Chattanooga Bankruptcy Law Blog

Owing a significant amount of debt is frustrating, especially if your financial frustrations are the result of things that are beyond your control. For example, you may find yourself facing significant medical debt after a sickness, extended stay in a Tennessee hospital or unexpected surgery. You may not have the savings to deal with the bills that just keep coming, and before long, you may be hopelessly behind.

If you cannot pay your bills, the creditor may choose to send the medical debt to a debt collector. This means they hire a third party to attempt to get money from you. This may include calling you multiple times per day, sending you letters and much more. It can be overwhelming, but there are options available to you. It may help you to learn more about what you can do if a collections agency starts calling. 

Financial problems can creep up on anyone. Even when an individual or family has lived comfortably and financially secure for years, life events could drastically change that. A job loss or a serious medical condition could cause major financial problems. This can make it difficult when navigating the matter, causing one to wonder if they will ever get out of the hole. There are options, and bankruptcy can be a solid and beneficial process for those seeking debt relief and a fresh financial start.

The Chapter 13 bankruptcy process could be the best option for individuals struggling financially. At Mark T. Young & Associates, we understand that it can be difficult to begin this process; however, our attorneys take the time to make sure our clients are well informed of the process and how it could benefit them.

No one wants to admit that they are dealing with financial problems. Many hope that if they ignore them long enough, that they will just fix themselves. Unfortunately, that rarely happens. What is even worse is that financial problems that go unaddressed have the tendency to get unmanageable. When a debtor has maxed out credit cards, medical bills piling up or suffered a job loss, it can seem impossible to ever get a handle on their finances. While it may not sound like the most appealing option, filing for bankruptcy can be a real option.

The problem so individuals have with the bankruptcy process is how it will impact their assets and property. No one wants to see everything go away in order for his or her debt to get erased. Thus, it is important to understand what bankruptcy exemptions are and how they could apply to your situation. With regards to Chapter 7, this is known as the liquidation bankruptcy. It essentially means that assets are sold off to pay off as much debt as possible.

Even when a person makes a good living, financial troubles can make their way into his or her life. It is easy to charge items to a credit card. While this form of payment is useful in certain situations, it can get out of hand in others. This is where credit card debt can become an issue. While it is fine to have some balance of a card, carrying this balance over and continually adding to it can evolve into an unmanageable situation. This is when it may be appropriate for individuals in Tennessee to consider debt relief options.

It is difficult to admit that one needs help, especially when it means filing for bankruptcy. However, the attorneys at Mart T. Young & Associates, understand how to ease this often emotional process. Our law firm is sensitive to the matter, understanding that it is difficult to face financial troubles; however, we are also knowledgeable on the solutions to these problems.