Mark T. Young & Associates
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May 2019 Archives

How bankruptcy can help when wages are garnished

Wage garnishment is a legal process. When a Tennessee resident has a job and owes a creditor money, that creditor may be able to secure a wage garnishment against them. If they do, the debtor will see some of their pay removed from their paycheck each pay period and sent to the creditor in consideration of their debt.

What is a debtor required to do under Chapter 13?

Although bankruptcy can be a useful legal process for changing the course of a debtor's financial health, it is not an easy thing to complete. When a Tennessee resident files for Chapter 13 bankruptcy they take on a number of requirements that must be met in full in order for them to reach the end of the process and receive their debt discharge. If they do not fulfill all of their obligations under the scheme they may lose their opportunity to reach the discharge phase of bankruptcy.

Country's total credit card debt stands at $870 billion

Most people are not surprised when someone advises them not to rake up too much of debt on their credit cards, as repaying an enormous credit card debt can often bring about significant financial challenges. It seems, however, that many Americans, including many in Chattanooga and Hamilton, have been forced to turn to credit cards to get by. The result is that at the end of the fourth quarter of 2018 nationwide credit card debt stood at a staggering $870 billion.

Medical debt is a problem for many Tennessee residents

There are many events in life that individuals can successfully plan for. With consideration and time, some people can put enough money away to eventually leave their jobs and retire. Others may be able to save some cash so that they can help their kids or grandchildren through college. When money is tight, though, saving may be a luxury that may be unachievable.

Are you facing financial troubles that include tax debt?

In the past, you may have considered yourself someone who handles money well. Now, you wonder whether having that idea was correct because you have landed on hard financial times. Before you start beating yourself up, you may want to remember that numerous people face financial difficulties and accrue substantial amounts of debt, and you have options for effectively addressing that debt.

How can bankruptcy help create manageable payments?

Each type of bankruptcy offers Tennessee debtors different options for rebuilding their financial health. Whereas Chapter 7 bankruptcy involves the liquidation of a debtor's assets to pay off their loans and creditors, Chapter 13 bankruptcy uses a debtor's income to create a plan for the repayment of their obligations. It is important that debtors choose the right bankruptcy strategy for their individual needs.

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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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