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May 2012 Archives

NASCAR driver's wife uses bankruptcy exemption to keep house

Readers in Tennessee may be interested to hear that the wife of former NASCAR driver Jeremy Mayfield recently filed for Chapter 7 bankruptcy. She filed for bankruptcy protection independent of her husband, listing liabilities between $1 million and $10 million and assets up to $50,000. She was able to stay an impending foreclosure on the couple's home by filing for bankruptcy protection.

Separating myth from fact in Chapter 7 bankruptcy

Over the last several years, news of the financial and housing crises has triggered a lot of discussion about personal debt and bankruptcy filings. Though Tennessee bankruptcy filings have become more common over the same time period, many people still hold misconceptions about the Chapter 7 filing process and consequences. Recently, U.S. News & World Report addressed these "bankruptcy myths."

National credit card debt loads are on the rise once again

According to a recent report, Tennessee residents likely joined the rest of the nation in raking on increased levels of credit card debt. Consumer borrowing peaked at its highest level in a decade this past March, as consumers increased credit card debt, student loans and other debt. The Federal Reserve reported that consumer debt rose by $21.4 billion in March.

Homeowners would benefit from expanded capabilities in bankruptcy

Many Tennessee homeowners have been hit hard by the weak residential real estate market. Large mortgages and deflating property values have left many families in search of a solution to shed some of their debt in order to protect their homeownership.

Strapped with child-rearing expenses, Octomom files for Chapter 7

Every Tennessee family knows that raising a child can be difficult. Furthermore, taking care of a child requires a significant amount of financial resources. As the job market continues to improve at a slow pace, many families are feeling the strain of raising their children and meeting other financial obligations.

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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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