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September 2016 Archives

Bankruptcy does not mean losing all of your stuff

Many Tennesseans believe that seeking bankruptcy protection means that a person will lose all of their stuff, that they will be left with nothing more than the proverbial clothes on their back. But the truth is different. Here at Mark T. Young & Associates, we regularly help Tennesseans through the bankruptcy process. These individuals invariably keep some, if not all, of their assets.

What must Tennesseans do when filing for Chapter 13 bankruptcy?

Debt can be a powerful tool. Indeed, many Tennesseans successfully leverage debt to buy homes, build businesses and live the American dream. But debt can also trap those who accumulate too much or simply have bad luck at the wrong time. Fortunately, Tennesseans in this latter camp do not have to stay trapped; they have escape hatches like filing for Chapter 13 bankruptcy.

How does the homestead exemption work in bankruptcy?

Although 844,495 bankruptcy cases were filed in 2015, financial experts see that number as a sign of hope that the economy is showing signs of recovery. It's lower than the 936,795 cases filed in 2014, and much lower than 2005, when a record number of more than 2 million cases were filed.

Credit-card-debt statute of limitation

Many Tennesseans have credit card debt. Some pay that debt off on time and in full. Others get behind. Then the ball is in the creditor's court. But only for so long. Creditors have the right to try and collect debts, but only for a period of time. After that, the statute of limitations will step in, barring the creditor from filing a lawsuit to collect the debt.

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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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