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| Credit Card Debt Consolidation Help in Tennessee | ||||||||||||||||
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| Tennessee Debt Relief | ||||||||||||||||
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Debt settlement, also known as debt negotiation and debt reduction, is the process by which we negotiate and settle a debt for a reduced amount on behalf of a client. When successful, it is possible that Franklin Debt Relief can settle their debts for less than what is owed, all with the convenience of one low program payment. The savings from our debt settlement program can potentially be tremendous versus making your minimum payments, and it is in some cases the cheapest and fastest debt relief, debt consolidation or debt help option available to Tennessee consumers. If you're overwhelmed with credit cards, medical bills, balances from a repossession, or accounts in collections, call for a free consultation: (877) 274-1260. |
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| Pertinent Tennessee Debt Relief and Debt Help Laws | ||||||||||||||||
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(This is intended to be a helpful and informational debt resource for Tennessee consumers and does not constitute legal advice. For legal advice about your situation, contact a licensed professional in Tennessee.) Debt Collection Tennessee follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA). For more information on the FDCPA follow this link: debt collection. Maximum Interest Rate a Collection Agency Can Charge in Tennessee: 10% Tennessee Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, whichever is greater; plus $2.50 per week per child Statute of Limitations A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in Tennessee, the applicable statutes of limitations would be California's.) Oral Agreements: 6 years Written Contracts: 6 years Promissory Notes: 6 years Open Accounts (credit cards): 6 years Bankruptcy Courts United States Bankruptcy Court Middle District of Tennessee 701 Broadway, Room 160 Nashville, TN 37203 Howard H. Baker, Jr. United States Courthouse 800 Market St. Suite 330 Knoxville, TN 37902 Historic U.S. Courthouse 31 East 11th St. Chattanooga, TN 37402 200 Jefferson Ave. Suite 413 Memphis, TN 38103 111 South Highland Ave. Courtroom #342 Jackson, TN 38301 Bankruptcy Exemptions Bankruptcy exemptions are protected assets that the bankruptcy code mandates that a debtor is entitled to keep in order to adequately get a "fresh start" after filing. Bankruptcy exemptions vary from state to state, and the following list is the property that is protected in the bankruptcy code of Tennessee. For more information, follow this link: bankruptcy exemptions. Also, Tennessee is a tenancy by the entirety state. Click here to learn about what this means if you have debt that's in only one spouse's name. Real Estate, Auto, Personal Property -Home to $5000; $7500 for joint owners if 62 years or older; $12,500 if single; $20,000 if married; $25,000 if spouse is also 62 years old or older (spouse or child of deceased owner may claim homestead exemption) -2 to 15 year lease -$4000 of any personal property including deposits on account with any bank or financial institution -Bible, schoolbooks, family pictures, and portraits -Burial plot to 1 acre -Clothing and storage containers -Health aids -Lost future earnings payments for you or person you depended on -Personal injury recoveries to $7500 -Wrongful death recoveries to $10,000 -No more than $15,000 for personal injury and wrongful death recoveries, plus crime victims' compensation -Wages of debtor deserting family, in hands of family Insurance -Accident, health, or disability benefits for resident and citizen of Tennessee -Disability or illness benefits -Fraternal benefit society benefits -Life insurance or annuity Public Benefits -Social Security -Aid to the blind, disabled, old-aged -Veterans' benefits -Workers' compensation -Unemployment compensation -Crime victims' compensation to $5000 -Relocation assistance -Local public assistance Pensions -ERISA-qualified benefits -IRAs and Roth IRAs -Public employees -State and local government employees -Teachers Tools of Trade -Implements, books, and tools of trade to $1900 Other -Alimony, child support owed for 30 days prior to filing -Educational scholarship trust funds and prepayment plans |
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