Many Chattanooga residents take out student loans in order to finance their higher educations. However, at present it is very difficult for Tennessee residents who hold federal student loans to eliminate those burdens in bankruptcy. That is because in order to do so, a debtor must show that the repayment of their student loans subjects them to undue hardship. The biggest problem in accomplishing this is that the government has never clearly explained what an "undue hardship" in this context is.
Bankruptcy during retirement can be scary without help
Many Tennessee residents have worked their entire lives to pay down their homes, build up their retirement funds, and prepare themselves to ride out their lives without the hassle and worry of everyday employment. For most, a well-executed plan can get them comfortably into retirement. For others, unexpected life events can put their careful preparations into financial jeopardy.
How the FDCPA can help you fight against unlawful collections
You never know when a financial crisis will hit, whether globally, nationally or on a much more personal level. You may be one of many in Tennessee who recently suffered unexpected job loss or faced a medical emergency, the associated expenses of which you were completely unprepared to meet. In fact, financial problems are really a basic part of life, and most are temporary. It's all about knowing what options are available to help you overcome a particular problem in as swift and economically feasible a manner as possible.
Do I qualify for Chapter 7 bankruptcy?
In order to determine if a person will qualify for the protections offered from Chapter 7 bankruptcy, he or she must carefully review a number of factors related to their financial situation. In order to successfully perform this analysis many individuals in difficult monetary situations turn to trusted bankruptcy and debt relief attorneys in their Tennessee communities. These legal professionals can help their clients work through the topics discussed below as well as other important considerations relevant to their prospective bankruptcy cases.
Credit card companies can raise interest rates on consumers
Every credit card that a Tennessee resident applies for and uses to make purchases comes with an interest rate. That interest rate is applied to the balance that a consumer carries on their card if they do not pay off their purchases in full at the end of each billing period. While many people are aware that these interest rates can increase the amount of money they are liable to pay off when their balances are carried over, not everyone is aware that their credit card interest rates can change.
Bankruptcy does not eliminate child support debts
Any Tennessee resident who has gone through a divorce may have experienced the associated challenges that accompany the end of a marriage: emotional turmoil, physical exhaustion and financial uncertainty. When a household has to divide into two due to a divorce, the parties are forced to pay two sets of utilities, two sets of rent or mortgages and two of many other necessary costs. Additionally, one of the parties may become liable to the former partners' children for financial support.
