When people fall behind on their debts or credit card payments, they generally assume that they can catch up with a stricter budget. It is common for people to slowly accumulate debt while trying to keep their budgets as balanced as possible. Unexpected expenses or...
Chattanooga Bankruptcy Law Blog
The emotional side of filing for bankruptcy
Bankruptcy is a difficult process. As such, filing for this legal protection can evoke a variety of emotions. Anyone who’s considering bankruptcy should be prepared for what they may feel as a result of this turn of events. One thing that surprises some people who are...
Why is a secured credit card helpful after bankruptcy?
Some people file for bankruptcy and swear off credit cards. They cut up the cards that they own and they say they will never get more in the future. The reason for this is likely that they blame those credit cards for their overwhelming debt. Maybe they took out a...
Debunking some bankruptcy myths
If you are considering a Chapter 7 bankruptcy, you may dream of a future without financial hardships. Since access to credit is more of a necessity than a luxury, many filers wonder when they can obtain credit again – and if they should. Unfortunately, the many...
What are exempt assets in Chapter 7 bankruptcy?
In a Chapter 7 bankruptcy in Tennessee, understanding the distinction between exempt and non-exempt property is crucial for filers. This categorization determines which assets the filer can automatically retain through bankruptcy. Exemptions are provided by both...
3 ways credit card companies keep people trapped in debt
Credit card debt is one of the most predatory and insidious lending systems currently permitted in the United States. With the exception of payday lenders or check-cashing services, credit card companies charge the highest interest rates and most exorbitant fees of...
How much does surgery cost in the United States?
It’s well known that medical debt is one of the top reasons for bankruptcy in the United States. In other countries, citizens benefit from tax-funded healthcare, so they don’t have to privately pay for all of these expenses. But in the United States, the majority of...
Can bankruptcy keep my car from being repossessed?
The average cost of a motor vehicle has increased significantly in recent years. More complicated systems in vehicles and used car shortages have combined to drive up what people pay for transportation. With higher vehicle costs come more financed transactions. Those...
Why are payday loans considered predatory?
Payday loans are a controversial form of borrowing that has garnered a predatory reputation. These loans have incredibly high interest rates and fees, which can be significantly higher than those of more conventional lending options. The structure of payday loans...
Medical debt is the top-reported cause of bankruptcy filings
The average person's beliefs about bankruptcy are not as grounded in reality as one might think. A surprising number of people assume that irresponsible financial management is the leading cause of personal bankruptcy. They hear new stories about people carrying high...