Medical debt is a significant problem in America that leads many people to turn to bankruptcy. As of an April 7 report by the United States Census Bureau, 19% of households in America admitted that they could not afford to pay for medical care that they had previously...
Chattanooga Bankruptcy Law Blog
What happens once you fall behind on your mortgage?
Your mortgage is arguably the most important monthly expense that you have. The house that you live in serves as the collateral for that loan, which means that if you fall behind, your home ownership status is at risk. Once you fall behind, your mortgage company will...
How do property repossessions work in Tennessee?
When you are facing significant debt that you cannot manage, your financed property is at risk. Under the right of repossession doctrine, your creditors can take action to reclaim vehicles, jewelry, artwork and other items that you have not completely paid off. As you...
Are you ever able to dismiss student loan debt in bankruptcy?
If you went to college and ended up with significant loans, you may be disappointed to know that you can’t usually discharge those loans in a bankruptcy. U.S bankruptcy law makes it harder to discharge these, but you may be able to if you take the extra step known as...
Can medical debt appear on your credit report?
You may have read in the past that medical debt does not appear on your credit report. That isn’t entirely true. The reality is that the types of medical debt that may appear on your report could vary, and it is possible that at least some charges could go to...
Did the recent stimulus package address student debt?
Like many people with student loan debt, you may have been crossing your fingers and toes recently. You might have been hoping that the $1.9 trillion relief bill announced this week would have spared some change to wipe away your debt. Sadly, that has not happened. ...
Why don’t payday advances work?
You may have heard that payday advances are very risky. For some, they create insurmountable debt. Taking them out can be a serious financial error that leaves you looking for solutions. But why don’t they work? The idea behind a payday advance sounds practical...
Credit cards make you spend more
In many ways, credit cards are very useful tools. They make it easier to shop online, they allow you to have the money you need on you at all times and they offer rewards and cash back to give you some nice perks that you wouldn’t get with cash. Unfortunately, there...
Why bankruptcy is not the end of the world for you
Far too many Tennessee residents dread filing for bankruptcy as if doing so condemned them to a life of poverty and abject disgrace. It is just that sort of thinking that can leave consumers wrestling with unmanageable debt until the day they die. Certainly, filing...
Even people with health insurance can accrue major medical debt
Medical debt can sneak up on people. It only takes one heart attack, car crash or other adverse medical event to put someone out of work and drastically alter their household financial circumstances. Quite a few people think that because they have health insurance,...