Nashville Bankruptcy Law Blog

On Friday, mortgage giant Bank of America announced a new program to help homeowners in foreclosure. As an alternative to eviction, the mortgage company will be offering leases to homeowners after their foreclosure is complete.

While the idea may seem appealing to those who were unable to negotiate a loan modification and have already lost their homes to foreclosure, the new plan reflects an attitude that may not be good for people looking for foreclosure relief so they can keep their homes.

It's tax time! Many people in Tennessee considering and actively pursuing Chapter 7 bankruptcy are wondering whether they'll get to keep their tax refunds when they file. Others think that they'll be able to avoid all trouble if they spend it all before filing their case.

The truth is that there are various bankruptcy laws that deal with money that is owed to you or money that you spend prior to filing for bankruptcy. To stay safe, it is always advisable to consult a Murfreesboro bankruptcy attorney before taking any action. With that said, there are some things that are generally true for all people filing bankruptcy.

From an early age most children are taught how to be responsible with their finances. Their parents give them allowance so they can begin to learn how to appreciate the value of a dollar, how to save it, and when to spend it. As they grow older, the value is expanded to include meeting your obligations.

These values become guideposts to our adult lives. It is how we live responsibly in society. We pay our bills. Few of us consider what we might do if these beliefs come into conflict with taking care of our family. It may be difficult to imagine how this divergence could occur.

Yet, for many responsible Tennessee families this is just what has happened to them in the aftermath of the mortgage meltdown. They find themselves in the position of choosing between paying the mortgage and providing for the needs of their families. For the first time in their lives, many people in Nashville faced foreclosure.

For many people in Nashville struggling to manage their debt, receiving a summons from a creditor can initiate the first of a series of sleepless nights. Summons are written in the legal language of attorneys and are frequently confusing to the average reader.

Even for those who have a valid defense, they may not have the assets to hire an attorney to represent them. Consequently, according to www.Forbes.com, the majority of these lawsuits wind up as default judgments against the debtor.

A judgment, whether it be by default or not, is a ruling by the court that a debtor owes the creditor money. Once that judgment is in place, the creditor has the right to execute that judgment and seize the debtor's assets.