Mark T. Young & Associates
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October 2019 Archives

Bankruptcy exceptions can protect assets

Bankruptcy can provide a fresh start after incurring insurmountable debt. Chapter 7 exemptions provide bankruptcy protection over a debtor's property while dealing with debt. Chapter 7 bankruptcy is typically a faster and easier process than Chapter 13. Under Chapter 7, most property may be protected. Chapter 13 provides for a 3- to 5-year repayment plan equal to the value of nonprotected assets and works better for debtors who can afford the payment plan.

The good and bad of credit cards

Having a new credit card can provide perks and better credit. But this can also lead to problems such as credit card debt and a bad credit score. The best reasons for opening a new credit card include new member bonuses such as bonus points, miles, and cash back. Different rewards cards also give a variety of rewards for specific spending behavior that can reflect a Hamilton cardholder's spending habits. Cards may also provide different extras such as extended warranties on purchases, travel or car rental insurance or access to airline lounges. It is important to learn how to use these benefits.

Pluses and minuses of credit card debt consolidation

Falling behind on credit card debt is a growing problem, especially for "millennials" who use them to pay for living expenses that are not covered by their paychecks. More consumers are using credit card debt consolidation to pay off their unpaid credit card bills. But, this should be carefully considered.

A possible solution for medical debt

Medical expenses can be crippling. But, there are several ways to deal with medical debt. Ignoring bills can only make the problem worse. Health care providers will collect on bills for a few months before the account is turned over to a collection agency. When that occurs, the debt is placed on credit reports, which can impair a person's ability to borrow money. There may be lawsuits which could lead to a judgment, wage garnishment or bank levy.

Avoiding insurmountable credit card debt

Credit card bills require payment of the underlying purchase, along with interest at rates which may exceed the combined interest for mortgages, vehicle loans and student loans. Debt consolidation is one strategy that can help prevent unreasonable credit card debt that can lead to bankruptcy or loss of property.

What's going to happen to your property during bankruptcy?

Making the choice to file for bankruptcy is not easy. If you are considering this choice, it is probably because you find yourself in a place where you can no longer manage your debt and financial obligations on your own. This is a tough choice to make, and one thing that may be holding you back is concern about your personal property.

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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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