Tag: Tennessee bankruptcy lawyer

Should I Pick Term or Whole Life Insurance in Tennessee?

Should I Pick Term or Whole Life Insurance in Tennessee?

Choosing between whole life insurance or term life insurance is an important decision to make because your choice could affect the life of your family. Each of these types of life insurance comes with different risks, sacrifices, and benefits. Knowing the differences can be helpful for making that final decision and could potentially prevent negative outcomes for your family. If you ever encounter any major financial problems or bankruptcy along the way, consider talking with a Tennessee bankruptcy lawyer for assistance.

What Comes with Whole Life Insurance?

Tennessee whole life insurance comes with the benefits of coverage until you die and an increasing amount of coverage depending on the age you are in your passing. Compared to term life insurance, whole life insurance does not cease after a certain amount of time but continues to cover you until your untimely passing. This means there is no risk of your family Should I Pick Term or Whole Life Insurance in Tennessee?not being covered.

The three main types of whole life insurance are:

· Traditional Whole Life Insurance. This type of whole life insurance offers a death benefit and premium that remains the same up until your passing. Your cash value account will increase with your age.

· Variable Life Insurance. The variable form of whole life insurance comes with the benefits of a savings account and the potential to increase your coverage, but the risk of decreased coverage if investments do not go well.

· Universal Life Insurance. The universal form of whole life insurance means your cash-value account will increase with interest and you can alter premium payments.

The cash value is unique to whole life insurance and allows you the benefit of a cash value that grows over time as you age. However, the risk of losing coverage happens when you fail to repay policy loans.

How Term Life Insurance Works in Tennessee

Tennessee term life insurance is cheaper compared to whole life insurance but is also temporary. This means your family may not be guaranteed coverage if the policy ends before you pass away. The way this usually works is you choose a term life insurance that lasts 10 years, 20 years, 30 years, or more. Either way, once the term life insurance period ends, you have to purchase a new term life insurance.

Term life insurance benefits are affordability, renewability, and the option to switch to a whole life insurance plan. Some negative aspects of term life insurance are no value increases, time-limited coverage, and health eligibility requirements. Eligibility requirements may mandate you to take a health exam.

Bankruptcy Attorney in Chattanooga, TN

Deciding between term or whole life insurance can be a difficult decision to make. If you ever have any concerns about your family’s financial future, then try reaching out to our lawyers in Chattanooga, Tennessee and North Georgia for legal advice on finances and bankruptcy. You can call Tom Bible Law at (423) 424-3116 to talk to a Bankruptcy attorney in Tennessee for a free consultation today. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma.

How Do I Have My SBA Loan Forgiven in Tennessee

How Do I Have My SBA Loan Forgiven in Tennessee

In the age of the coronavirus, many small and large businesses have had to shut down. This has led many people with SBA loans into a financial struggle to pay back the loan within a sufficient period of time. One alternative if you ever find yourself struggling to repay the loan is to seek SBA loan forgiveness. However, there are certain requirements you have to meet to accomplish this. If you ever have any financial concerns or issues related to bankruptcy, then feel free to contact one of our Tennessee bankruptcy lawyers for guidance. 

Quick Overview of Tennessee SBA Loans

Going through a quick overview of Tennessee SBA loans can help if you are considering applying for an SBA loan or have questions about your SBA loan. Applying for an SBA loan means you want a loan that is most effective for starting a small business. SBA loans are specifically designed to help smaller businesses by offering lower rates, down payments, and fees.

However, you cannot obtain an SBA loan without first meeting the requirements. Your small business must reside in the United States, have a legitimate need for credit, and be designed to make profits. Your company must also qualify as a small business. In other words, this means your company needs to have a certain amount of workers and net worth. 

You must also prove in some way that you will be able to pay back the SBA loan. Part of this involves having a strong business plan that is convincing enough to motivate the lender to grant you an SBA loan.  

Having Your SBA Loan Forgiven in Tennessee

In situations where you find yourself unable to pay back your SBA loan, whether this is because of an unexpected financial emergency or the coronavirus shutdowns, do not panic. There are options for repayment, one of them being SBA loan forgiveness in Tennessee. SBA loan How Do I Have My SBA Loan Forgiven in Tennesseeforgiveness means you will no longer have to pay back your SBA loan at all.

