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December 2014 Archives

Details of Chapter 13 bankruptcy and how it works

For Tennessee residents who are experiencing financial challenges, Chapter 13 bankruptcy could be a reasonable alternative to get back on solid financial footing. Before moving forward with filing for Chapter 13, however, it's important to know how the entire process works. The case will start when the individual files a petition with the court. The person filing the petition will also have to inform the court of the following: assets and liabilities; expenditures and current income; executory contracts and unexpired leases; and a statement detailing financial affairs.

What is the CARD act and how does it help consumers?

It's not uncommon for people in Chattanooga to run into financial challenges because of credit card debt. Credit card debt can accumulate in a number of ways. Perhaps there was a frivolous use of credit to buy things that really weren't needed and the irresponsibility led to issues paying the debt. Or, there might have been unexpected events that made it necessary to use a credit card to pay for them and the aftermath is causing a problem paying all the credit cards. Before new rules were implemented, consumers were at the mercy of credit card companies. That changed when the CARD act was enacted.

Medical expenses a significant cause of bankruptcy filings

People in Tennessee and across the country can be affected by medical expenses without warning. Even if they have a good amount of insurance coverage, if there are medical bills for surgical procedures, a long stay in the hospital, as well as aftercare, there can be massive costs that people simply can't pay. This is not an isolated incident and a study has shown that almost two million people were forced to file for bankruptcy due to medical bills in 2013 alone. This made medical expenses the top reason for bankruptcy filings.

What are advantages of Chapter 13 bankruptcy and who's eligible?

When people in Tennessee experience financial problems, one option that they might not consider for a variety of reasons is filing for Chapter 13 bankruptcy. However, Chapter 13 might be a viable choice for those who would like to have a fresh financial start. Before moving forward with a filing, it's imperative to know the advantages of filing for Chapter 13 and who is eligible.

Understanding the eligibility requirements for Chapter 7

A common concern among those who are having financial problems in Tennessee and across the country is whether or not they meet the eligibility requirements to file for Chapter 7 bankruptcy. Before moving forward with filing for Chapter 7, it's important to know what the eligibility requirements are so time and money won't be wasted when there are other preferable and more applicable alternatives available. When the details are understood, the decision of whether or not Chapter 7 is the best choice will be much easier.

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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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