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June 2014 Archives

Can Tennesseans discharge student loan debt through bankruptcy?

As college tuition and the cost of living continue to rise, more and more Americans are finding themselves with overwhelming student loan debt. With high interest rates, these debts can quickly spiral out of control and leave a borrower stressing over whether or not he or she will even ever be able to afford to pay it off. When such personal debt creates extreme financial challenges, these individuals may find themselves asking if they can discharge their student loans through bankruptcy.

Less credit card debt paid off last quarter than during recession

As the economy seems to be slowly gaining traction, it may be easy to think that the debt load of people in Tennessee and around the country is getting lighter. This positive feeling can be buttressed by the fact that Americans paid off $32.5 billion in credit card debt last quarter. However, though that number may be impressive, that figure is less than the amount of credit card debt that was paid off by Americans at the end of the recession. In fact, Americans are expected to collectively accumulate $42 billion more in credit card debt by the end of this year compared to last year.

Medication causing unmanageable debt, bankruptcies

Many Americans struggle with their medical bills. In some cases an unexpected condition and/or operation leaves an individual or family with insurmountable debt, but medical bills can also rack up from prescription medication. These drugs, though many times helpful, can cost hundreds of dollars per pill, quickly hacking away at an individual's financial stability. In a matter of time, many of these individuals find themselves with unmanageable debt and fear for their financial future.

Few utilize bankruptcy as a way to stop foreclosure

Many Tennesseans live in fear of losing their home, and with the sluggish economy and the financial challenges faced by many, it is understandable. The thought of foreclosure can be terrifying, leaving a family not knowing what they will do next. While this fear can be paralyzing, those with overwhelming debt and facing foreclosure should dissuade themselves from inaction.

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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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