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June 2016 Archives

Which Tennessee residents are eligible for Chapter 13 bankruptcy?

Bankruptcy law offers Tennessee residents the opportunity to reset their finances and start again, hopefully smarter and wiser from the experience. And, indeed, many success stories have grown from the seeds of bankruptcy. But, not everyone can qualify for the benefits that bankruptcy provides. There are certain qualifications that need to be met in order for a Tennessee resident to be eligible for Chapter 13 bankruptcy.

What are the advantages of Chapter 13 bankruptcy?

Sometimes Tennessee residents just need to hit the reset button. But life, unlike video games, seldom offers a reset option. Fortunately, when it comes to their finances, there is a reset button for Tennessee residents. All they need to do is file for bankruptcy. Doing so is the first step of a process that ends in a fresh financial slate. One version of bankruptcy is Chapter 13 bankruptcy.

What happens to my car in bankruptcy?

When you have to file for bankruptcy, a lot of concerns go through your mind and one important issue is what will happen to your car. As one of your most important possessions, it can be critical for continuing to work and rebuilding your finances and credit. The good news is that it is possible to keep possession of your vehicle during and after the bankruptcy process.

Medical debt can ruin a Tennessee resident's credit rating

For some Tennessee residents, a medical problem can be a moment of adversity readily overcome. For others, the medical issue will can be catastrophic, introducing a time of suffering and medical debt. For those in such situations, having the pressure of sometimes-staggering debt can be overwhelming and can raise many different questions.

How to begin a Chapter 7 bankruptcy filing

For many Tennesseans, filing for Chapter 7 bankruptcy can be intimidating. The decision to file can carry cultural baggage. The process may intimidate the uninitiated, but like most things, the fear is worse than the reality. In the end, the result is a fresh financial start. To learn more about starting the journey from debt-plagued to debt-free, keep reading.

Escaping student loans through bankruptcy: Fact or fiction?

Year after year, school gets more expensive for individuals in Tennessee attending college and grad schools. Those spiraling costs have had an unsurprising effect -- bigger student loans. Long gone are the days when a student could pay off all of their school costs just by working while they went to school.

How to rebuild your credit score after bankruptcy

Unmanageable debt is a terrible burden across the United States. While the number of bankruptcies filed each year is decreasing, Tennessee is still among the states with the highest level of bankruptcies annually. In some situations, bankruptcy is a good choice to regain control of finances, even if the process damages your credit score. The good news is that you can rebuild your credit, and that after a bankruptcy, you will have the ability to take control of and manage your finances responsibly.

John Oliver buys, then forgives $15 million in medical debt

Debt is a reality for many Tennesseans. And, they are not alone. America, as a whole, owes about $12 trillion. Yes, trillion. A healthy chunk of that amount is medical debt. But, thanks to John Oliver, comedian and host of "Last Week Tonight," there is now $15 million less medical debt.

What are some personal exemptions when filing for bankruptcy?

Some Tennesseans need a fresh financial start. They tried to start a business that did not work out. They got sick and racked up significant medical bills. They made some financial decisions that they would like to take back. But whatever the reason, some Tennesseans may be reluctant to file for bankruptcy. A part of that reluctance is often the worry that the person will have to give up everything as part of the bankruptcy. That worry is unfounded though: Tennessee provides a variety of bankruptcy exemptions designed to ensure that Tennesseans land on their feet following the end of the bankruptcy process.

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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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