Tag: Tennessee bankruptcy attorney

How Can I Get Rid of My Student Loans Quickly?

How Can I Get Rid of My Student Loans Quickly?

Almost every person dreads student loans after graduation. Even if you received a few scholarships, student loans for many students run up to tens of thousands of dollars. Most students do not have the financial resources to pay off these loans as quickly as they would like. Some people worry about either falling behind on payments or being trapped in a situation where they cannot pay at all. The good news is there are options. If you have any financial concerns or questions about bankruptcy, then consider talking with a Tennessee bankruptcy lawyer for guidance. 

Overcoming Loan Repayment Obstacles

How Can I Get Rid of My Student Loans Quickly?There are dozens of concerns that can cross a student’s mind when it comes to the repayment of student loans. It can help to briefly familiarize yourself with how student loan repayment works. Student loan repayment starts after you leave school or graduate, but you may also be required to start repaying if your semester hours go below half-time. Do not panic because you do have a short grace period after this when you do not have to pay.

This grace period will give you some time to settle into a job and build up your finances. The most important thing you can do to speed up your loan repayment process is to save as much money as possible during this grace period, and before you even graduate. Start saving now. Sometimes all it takes is a $100 deposit into your savings each month or every other week to build up money for repayment. 

Whenever you find yourself in the worst-case scenario where you cannot make a student loan payment upon request, you have options. You can contact your loan servicer to explain your financial situation or you can call the Federal Student Aid (FSA) Ombudsman Group to resolve any loan disputes. Do this before you miss a payment because missed payments are considered delinquent and may come with late fees and negative credit consequences. 

Seeking Loan Forgiveness or Discharge

Your other options are seeking loan forgiveness, discharge, or cancellation. The one you can choose depends on your unique circumstances. For example, loan forgiveness programs only apply under the following circumstances:

  • Partial loan forgiveness for teachers who have taught full-time for five years
  • Public service loan forgiveness if you work for an organization that is government-funded or non-profit, but you must have made 120 monthly payments

There might be other cases where you can seek loan forgiveness. Talk with your loan servicer to find out more. Loan discharge happens when you no longer have to pay off a debt. This can happen when your school shuts down, you have acquired a disability, or if you have to file for bankruptcy. 

Bankruptcy Attorneys in Chattanooga, TN

Obtaining a student loan because of bankruptcy is rare, but not impossible. To see if you might qualify for a student loan discharge for bankruptcy, reach out to our team of lawyers in Chattanooga, Tennessee, and North Georgia.

All you have to do is call a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation today or ask us a question on our contact page. You can find our team of bankruptcy attorneys in Chattanooga, Kingsport, and Tullahoma. 

Should I Invest in Life Insurance?

Should I Invest in Life Insurance?

Deciding whether to invest in life insurance is a massive choice to make considering the amount of money this type of insurance requires. There are two main types of life insurance out there called term life insurance and permanent life insurance. Each of these comes with their own requirements, payment plans, and benefits. Knowing the main difference between them is key for making a smart investment decision. If you have any questions about this or have financial concerns, feel free to contact a Tennessee bankruptcy attorney for advice.  

Pros and Cons of Term Life Insurance

Term life insurance offers coverage, but only for a certain period of time. This coverage can be used by your beneficiaries in the event of your untimely death. Not only can this help your loved ones escape potential financial problems, but this can help secure their future. One good aspect of term life insurance is that this is your cheapest option. 

When it comes to term life insurance, you end up paying less money for premiums each month compared to other types of life insurance. These premiums can build up to a larger cash value for Should I Invest in Life Insurance?your beneficiaries compared to permanent life insurance. This means you would be paying less money a month and building up more money for your loved ones in the event of your passing.

However, with almost every kind of benefit, there are cons. The main con with term life insurance is in the name itself. Term life insurance means you will only be covered for a brief period of time. This varies based on the term insurance plan. Depending on the plan you choose, you may be covered until the age of 65 or for five or 20 years. In other words, your beneficiaries will not be covered by life insurance if you pass away after this time period ends. 