Qualifying for SBA loan forgiveness is the challenging part. To do this, you have to make sure the loan was only used for expenses related to your small business like paychecks, utility costs, and office space rent. You could qualify if your small business was affected by the coronavirus and your small business either involves:

  • Independent contractors 
  • Self-employed people
  • Veterans organizations with certain other requirements
  • Meets SBA size requirements 

You will also need to follow instructions on performing calculations under the CARES Act to render your loan forgiveness eligible or not. This process can sometimes be complicated. If you have any questions, be sure to ask one of our attorneys. 

Bankruptcy Attorney in Chattanooga, TN

Seeking loan forgiveness in any form can be tedious and sometimes confusing. Try reaching out to our lawyers in Chattanooga, Tennessee, and North Georgia if you find yourself struggling financially or on the brink of bankruptcy. Call Tom Bible Law today to speak with a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma. 

Should I Refinance or Consolidate My Credit Card Debt?

Should I Refinance or Consolidate My Credit Card Debt?

Deciding whether you should refinance or consolidate your credit card debt is a big step to take. Knowing which method to choose for paying off your debt can be difficult without enough information. There are specific differences between refinancing and consolidation that might make or break your preference. Costs and benefits exist for each option too and can help you with your final decision. In the event that you find yourself at risk for bankruptcy, consider contacting a Tennessee bankruptcy lawyer for guidance. 

What Refinancing Your Credit Card Means in Tennessee

Credit card refinancing in Tennessee means you want a fast and temporary solution to your credit card debt. This method is only temporary because the grace period is limited to 12 to 18 months depending on the bank. A grace period means you will not have to pay any interest for a short period of time. this grace period becomes initiated after you move your credit balances to a new credit card. 

In other words, refinancing a credit card in Tennessee means you will be transferring your credit card debt from one or more credit cards to a new single credit card that will charge no interest for Should I Refinance or Consolidate My Credit Card Debt?roughly 18 months. This can give you a little bit of leverage in paying off your credit card debt slightly faster than if you were charged interest. This method is especially helpful when you have debt on multiple credit cards because interest on each individual credit card can add up fast. 

Note that this method only benefits you if you transfer your debt to a credit card that comes with no interest or less interest than the interest you are being charged for your current credit cards. Some of the cons of refinancing include: 

  • Refinancing is temporary
  • Interest can raise your credit back up if you do not pay a significant portion before the grace period ends
  • Your credit score must be over 680 to qualify for no interest rates 

Credit Card Consolidation in Tennessee 

Tennessee credit card consolidation means you will use a loan to help pay off your credit card debt faster before the interest rates spike your debt up even more. Debt consolidation loans work to simplify the credit card debts you owe into a single monthly payment. Two benefits of this option are more time to pay off your debt and lower interest rates.

Cons can come up for consolidation if you choose a loan with a higher interest rate and less time to repay the loan back than you need. The process of applying for a loan can be tedious. Overall, consolidation loans give you more time than credit card refinancing, but they do need to be paid off by a certain point.  

Bankruptcy Attorney in Chattanooga, TN

Escaping expensive credit card debt is no easy task for anyone. Talk to our team of lawyers in Chattanooga, Tennessee, and North Georgia if you ever find yourself struggling with debt and bankruptcy. Call Tom Bible Law today to speak with a Bankruptcy lawyer in Tennessee at (423) 424-3116 for a free consultation. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma. 

Best Finance Apps to Help You Save Money

Best Finance Apps to Help You Save Money

One simple way to save and manage your money is to download free or cheap money management apps. These apps are designed to work with your unique financial situation to help you create and maintain an effective financial budget for a long period of time. Not only can this save you money in the long run but practicing these skills with an app to guide you can help you fine-tune your financial skills. If you are not into apps, you can also try out different templates for Microsoft word and other programs. You can also talk with a Tennessee bankruptcy lawyer for guidance during financial struggles like bankruptcy. 

Top Budget Apps

Some of the most well-known and effective budgeting apps are Mint, You Need a Budget, Clarity Money, and Personal Capital. Choosing amongst these depends on your preferences and might be as simple as this one costs money and this one is free or this one has this feature and this one does not. When it comes down to it, using any of these apps can save you time and money.

Best Finance Apps to Help You Save MoneyMint is a free budgeting app that lets you see how much money you have in your account at all times along with how much money you spend each month. This app calculates spending habits for you by breaking down your spending into categories. The You Need a Budget app offers a 34-day trial with the ability to create budgeting goals by assigning portions of your money to different categories.

