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March 2013 Archives

Medical bills are a leading cause of personal bankruptcy

It has long been alleged that medical bills are one of the leading causes of bankruptcy in the United States. In fact, according to 2007 research study more than 60 percent of personal bankruptcies in the U.S. are caused by medical bills. Surprisingly, researchers also found that nearly 80 percent of those filing for bankruptcy due to medical bills had insurance. Tennessee readers may find the following blog on medical debt and bankruptcy interesting.

New bill proposed to assist students facing financial challenges

Chapter 7 bankruptcy is often referred to as "liquidation" bankruptcy. Unlike Chapter 13 bankruptcy, which requires debtors to reorganize their debt and enter into a repayment plan, Chapter 7 allows a consumer to discharge almost all of their debts immediately and get a fresh financial start. One thing that Chapter 7 bankruptcy cannot discharge, however, is student loan debt. However, there has been a recent initiative to change this and to allow student loan debt to be discharged under Chapter 7.

Chapter 7 and the homestead exemption

Due to the large amount of misinformation that exists on the Internet, and the complexity of the process itself, consumers are often replete with questions and concerns about the bankruptcy process. One very common misunderstanding that many people have is that homeowners filing for bankruptcy must file for Chapter 13. This, however, is not true. In fact, many Tennessee homeowners considering bankruptcy will be happy to learn that most homeowners are actually eligible to file for Chapter 7 bankruptcy.

Personal bankruptcy and rebuilding credit

Families that are struggling with financial challenges and crippling credit card debt often want to do everything possible to avoid filing for personal bankruptcy. For some people it is simply a matter of personal pride, while for others it is based on fears about the effects of bankruptcy. Tennessee families struggling with credit card bills and credit card debt might enjoy the following article on rebuilding your credit score after filing for bankruptcy.

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

Toll Free: 888-376-0282
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Fax: 423-877-0363
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