Financial insolvency can develop slowly as someone accrues debt due to unsustainable spending habits. Far more commonly, however, people who have spent a lifetime behaving responsibly could be at risk of aggressive collection activity and similar financial challenges...
Chattanooga Bankruptcy Law Blog
3 causes of financial difficulties post-divorce
After any length of time in an unhappy marriage, divorce can feel like the start of a whole new way of being – but you still need to navigate your post-divorce finances carefully. It’s not unusual for people to find that they’re struggling financially in their new...
Why you can’t file for bankruptcy just yet
Bankruptcy is a process that helps many people, like yourself, resolve overwhelming debt obligations, such as medical bills, credit card debt and student loans. The most common form of bankruptcy is Chapter 7 bankruptcy, which can resolve most debt obligations....
Can I get my car back after it has been repossessed?
When someone finances a vehicle purchase, the vehicle they acquire serves as the collateral for the loan. Lenders can feel comfortable providing auto loans even when people have mediocre credit scores because they can repossess the vehicle if someone defaults on the...
Why a creditor lawsuit can become a bankruptcy tipping point
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...
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...