Tag: Tennessee bankruptcy lawyer

What is Tennessee Student Loan Refinancing and How Does This Work?

What is Tennessee Student Loan Refinancing and How Does This Work?

Many students and graduates do not realize that they have the option to refinance their student loans through consolidation loans, regardless of whether the student loans are federal or private. Loan consolidation is usually sought out when a person is struggling to pay off each loan or wants to save money. Consolidation is a smart way to save extra money while paying off your student loans in Tennessee. However, if you ever find yourself falling behind and into bankruptcy, consider seeking legal help from a Tennessee bankruptcy lawyer.

Tennessee Student Loan Consolidation Steps

Tennessee student loan consolidation can save you a ton of money on interest rates and might help you pay off your loans faster. What consolidation does is combine multiple loans together to decrease the varying interest rates into a single fixed interest rate. This means you no longer have to deal with interest rates that range from low to high, but rather, a What is Tennessee Student Loan Refinancing and How Does This Work?simple and straightforward interest rate on one large loan.

Not only does this simplify the process of paying off your Tennessee student loans, but this can make a difference in how much you have to pay each month. Interest rates are what can make student loan repayment so difficult and frustrating. As you slowly pay off your loan, your loan slowly grows larger with interest, making you feel like you are making less progress. With a consolidated loan, you only have to compete financially with one interest rate.

To apply for student loan consolidation, all you have to do is fill out an online Federal Direct Consolidation Loan Application on the Federal Student Aid webpage and Promissory Note that gives your consent to pay off the Direct Consolidation Loan. If you have any questions, be sure to talk with a bankruptcy lawyer.

Private Student Loan Consolidation Steps You Can Take

If your student loans are private, do not panic. You can also seek Tennessee consolidation for private student loans, a similar process to seeking consolidation for federal student loans. The same benefits of avoiding multiple interest rates apply here, but there is one downside. You cannot combine or consolidate federal student loans with private student loans.

This means if you have some federal student loans and some private student loans, you may have to combine the federal loans in a separate consolidation loan and the private loans in a second consolidation loan. At the very least, this will only leave you with two large loans, but with two interest rates to keep track of instead of several. One benefit of private loan consolidation is you can obtain a lower interest rate the higher your credit score is.

Bankruptcy Lawyer in Chattanooga, TN

Going through the loan consolidation process can be a massive decision to make. Do not hesitate to seek financial answers from our legal team in Chattanooga, Tennessee and North Georgia. Contact Tom Bible Law at (423) 424-3116 today to talk to a Bankruptcy lawyer in Tennessee for a free consultation. Our Tennessee bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma. 

Would Tennessee Life Insurance or 401k Help Me More?

Would Tennessee Life Insurance or 401k Help Me More?

Deciding between purchasing Tennessee life insurance or investing in a 401k plan can be challenging, as are most major financial decisions in life. Both of these come with benefits and costs compared to each other. The best financial decisions come down to weighing the costs and benefits. Learning more about the pros and cons of 401k and life insurance can help you make that choice. If you ever have any questions about financial situations like bankruptcy, then feel free to talk to a Tennessee bankruptcy lawyer for guidance.

Tennessee Life Insurance Versus 401k Plan

Tennessee life insurance and 401k plans both come with benefits and certain restrictions depending on the type of plan you choose and your circumstances. Both of these options have the potential to help you with your retirement plans, but each of these also come with different perks

Would Tennessee Life Insurance or 401k Help Me More?Whole life insurance offers access to the money you need when you need to use the money for important life expenses like medical bills or college. Since a 401k plan is regulated by the Internal Revenue Service (IRS), you will be controlled on what you can spend during your retirement and you will not be able to access any money at all until you reach the age of 59-and-a-half. Technically, you can still spend money from your 401k before that age, but with a 10% fee.

A 401k plan is taxed while whole life insurance is not. This means that if you wanted to leave money behind for your family after you pass away and you did this with a 401k plan, the money left behind would be taxed, meaning you may not leave behind as much money as you originally intended. Many people actually run out of money under 401k plans, partially because of taxes, whereas people with whole life insurance have a better chance of not running out of money.

Benefits of Tennessee Life Insurance

There are several benefits of Tennessee life insurance. One of the main benefits is having an inheritance for your relatives when you pass away. If you do not have an inheritance, life insurance can cover this for you, along with providing income for any dependents in your family. This means less worry about your loved one’s finances in the event of you passing away.

Life insurance can also cover funeral expenses, estate administration costs, and medical bills. There is also cash value that can be derived from life insurance if you buy an insurance policy that includes cash-value. This can help you put money into your savings. One other perk of life insurance is all the options you have. You can choose between Tennessee term life insurance and whole life insurance,

Bankruptcy Attorney in Chattanooga, TN

Deciding between life insurance and a 401k plan can come with a lot of pressure. If you ever have any questions about this or bankruptcy, seek help from our lawyers in Chattanooga, Tennessee, and North Georgia. Call Tom Bible Law at (423) 424-3116 to speak with a Bankruptcy attorney in Tennessee for a free consultation today. Our legal team of Tennessee bankruptcy lawyers is located in Chattanooga, Kingsport, and Tullahoma. 

Can My Spouse’s Credit Card Debt Affect My Finances in Tennessee?

