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August 2013 Archives

Cancer diagnosis increases likelihood of filing for bankruptcy

Over the years, multiple studies have demonstrated the link between medical bills and bankruptcy filings in the United States. Among the most widely cited studies are two reports co-authored by Elizabeth Warren of Harvard Law School. In her 2001 study, Warren found that at least 46 percent of all bankruptcies were caused by medical problems. By 2007, that number had risen to more than 62 percent of all bankruptcies.

Negative amortization and the plague of revolving debt

No one likes to deal with debt, but sometimes there is no other choice than to confront a problem head-on. Ignoring debt, particularly revolving debt like credit card debt, tends to be a recipe for disaster. This is especially true when the interest on the debt is so high that the balances are increasing by more than the monthly payments. If this scenario is a little too familiar to some Tennessee readers, legal advice on bankruptcy and settlement might be necessary.

Paying off debt with bankruptcy-exempt assets is a bad idea

When individuals are facing tough financial challenges, they will often do whatever they have to just to pay the bills. Unfortunately, while the instinct to act is understandable, acting hastily in the face of debt can actually get people into even worse financial trouble. Tennessee readers facing tough financial challenges and considering filing for bankruptcy may find the following article on bankruptcy exemptions informative.

Creditor harassment and responding to threats of litigation

From harassing phone calls to threats of litigation, creditor harassment can be terrifying. While the threats are often empty, debtors can be sued for unpaid credit card bills. For many, the first reaction to the threat of litigation is to ignore it. Unfortunately, ignoring legal notification of a lawsuit is far different. Tennessee consumers facing threats of lawsuits over unpaid credit card debt might find the following blog interesting.

Filing for bankruptcy may be the answer to growing medical debt

The myth about bankruptcy is that people who file for bankruptcy are bad with money. This, however, is far from the truth. In reality, according to some reports about half of all bankruptcies filed in the U.S. each year are due to medical expenses. Sadly, with rising health care costs and the growing need for medical care, these numbers are only likely to rise. Tennessee readers struggling with medical debt may find the following article helpful.

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

Toll Free: 888-376-0282
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