Clarity Money is free to use and allows you to not only keep track of your spending but also lets you cancel unwanted spending. You would only pay a fee if you want the bill negotiation option available. Personal Capital is also only free if you use the budgeting tools but comes with fees for investment advice. This app gives you tools for finding hidden fees, planning retirement, tracking spending, and seeing what financial assets you have.

Budgeting Templates

If you are not into budgeting apps or cannot find a budgeting app that meets your needs, you always have the option of using budgeting templates. These templates can be downloaded online for free. You have the option of choosing between Microsoft Office templates or Smartsheet templates for Excel. Vertex42 offers a variety of templates for Open Office, Google Docs, and Excel.

If you do not have any office programs, you can also find templates on Pinterest and SeedTime. Visit these websites to figure out which budgeting template works best for you. Using a template means you will have to manually input all the information, but your information will be better organized, which can save you time on planning a budget

Bankruptcy Lawyers in Chattanooga, TN

Creating a budget plan is tedious work, especially if you are in the middle of a financial crisis and have little time on your hands. Reach out to our legal team in Chattanooga, Tennessee and North Georgia if you are struggling financially or have questions about bankruptcy options. 

Contact Tom Bible Law to talk to a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation today. Our bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma. 

Effective Steps to Escape Your Credit Card Debt

Effective Steps to Escape Your Credit Card Debt

Two things you want to do to escape credit card debt is to seek better payment strategies and avoid debt relief scams. Debt relief scams will not only worsen your financial situation but could quickly drain your finances. There are several debt payment strategies like debt snowball, debt consolidation, and bankruptcy that can help you escape overwhelming debt. Bankruptcy might be the last resort, but if you find yourself falling into this, be sure to contact a Tennessee bankruptcy lawyer who can help you. 

Use a Payment Strategy

Payment strategies for debt can help relieve you of the credit card debt you owe faster. Some people choose the debt snowball strategy, that is, paying off your lowest debt balances first. This has been known to motivate people to continue paying off other debts once their lower debts Effective Steps to Escape Your Credit Card Debtreach a balance of zero. The opposite approach is to pay off your highest debts first in what is called the avalanche approach. 

You can also try debt consolidation strategies like transferring your debts to a credit card with zero percent interest or seeking personal loans to pay off large chunks of debt. Transferring to another credit card may seem insane in this situation, but if you can find a credit card with a zero percent interest rate, this can save you money in the long run.

When you have exhausted all your financial options to escape debt, you can seek help from a credit counselor to create a debt management plan. A counselor will be able to negotiate with your creditors with leverage that you may not have. As a last resort, you can file for Chapter 7 bankruptcy to remove insecure debt or Chapter 13 bankruptcy to form a debt payment plan that gives you more time. 

Avoid Debt Relief Scammers

In your search for debt relief, be wary of debt relief scammers who will take advantage of your desperate financial situation. They will say anything you want to hear to take your money from you with no returns. Avoiding these scams is vital for protecting your finances and preventing a financial collapse.

There are several signs of debt relief scammers that can help you make smart decisions. For one, debt relief scammers will almost always require you to pay them before they do anything to relieve your debt problem. Scammers will also tell you to not talk with your creditors at all, will not send you any information about them until you give them your credit card information, and will promise to eliminate your debt by a certain date. 

Things that are too good to be true are probably a scam. 

Bankruptcy Lawyers in Chattanooga, TN

Escaping massive debt can be one of the most stressful things to endure. You do not have to go through this battle alone. Talk to our lawyers in Chattanooga, Tennessee, and North Georgia for assistance with bankruptcy and financial struggles. 

All you have to do is contact Tom Bible Law to reach a Bankruptcy attorney in Tennessee at (423) 424-3116 for a free consultation today. Our bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma. 

How to Manage Your Finances After Being Laid Off

How to Manage Your Finances After Being Laid Off

With people losing jobs due to the coronavirus left and right, you may be wondering if you will be next. If you were next, then you might find yourself trapped in a terrifying financial situation. Whether this is the first or second time you have been laid off, there are detailed steps you can take to help secure your financial future and avoid major financial downfalls. If you have any questions about this or fears of bankruptcy, then feel free to talk with a Tennessee bankruptcy lawyer for advice. 

Vital First Steps After Being Laid Off

There are several vital steps to be taken after being laid off. One of the first things you will want to do after being laid off is to do a check-up on your financial situation. See how much money you have in your checking and savings accounts, then try to calculate how much money you usually spend in a typical month, how much money you have to spend each month, and how long you can survive on the money you currently have.

