Mark T. Young & Associates
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September 2018 Archives

What are bankruptcy exemptions?

Working through a bankruptcy from filing to discharge may seem daunting for a Tennessee resident. For example, under Chapter 13 bankruptcy, a debtor may have to find a way to commit much of their disposable income to the repayment of their debts. Under Chapter 7 bankruptcy, they may have to relinquish items of their own property to sell for the repayment of what they owe to their creditors.

What is the means test of Chapter 7 bankruptcy?

Different paths to bankruptcy relief exist because not all individuals experience the same financial challenges and difficulties. As such, a Tennessee resident who is confronting significant financial hardship may elect to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. If they wish to pursue Chapter 7 as their method of overcoming their debts they must qualify for the process by passing the legal process's means test.

An explanation of Chapter 13 debt discharge

Tennessee residents use the bankruptcy process to alleviate burdensome and sometimes overwhelming debts that they accumulate over time. For individuals who earn steady incomes, Chapter 13 bankruptcy can be a useful tool. It allows debtors to create repayment plans through which they identify their debts and creditors, then reorganize the way that they spend their income so that they can, over time, repay the money that they owe to others.

Common mistakes when facing overwhelming debt

Being in debt seems like a normal part of adult life. From the time you were in high school or college, you may have had a credit card, then student loans, perhaps a car payment and eventually a mortgage. As in many households, most of your paycheck may go to paying debt, and you may even find yourself acquiring more credit card debt to get yourself through the rest of the week.

Out of network medical care can lead to exorbitant medical bills

Tennessee residents who have health insurance may be familiar with the concept of "in-network providers." If a doctor, hospital, or medical office is in-network, then that provider has a contractual relationship with the patient's insurance carrier. Insurance companies often prefer their customers to see in-network providers because it makes assessing insurance coverage and payments more streamlined.

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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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