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January 2018 Archives

Ready to talk about bankruptcy? We're here to listen.

Every year hundreds of thousands of individuals and businesses file for bankruptcy. However, few people want to talk about it as a viable option for alleviating their overwhelming financial burdens and outstanding debt. Although many Tennessee residents do it, filing for bankruptcy is sometimes seen as a sign of failure or a stigma on a person's character.

What does the CARD Act do for consumers?

It is hard to imagine living without a credit card. Many Tennessee residents use these financial devices to make online and in-person purchases each and every day. When credit cards are used judiciously and with the complete knowledge of their terms by their holders, they may enable their holders to acquire the things that they both want and need. However, it is not difficult for a person to find that their credit spending has gotten out of control. When it does they may suddenly become familiar with their credit card company's policies for collecting on credit card debt.

Will one of these options help you keep your house?

As a new year unfolds, it's not uncommon for many Tennessee residents, perhaps including yourself, to be in dire straits concerning financial matters. After all, holidays recently passed, and many people grow dismayed when credit card bills start rolling in and they realize they overextended their budgets. Others have experienced unforeseen medical issues that threw their finances out of whack. No matter the exact causes of your current financial challenges, if you're worried about possibly losing your home, there may be options available to help you.

Can I keep my car if I file for bankruptcy?

Although Chapter 13 bankruptcy allows a Tennessee debtor to keep their personal property and repay their creditors through a reorganization of their assets and income, Chapter 7 bankruptcy, to some extent, does not. In a Chapter 7 bankruptcy, a debtor is required to sell off or liquidate items of property so that the proceeds may be used to pay off those parties to whom the debtor owes money. With the requirement that property must be sold under Chapter 7 bankruptcy, some debtors may have concerns over what, if any, of their property will get to keep after the process is over.

A bankruptcy option for those who earn regular income

Bankruptcy is often an option of last resort for Tennessee residents who cannot meet their financial obligations. When they have exhausted their savings, trimmed their budgets and sought assistance with their ongoing financial commitments, they may find that there are simply too few ways for them to manage their debts on their own.

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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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