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May 2013 Archives

Different World actor files for Chapter 13 bankruptcy

Filing for bankruptcy is not something Chattanooga residents should be embarrassed about. Bankruptcy is also not something that is reserved for the working class or the Average Joe. In fact, a quick review of any celebrity website or tabloid will prove just how wrong that notion is. Often times, celebrities, the rich and even businesses get into financial trouble. Consider the recent Chapter 13 bankruptcy of David Adkins, former 1990s comedian.

Medical debt leaves patients with pay or die options

There are many reasons that people file for bankruptcy and not all of them are within our control as consumers. For instance, one of the leading causes of bankruptcy in the United States is not the excessive purchasing of luxury goods, but medical expenses. Medical debt is a plague on household income not only because of the astronomical cost of health care, but because it is more often than not necessary, leaving consumer with few alternatives.

How to rebuild credit amid financial challenges

As many Tennessee readers probably already know, outstanding credit card debt can reek havoc on a person's financial situation. While this may not be true for everyone, it can be particularly challenge for those trying to operate a small business. While such financial challenges can seem insurmountable at times, there are ways for small business owners and individuals to rebuild their credit scores and to reestablish themselves financially after running into serious credit card debt.

Medical debt continues to plague American families

Medical debt remains one of the leading causes of personal bankruptcy in the United States. According to a 2007 Harvard University research study, more than 60 percent of individuals who filed for personal bankruptcy in the U.S. cited medical debt as a contributing factor. In 1981, that number was no more than 8 percent. Tennessee residents might be interested to learn that between 1981 and 2001, medical bankruptcies increased by nearly 2,200 percent.

Understanding bankruptcy options vital for Tennessee residents

Long before the great financial crises of 2008, Tennessee had one of the highest bankruptcy rates in the United States. That hasn't changed. In fact, in the first quarter of this year Tennessee had the highest per-capita bankruptcy rate of any state in the country, almost twice the national average.

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

Toll Free: 888-376-0282
Phone: 423-933-1606
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