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April 2018 Archives

Why might Chapter 13 be a better option than Chapter 7?

Filing for bankruptcy is a big decision for any Tennessee resident, and the contents of this post are offered to inform readers of some of the different ways that the two most common forms of individual bankruptcy serve different interests. This post is not offered as specific advice on how individual readers may benefit from Chapter 7 bankruptcy and Chapter 13 bankruptcy; readers who wish to learn more about their individual bankruptcy options are encouraged to discuss their questions with their trusted bankruptcy attorneys.

How to determine which bankruptcy option is best

Like most Tennessee residents, you're likely no stranger to fluctuating economic situations. Most people experience some type of ebb and flow with their finances, especially if they encounter unexpected changes in life or crises. Maybe you switched jobs and your new income doesn't quite yet match up to your expenses and cost of living. Perhaps you're going through a health crisis that requires specialized medical treatment and is causing temporary debt.  

Unpaid medical bills can grow over time through interest

One of the advantages of saving money in a managed account is that it may, though no work of the contributor, grow over time due in part to the application of interest to the included funds. Many financial institutions incentivize the use of their accounts by offering consumers attractive interest rates that may help their money grow. That is to say, by giving a bank one's money, a Tennessee consumer is effectively giving the bank a loan on which interest is paid by the institution.

How do I qualify for Chapter 13 bankruptcy?

This Tennessee bankruptcy and debt relief blog has offered numerous posts on the benefits that bankruptcy can offer to men and women who are struggling with debt and unsure of how to get ahead in their financial lives. However, a person cannot simply decide to pursue bankruptcy and have their matter automatically accepted by the courts. In order to begin a Chapter 13 bankruptcy, for instance, a person must first legally qualify for the process's protections.

Do military service members get any extra help with their debts?

Men and women who have served in the United States military have provided this country with dedication and commitment that is matched like none other. Many Tennessee residents have given years of their lives toward providing their fellow countrymen with safety and security from threats both foreign and domestic as members of the Army, Navy and Air Force.

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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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