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April 2013 Archives

As bankruptcy declines Americans still face financial challenges

According to data released by the federal government, more than one million Americans filed for bankruptcy in 2012. While this still suggests that a significant number of Americans are facing tough financial challenges, it is actually a slight decrease in the number of Americans who filed for bankruptcy in 2011, with 1.4 million filings. In fact, since 2010 the number of Americans filing for both Chapter 7 and Chapter 13 bankruptcy has continuously declined.

When is a trust exempt from bankruptcy?

When someone in Tennessee files for bankruptcy the bankruptcy court assigns a trustee to the case. The job of a trustee varies depending on whether a person files for Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 Bankruptcy, the trustee identifies assets owned by the filer that can be liquidated and used to repay creditors. In a Chapter 13 Bankruptcy, the trustee receives payments based on the settlement and distributes the funds to creditors.

Older Americans face financial challenges

Tennessee residents understand that incurring debt is not always easy. For many people, credit card debt is where a lot of problems can exist. Even the most financially savvy and economically cautious consumer can become victim to these high interest loans and the spiral that has taken so many consumers into bankruptcy. Bankruptcy can be especially difficult for older individuals.

Dionne Warwick files for bankruptcy

Bankruptcy can happen to anyone, even those with psychic friends. For many consumers struggling with financial challenges, bankruptcy can be a scary prospect. However, much of this is based on a misunderstanding of the process. Tennessee consumers facing financial challenges, but hesitant to file for bankruptcy, might find the following on the bankruptcy of Dionne Warwick and the difference between Chapter 7 and Chapter 13 bankruptcy helpful.

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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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