Can My Spouse’s Credit Card Debt Affect My Finances in Tennessee?

Wondering whether your spouse’s credit card debt can affect your credit score or personal finances is a reasonable concern to have. The last thing you want is a bad credit score on your account when you need to take out a loan for important things. Figuring out whether your spouse’s credit card debt can affect you depends on whether you live in a common law or community property state. If you ever find yourself struggling financially or have questions about bankruptcy, feel free to contact a Tennessee bankruptcy lawyer for guidance.

Is Tennessee a Common Law or Community Property State?

Long story short, Tennessee is a common law state, otherwise called an equitable distribution state. This means that when it comes to the division of debts between spouses, married or divorced, the debts your spouse owes depends on whether you are sharing a bank account or Can My Spouse’s Credit Card Debt Affect My Finances in Tennessee?credit card with your spouse. In other words, if you and your spouse’s names are both on a joint bank account or credit card, then you are both held responsible for any associated debt.

This means you and your spouse could both face damage to your credit scores if you or your spouse miss a payment deadline or fail to pay off the debt in time. At the same time, you both have the opportunity to improve your credit scores by making all the payments on time. You may find relief in the fact that the common law state of Tennessee also comes with the rule that you are not responsible for any credit card debt under your spouse’s name alone.

For example, if your spouse is falling behind on a credit card that is only under your spouse’s name, you would not have to worry about this affecting your credit score. In this instance, only your spouse’s credit score could be affected and the bill collectors will only target your spouse.

How Can My Spouse’s Debt Affect Me in Tennessee?

Tennessee spouse debt can potentially affect you in a variety of ways. For one, any mistakes your spouse makes on a joint credit card will decrease your credit score. Having a poor credit score can make obtaining loans, cars, and houses will become an uphill battle. This is because applying for something like a mortgage alone is close to impossible.

You also may not be offered the interest rate you could have had if your credit score was higher. One way you can avoid any of these financial risks is to discuss having separate credit cards and separate bank accounts. You could also form a prenuptial agreement for your marriage that lays out maintains separate debts. Another option is to consolidate Tennessee credit card debt.

Bankruptcy Lawyer in Chattanooga, TN

Dealing with financial crises and bankruptcy on your own can be stressful. Consider talking with our legal team in Chattanooga, Tennessee, and North Georgia to figure out what your best financial options are. You can contact Tom Bible Law at (423) 424-3116 to talk to a Bankruptcy attorney in Tennessee for a free consultation today. Our Tennessee bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma. 

Types of Student Loan Forgiveness and Who Qualifies in Tennessee

Types of Student Loan Forgiveness and Who Qualifies in Tennessee

Seeking student loan forgiveness in Tennessee is an effective way to keep your student loans from overtaking your finances. Not every college student can find a job right away after graduation and even with a decent job, paying off some student loans can be challenging at first. There are different student loan forgiveness programs out there that vary depending on your profession, degree, and other factors. If at any point you find yourself coming close to bankruptcy, feel free to consult with a Tennessee bankruptcy lawyer for advice.

Main Types of Student Loan Forgiveness in Tennessee

Federal student loans come with different types of Tennessee student loan forgiveness programs depending on various factors like where you work, how many student loan payments you have made in the past, and certain circumstances. Student loan forgiveness Types of Student Loan Forgiveness and Who Qualifies in Tennesseeprograms related to where you work include:

  • Teacher Loan Forgiveness. Full-time teachers have the chance to have a portion of their student loans forgiven if they have taught for five years at a low income secondary or elementary school.
  • Public Service Loan Forgiveness. Whether your job is for a non-profit organization or government profession, you might be able to obtain loan forgiveness as long as you have made at least 120 monthly payments towards your student loans.

There are also student loan discharges that can happen during certain circumstances. Many of these circumstances are unpredictable and severe. Circumstances that may qualify you for a student loan discharge are:

  • You sustained a permanent mental or physical disability
  • The student loan borrower has passed away
  • The school you are enrolled in shuts down
  • You have to file for bankruptcy

Having a Tennessee student loan discharged for bankruptcy is rare, but not impossible. Consider seeking help from one of our bankruptcy lawyers if you have any questions about this.

Who Qualifies for Tennessee Student Loan Forgiveness?

Different people might qualify for Tennessee student loan forgiveness depending on their history and profession. Those who have served in the military Army National Guard, for example, can qualify for student loan forgiveness. Whether you qualify for a student loan depending on your profession and degree can depend on where you choose to work or which school you attended.

For example, some law schools offer student loan forgiveness for students who go on to work as lawyers that serve the public interest. Some medical students can obtain student loan forgiveness through the National Health Service Corps or Nurse Corps Loan Repayment Program if they work in places that lack proper medical care. Occupational and physical therapists can obtain student loan forgiveness depending on whether they work at certain private healthcare organizations.

Bankruptcy Attorney in Chattanooga, TN

When you find yourself struggling financially to the brink of bankruptcy, try talking with one of our lawyers in Chattanooga, Tennessee, and North Georgia to see what your financial options are. You can contact Tom Bible Law at (423) 424-3116 to talk to a Bankruptcy attorney in Tennessee for a free consultation today. Our Tennessee bankruptcy attorneys are located in Chattanooga, Kingsport, and Tullahoma.

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.