How to Manage Your Finances After Being Laid OffWhat you can use this spending information for is a list of priorities. Once you have your financial priorities straight, that is, what you are obligated to spend your money on, then you can start figuring out what you can cut from your spending. This could be something simple as not going out to eat for a while, not buying movies each week, or saving more money on groceries. 

Remember, this is temporary until you find another job. The goal is to conserve as many resources as you can in the meantime. Two other vital steps you can take are having a job search plan and considering unemployment benefits as a worst-case scenario. Most cities have public job centers that are designed to help quickly match you with a compatible job. 

Steps You Can Take to Manage Your Finances

There are also ways you can manage your finances after a job loss by creating an effective survival budget. Creating a survival budget is often easier than enacting and maintaining this kind of budget. This process takes quite a bit of restraint and self-discipline. 

A survival budget is a limit on how much money you spend while also a priority of what you will spend your money on. The golden rule of any survival budget is that you spend money on your family first, then on creditors. You have to be able to put food on the table and pay bills before you can pay debts. Contact any creditors that you may be unable to pay right away and explain your situation. 

Stop paying for unnecessary bills like Netflix or a landline phone when you have a cell phone, at least until you find a job. 

Bankruptcy Lawyers in Chattanooga, TN

Coming close to bankruptcy in Tennessee is daunting, to say the least. If this has happened to you, then do not hesitate to reach out to our legal team who has helped clients in Chattanooga, Tennessee and North Georgia.

Contact a Bankruptcy attorney in Tennessee today at (423) 424-3116 for a free consultation or leave us a message on our contact page. Our Tennessee bankruptcy lawyers are located in Chattanooga, Kingsport, and Tullahoma. 

Are SSI Recipients Eligible for Stimulus Checks?

Are SSI Recipients Eligible for Stimulus Checks?

As someone receiving Supplemental Security Income (SSI), you are likely wondering whether you are still eligible to receive a stimulus check for the coronavirus (COVID-19). The good news is that you should be eligible according to the Internal Revenue Service (IRS) as long as certain requirements are met. The amount you receive depends on a few factors. If you have not received a stimulus check yet, figuring out what went wrong is important. Talk to a Tennessee bankruptcy lawyer if you have questions or concerns.

Stimulus Check Eligibility When You Have SSI Benefits

Are SSI Recipients Eligible for Stimulus Checks?Checking your eligibility for a stimulus check can be done by visiting the IRS main website. The IRS has stated that people receiving SSI benefits are still eligible for the stimulus check. One important thing to note is that the following information only applies to people who started receiving SSI benefits before January 1st of 2020.

The IRS will look at your 2018 or 2019 income tax return to see how much money you made during that span. Do not worry if you did not file an income tax return during those years because the IRS will still issue you a payment. You should receive your stimulus check money the same way you usually receive your SSI benefits. This might be through direct deposit to your bank or through a paper check, depending on how you have your SSI payments set up.

How much money you receive from the stimulus check depends on whether you have children and how many children you have. Without children, you should receive $1,200 for your stimulus check. If you have children, you should be given an extra $500 per child. Your child must be a qualifying child who was listed on your income tax return for this to happen.

Will the Stimulus Check Affect My SSI Benefits?

Since SSI benefits depend on income levels, many recipients of these benefits are worried they might lose them because of the added stimulus check. SSI benefits give people who can no longer work the same number of hours, or who cannot work at all, a certain amount of monetary benefits each month. Whenever their monthly income exceeds a certain amount, they can be kicked out of the disability benefits program. For some people, this can mean that you have to file bankruptcy.

The Social Security Administration (SSA) handles everything for SSI disability benefits and stated that they will not count the stimulus check as part of your income. This means that even if your stimulus check puts your financial assets above the SSA-allowed limit, you will still receive your regular disability benefits.

Bankruptcy Lawyers in Chattanooga, TN

When you are facing obstacles to obtaining your stimulus check or SSI benefits, then consider reaching out to Tom Bible Law firm for financial advice. One of our knowledgeable Tennessee bankruptcy lawyers can help you figure out your legal options. Our legal team has helped clients in Chattanooga, Tennessee and Northern Georgia overcome a variety of financial challenges related to bankruptcy. Call a bankruptcy lawyer in Tennessee at (423) 424-3116 or leave a note on our contact page today. We have offices located in Chattanooga, Kingsport, and Tullahoma.