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Financial stress and the holiday season

The holidays can be a stressful time, especially financially. Too often people take on more than they can manage under the belief that they will have time to catch up, but this is not always the case. For Tennessee residents, however, there are options when the unfortunate does occur, such as a mortgage loan modification or Chapter 7 bankruptcy.

One option for Tennessee residents struggling with debt is loan modification. For many people their largest monthly expenditure is their mortgage. It is sometimes possible to reach an acceptable modification agreement with the lender that can relieve some of the burden. Unfortunately, if job loss is the cause even a modification may not be enough.

In situations where a modification is not enough, a better solution may be filing for Chapter 7 bankruptcy. Chapter 7 bankruptcy allows people to wipe out most of their unsecured debt, such as medical debt and credit card debt. It also gives the debtor a reprieve from the creditor harassment. Seeking a loan modification in combination with a bankruptcy is also possible.

The main thing to keep in mind is that there are solutions for everyone struggling with debt. Whether a person chooses straight bankruptcy in order to establish a fresh financial start or a more structured form of bankruptcy, there are many options. To learn more about what is available, it is important to speak with a bankruptcy attorney who has experience obtaining debt relief.

There is no reason for people waste their holiday season stressing out about debt, especially when there are solutions waiting to be taken advantage of. The key is to ask for help.

Source: USA Today, "Money Watch: Unemployed and in debt? What to do," Christine Dugas, Dec. 14, 2012

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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