy attorney

What Should I Know About Emergency Funds?

What Should I Know About Emergency Funds?

During this uncertain time of the coronavirus (COVID-19) and economic struggles, many people may be dipping into their emergency funds or starting an emergency fund. There are a few strategies that can help you build up and manage an emergency fund while keeping your finances at a stable level. Doing this can decrease your chances of bankruptcy when financial losses are experienced after an emergency or unexpected event. To find out more, consider reaching out to a Tennessee bankruptcy attorney for more information.

Potential Benefits of an Emergency Fund

You probably already know a few benefits for building and managing an emergency fund, especially during these times. One obvious benefit is preparing for any financial struggles or losses that could hit you in the future. The future cannot always be predicted perfectly and having a safeguard there might help you avoid a financial catastrophe.

Four of the most common ways an emergency fund can help you are with house repairs, during times of unemployment, medical expenses, and unexpected accidents. Hurricanes and What Should I Know About Emergency Funds?other chaotic weather can bring unforeseen damages and destruction to your home. Roof repair costs alone can be expensive, but so can almost any other major house repairs.

Since unemployment has gone slightly up since the coronavirus, now is the best time to start investing in an emergency fund just in case. Medical expenses may not only come with the virus, but they can also come with unexpected accidents. Even a simple bone fracture can cost thousands of dollars without high-quality health insurance.

Speaking of unexpected accidents, there are also car accidents, workplace accidents, and slip and fall accidents that can end up costing you hundreds or thousands of dollars in medical bills and other damages.

Tips for Building a Personal Emergency Fund

At this point, you are probably wondering what the best and fastest way to build an emergency fund is, without any major financial sacrifices. Every major step towards building an emergency fund begins with a plan and small, manageable goals. The goal for an emergency fund is to determine how much money you want to save up for your emergency fund and when you want your savings to be completed.

Emergency fund building strategies involve setting up a system for consistent financial transfers into your savings account and managing this system. Most online bank accounts have an option for setting up automatic reoccurring transfers into your savings. If you cannot find this, be sure to contact your bank. You can keep track of how much is in your savings and how much closer you are to your goal by checking your account every week or twice a month.

Bankruptcy Attorneys in Chattanooga, TN

If you have questions about ways to save up money during difficult times or if you are worried about bankruptcy, contact Tom Bible Law firm for guidance. Our Tennessee bankruptcy lawyers have over 80 years of combined experience helping clients from Chattanooga, Tennessee and into North Georgia with tough financial situations like debt and bankruptcy.

You can contact a Bankruptcy attorney in Tennessee at (423) 424-3116 today or leave a note on our contact page with financial questions. Our offices are located in Chattanooga, Kingsport, and Tullahoma.

Still Don’t Have Your Stimulus Check?

Still Don’t Have Your Stimulus Check?

Hearing the news that everyone is receiving a stimulus check because of the Corona Virus (COVID-19) Pandemic, can naturally make you wonder why you have not received yours yet. You may be worried about whether you missed a crucial step that is preventing you from receiving the check.

There are several reasons why your stimulus check may not have come in and there are ways you can check to see why. Depending on your situation, you may be able to fix a minor error that prevented you from receiving the check. Talking with a Tennessee bankruptcy attorney may be a good idea to help you decrease your chances of filing for bankruptcy during these uncertain times. 

Checking Stimulus Check Eligibility

Still Don’t Have Your Stimulus Check?Finding out if you are eligible for the stimulus check is a simple process. All you have to do is visit the Internal Revenue Service (IRS) website where you can find details on economic impact eligibility.

People who are eligible have an adjusted gross income of $75,000 for one person and $150,000 for married couples. Those who are ineligible have an income of over $99,000 and ineligible couples have an income of over $198,000 with no children. 

However, there are other reasons you may not have received your check yet. For one, the whole stimulus check process was rushed because of the pandemic. This means many checks were sent to the wrong address or bank accounts.  This occurred because the IRS used outdated 2018 and 2019 tax returns for the contact and banking information.

If your banking information has changed since 2018 or 2019, then you may be able to find a way around this by contacting the IRS or visiting their website for more information about your options.

What if I Have Not Received a Stimulus Check?

There is no need to panic if you have not received a stimulus check yet. You have options to determine why this has happened and ways to navigate around certain obstacles. One of the first things you can do is visit the Get My Payment IRS webpage to check if you are eligible, if your check is processing, or if your check has already been sent. 

If your status says you received your check, but you do not see a deposit in your bank account or a check in your mailbox, then this could indicate several things. First, check to see if your bank account information has changed since 2018 or 2019. Then, you can also request that the IRS to trace your payment after a certain amount of time has passed since the date of issue. You can also call one of our attorneys for guidance. 

Chattanooga Bankruptcy Lawyers 

Once 14 days have passed since the stimulus check payment date, then try talking with one of our Chattanooga bankruptcy lawyers at Tom Bible Law, a law firm dedicated to helping clients through challenging financial situations.

With so many people dealing with financial challenges right now, not receiving your stimulus check can be disheartening and make life extremely stressful. Our legal team has helped countless residents who were struggling with financial difficulties and we can help you too.  We have offices located in Chattanooga, Kingsport, Tullahoma in Tennessee to overcome debt relief and bankruptcy. 

Call a Bankruptcy lawyer in Tennessee today at (423) 424-3116 or leave a note on our contact page if you have any financial questions.