Costs and Benefits of Permanent Life Insurance

Permanent life insurance may be more expensive with less of a payout in the end, but your beneficiaries are guaranteed coverage upon your death. Unlike term life insurance, there is no time limit for this type of insurance plan. As long as you keep paying the monthly premiums, you will be covered for the rest of your life.

Your life policy can also grow with time as you continue to pay the premiums. The cost of choosing permanent life insurance is less of a return on investment compared to term life insurance, but the benefit is you know your loved ones will be covered. 

Bankruptcy Attorneys in Chattanooga, TN

If you are still unsure about whether you should choose term life insurance or permanent life insurance, then consider asking one of our lawyers for guidance. We have worked with clients from Chattanooga, Tennessee, and North Georgia on financial challenges related to bankruptcy for several years. 

All you have to do is call a Bankruptcy lawyer in Tennessee at (423) 424-3116 for a free consultation today. You can also leave us questions on our contact page. Our team of bankruptcy lawyers are located in Chattanooga, Kingsport, and Tullahoma. 

Can People with SSDI Receive a Stimulus Check?

Can People with SSDI Receive a Stimulus Check?

With the coronavirus (COVID-19) going on, you might be wondering whether you are still eligible to receive a stimulus check if you are receiving Social Security Disability Benefits (SSDI). This is a reasonable concern, considering the current unstable economic situation surrounding COVID-19. Many businesses have had to shut down, leading to the loss of hundreds of jobs. Talk to a Tennessee bankruptcy attorney if you have concerns about your financial situation.  

Eligibility for SSDI Benefits

Can People with SSDI Receive a Stimulus Check?As you know, SSDI benefit eligibility can change depending on your circumstances and on the condition of your disability. Knowing what changes could affect your SSDI benefits is important for preserving your financial situation. As a start, it can help to refresh on what requirements you need to receive SSDI benefits:

  • You must be diagnosed with a disability that is listed in the Social Security Administration (SSA) Blue Book
  • Your disability must be expected to last at least a year or lead to death
  • The SSA definition of a disability is a mental or physical condition that significantly impairs your ability to work
  • The disability prevents you from working

Some people may lose their SSDI benefits and think the stimulus check is to blame. However, if any of these factors have changed since you started receiving disability benefits, then this may account for instances where the SSA decreased your benefits or ceased approving your benefits entirely. Be sure to check with the SSA about this by calling them to inquire why your SSDI benefits have changed. 

Do People on SSDI Receive Stimulus Checks?

According to the Internal Revenue Service (IRS), people who have been receiving disability benefits like SSDI or Supplemental Security Income (SSI) before January first of 2020 can still receive stimulus checks. Those who filed a 2018 or 2019 tax return will receive a stimulus check amount based on that. Recipients who did not file a tax return will still be eligible for a stimulus check.

You should receive the stimulus check the same way you receive your SSDI benefits. If you do not have children, your payment should come out to $1200 that may be sent through direct deposit or paper check, depending on your preferences for how you receive SSDI benefits. You should receive an additional $500 for each qualifying child you have. 

A qualifying child is a relative who was under the age of 17 by the end of 2019 and has live with you for longer than half a year. Your child must have also been claimed as a dependent on your return. 

Bankruptcy Lawyers in Chattanooga, TN

In the event that you have not received your stimulus check or find yourself stuck in a downhill financial situation, feel free to reach out to one of our lawyers for legal assistance. Our experienced legal team has helped clients from Chattanooga, Tennessee, and North Georgia with various financial matters surrounding instances of bankruptcy. 

Call a Bankruptcy attorney in Tennessee at (423) 424-3116 today or feel free to leave a note on our contact page. Our bankruptcy lawyers are located in Chattanooga, Kingsport, and Tullahoma. 

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.