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December 2013 Archives

Credit card company order to pay millions for deceptive practices

There are many ways for consumers to get themselves into hot water financially. Two of the most common methods are medical expenses and credit card debt. While these two are often discussed separately, medical bills and credit card debt often go together. In fact, some credit card companies are now offering "medical credit cards," which some consumer advocates argue are causing more harm than they are helping at the intersection between credit card debt and medical debt.

Not all debt is created equal

While most unsecured debts, such as credit card debts, are dischargeable in bankruptcy, there are exceptions to the types of debts that can be discharged through the bankruptcy process. In Chapter 7 bankruptcy, for example, debtors typically cannot discharge government-funded student loans, certain tax debts, federal liens, debts related to personal injury cases and fines or penalties for violating the law. Another common exception is alimony. Tennessee readers may find it interesting to learn that this principle can apply to the repayment of alimony overpayments, as well.

Dispute over bankruptcy exemption goes to Supreme Court

When a consumer files for bankruptcy in the United States, whether it is a Chapter 13 bankruptcy or Chapter 7 bankruptcy, he or she is entitled to certain bankruptcy exemptions. The bankruptcy exemptions set forth certain items of property that are excluded or "exempted" from the bankruptcy estate for purposes of repaying the creditors. This means that the consumer can keep this property and creditors cannot take the property for repayment of a debt. One common asset that is exempt is a qualified retirement savings account, like an IRA.

Bankruptcy can be the better option than defaulting on loans

Everyone faces financial challenges from time to time. Whether its medical debt or credit card bills, many people struggle to make payments and stay on top of their obligations. In some cases things simply get to be too much. When this happens one option is bankruptcy. However, Tennessee consumers looking to further their education may have some questions about how filing for bankruptcy will affect their ability to secure student loans.

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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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