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December 2016 Archives

Ever wonder how credit-repair companies make money?

Life is seldom simple. We make choices. Sometimes they lead to good results, other times not. Whether that means getting buried under credit card debt or taxed by a business idea turned sour, the financial repercussions of a decision gone awry can be taxing, even ruinous. In such situations, there's no shortage of companies clamoring that they can help, including so-called credit-repair companies. What are these companies and how do they make money?

If you have filed for bankruptcy once can you file a second time?

Bankruptcy is meant as a second chance for Tennesseans who find themselves in a financial struggle, whether because of runaway medical bills, a business venture gone awry or some other cause. But sometimes a second chance is not enough. Sometimes a person gets sick again or tries another promising business that ultimately does not work. In these, and other instances, a person may need a third chance. Does bankruptcy law give hope for those in need of a third chance?

Is credit counseling required before filing for bankruptcy?

When Tennesseans think about bankruptcy they often focus on the end point: the discharge of their debt. Bankruptcy can result from any number of debt types including medical debt, credit card debt or some other type of debt. But bankruptcy is not just its end point. There is a beginning, a middle and an end. Along the way, Tennesseans will need to complete a variety of steps. One of those steps is credit counseling.

Rebuilding your credit after bankruptcy

For many Tennesseans squeezed by debt, the idea of filing for Chapter 13 bankruptcy is tempting. But some balk at actually filing for bankruptcy because of worries over the bankruptcy's effect on their credit. Such a worry is often overrated for a couple reasons. First, if a person is struggling to keep current with their debt, then chances are that their credit score is in the process of plummeting anyway. Second, rebuilding their credit score after bankruptcy may not be as difficult as they think.

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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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