Mark T. Young & Associates
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August 2019 Archives

How bankruptcy can impact credit card debts

Many people in Chattanooga and Eastern Tennessee who wonder about filing a petition for bankruptcy are struggling under a mountain of credit card debt. They may have heard that bankruptcy offers protection from credit card companies that are trying to collect on these delinquent accounts, but they don't understand the process and may be skeptical about whether a bankruptcy petition will offer any protection. Any question about bankruptcy can be answered only with reference to the specific financial situation of any given person. But, a bankruptcy petition will bring all collection actions to a stop until the bankruptcy proceeding is complete. This is known as the "automatic stay."

Can Chapter 7 help if you have auto loan delinquencies?

Whether you are buying your first car or upgrading to a new model, it may come as a surprise that these days a new car can cost, on average, over $37,000. With car prices continually increasing, many people in Tennessee are taking out auto loans to pay for their new vehicles. In fact, in total $1.2 trillion is now owed on auto loans in the U.S.

Even young adults are struggling under medical debt

It is a belief among some in Tennessee that many of those who file for bankruptcy due to medical debt are older people. After all, younger people do not always face the medical catastrophes, such as heart attacks or cancer, that older people may experience. However, a recent study published in the journal, Health Affairs, reported that the opposite may be true.

Facing the threat of repossession? Here is what you need to know

There are many consequences to owing a significant amount of debt. If you are in a difficult financial situation and behind on your payments, one of the things you may face is the threat of repossession. At this point, you may want to know what you are up against and how you can take steps to reclaim your financial future.

How can bankruptcy exemptions help those filing for Chapter 13?

When people in Tennessee get to the point where they are considering filing for bankruptcy, their first thought may be to file for Chapter 7 "liquidation" bankruptcy. In a Chapter 7 bankruptcy, a debtor's assets are sold, and the proceeds are used to pay back their creditors. However, sometimes a person's income is too high to qualify for Chapter 7 bankruptcy. When that happens, Chapter 13 bankruptcy may be an option. When filing for Chapter 13, the debtor's assets will be reorganized, and a repayment plan will be developed to pay the debtor's liabilities over a period of three to five years.

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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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