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May 2015 Archives

Small businesses can file for Chapter 13 bankruptcy too

Tennesseans start small businesses with the best of intentions. Many have a great service or product to provide; others simply want to be their own bosses. But good intentions do not guarantee smooth sailing. Some businesses will hit rough patches that may be best solved through bankruptcy.

Total national credit card debt nearly $900 billion

In a perfect world, no Tennessean would have debt. But we do not live in a perfect world. We live in a world that costs money, in a world where people can lose their jobs through no fault of their own, in a world where even the young and healthy can get sick without warning. When these realities hit, sometimes the only thing to do is pull out the credit card, charge what is necessary and then figure out how to pay for it later. Perhaps that is one of the reasons Americans are buried under so much debt.

Alternatives to Chapter 7

Life can be tough. People get sick, businesses go sour, stock markets crash. When these events happen to Tennesseans, they may consider filing for bankruptcy. In many cases, doing so can be an important first step towards getting their financial houses back in order.

What happens after a Chapter 13 plan established?

When filing for Chapter 13 bankruptcy in Tennessee, the debtor will enter into a payment plan approved by the court. This plan is legally binding for both the debtor and for the debtor's creditors. After the plan is established, it is up to the debtor to see it through to the end.

Rules regarding medical debt collection undergo change

Health care is a necessary part of life for residents in Tennessee, but it is not cheap. Unfortunately, sometimes a debtor finds that they simply cannot cope with the amount they owe in medical expenses. According to the Consumer Financial Protection Bureau, as of December 2014, approximately 43 million people in the United States have some form of medical debt that is being listed on their credit report. In fact, over half of all debt listed on Americans' credit reports is medical debt. However, in March, some new rules took effect that may help debtors with regard to how medical debt affects their credit.

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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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