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Helping good people through bad times

August 2012 Archives

Bank of America dismisses Chapter 13 bankruptcy trustee suit

Accusations that a Tennessee Chapter 13 bankruptcy trustee did not disperse funds correctly have been dropped by Bank of America. The Bank also agreed to pay the trustee's attorney's fees incurred in the lawsuit. Bank of America worked out a deal with the debtors themselves who were involved in certain Chapter 13 cases and dismissed all claims against the trustee managing the bankruptcies.

Extension of mortgage debt relief law backed by Senate panel

Chattanooga homeowners who are facing financial challenges and struggling to pay their mortgages may get some good news. A Senate panel has backed an extension of the Mortgage Forgiveness Debt Relief Act through 2013. The act provides debt relief for homeowners by allowing them to write off their debt balances through loan-modification agreements. It was scheduled to expire in December, which would mean that debtors who had gone through foreclosure or bankruptcy would have to pay huge amounts in taxes on the amounts that had been forgiven. For consumers that have worked to eliminate debt, this would cause even more financial difficulty.

Unpaid medical debt may not go away after being settled

As many Tennessee residents are no doubt aware, in this tough economy, many people have lost their health insurance when they have lost their jobs. Health care reform is supposed to address that, but it remains to be seen if it will work or be repealed. In the meantime, many people have mountains of medical debt piling up that they are unable to pay back.

Gabby Douglas' mother's debt plight similar to many others

Many Tennessee residents are no doubt aware of the inspiring story of Olympic gymnast Gabby Douglas, who will leave the games with an impressive haul of medals. Clearly her hard work and years of training have paid off. But how was that training afforded?

Bill could help protect workers who lose their jobs

For our first story to help Tennessee readers better understand the bankruptcy process, it's important to let them know what can happen to workers and retirees when a company has to close. When a company files for Chapter 11, it could mean many workers and retirees could lose wages and benefits, such as health insurance. This could lead to many personal bankruptcy filings.

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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