Mark T. Young & Associates
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888-376-0282
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May 2018 Archives

Do you need to give up your property if you file for bankruptcy?

Chapter 7 bankruptcy can seem like an extreme financial process for those Tennessee residents who are struggling to find solid financial footing. Often referred to as "liquidation bankruptcy," this form of bankruptcy requires filers to sell off items of personal property in order to come up with money that can be used to satisfy the filer's creditors. Unlike Chapter 13 bankruptcy, which involves the repayment of debts over time with the filer's incomes, Chapter 7 bankruptcy relies on the proceeds of the filer's liquidations to settle their outstanding debts.

Options for when conditions of repayment plan cannot be met

One of the biggest advantages that Chapter 13 bankruptcy has over Chapter 7 bankruptcy is the fact that debtors do not have to sell off their property in order to pay off their creditors. Rather, a Tennessee debtor may file for Chapter 13 bankruptcy if they have income and if they are able to create a repayment plan that is approved for their case. If a person can complete the terms of their repayment plan, then they may receive a discharge of their debts through Chapter 13 bankruptcy.

The possible consequences of falling behind on monthly payments

It is no secret that dealing with the burdens of debt can be a stressful and taxing experience. If you are staring down mountains of consumer debt, you could be experiencing a variety of hardships, and you might wonder how these issues will impact your financial future.

Helping you address medical debt problems

While we try to do everything in our power to stay healthy or overcome illnesses and ailments, we can still face many medical issues. The cost of healthcare is ever increasing, making it difficult for some patients to pay their bills right away. While payment plans are an option, when medical debt continues to grow because ongoing medical care is necessary, it can seem impossible to ever reach a point where their balance will return to zero.

Manage medical debt with the help of an attorney

Not long ago this Tennessee-based bankruptcy and debt relief blog posted an article about Americans' fears of incurring medical debt. The fear that some people experience is so high that they would actually prefer to deal with their medical problems on their own than to expose themselves to the incredibly high costs of health care in hospitals and other facilities. This can cause some who need the help of medical professionals to avoid seeking the care they need to heal their bodies and remedy their ailments.

Paying the minimum makes for slow progress on credit card debt

Credit card debt is not just a problem for the very young. In fact, according to one study, American households carry an average of around $6,000 in credit card debt at any given time. This means that many men and women in and around Chattanooga are struggling with overwhelming balances on their credit cards as they read this post.

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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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