It’s well known that medical debt is one of the top reasons for bankruptcy in the United States. In other countries, citizens benefit from tax-funded healthcare, so they don’t have to privately pay for all of these expenses. But in the United States, the majority of...
Chattanooga Bankruptcy Law Blog
Can bankruptcy keep my car from being repossessed?
The average cost of a motor vehicle has increased significantly in recent years. More complicated systems in vehicles and used car shortages have combined to drive up what people pay for transportation. With higher vehicle costs come more financed transactions. Those...
Why are payday loans considered predatory?
Payday loans are a controversial form of borrowing that has garnered a predatory reputation. These loans have incredibly high interest rates and fees, which can be significantly higher than those of more conventional lending options. The structure of payday loans...
Medical debt is the top-reported cause of bankruptcy filings
The average person's beliefs about bankruptcy are not as grounded in reality as one might think. A surprising number of people assume that irresponsible financial management is the leading cause of personal bankruptcy. They hear new stories about people carrying high...
What should you know about wage garnishments?
For many consumers, understanding wage garnishments and their implications is important. This knowledge is always important, but it can become particularly pressing when someone is considering bankruptcy as a potential solution to halt garnishments. Wage garnishment...
How to prepare for Chapter 13 bankruptcy confirmation hearing
During your application process for a wage earner’s plan, there is a court proceeding in which a bankruptcy judge will decide if you qualify for Chapter 13 bankruptcy. At this confirmation hearing, the judge presiding over your case will review your proposal to repay...
Avoid these common mistakes when filing for bankruptcy
Filing for bankruptcy can be a lifeline when you are overwhelmed with debts. It can give you a much-needed fresh start and a chance to regain control of your finances. However, the road to financial recovery through bankruptcy is not without its pitfalls. It’s crucial...
Could a credit card balance transfer help with someone’s debt?
Credit cards are incredibly useful. They give people financial flexibility to cover unexpected costs. However, many people fall into a habit of spending more on credit than they can actually afford. It doesn't take very long for credit card debt to spiral out of...
Think you may be headed for a January bankruptcy? Read this
When your debts are climbing and you already suspect (or know) that you need to file bankruptcy it can be very tempting to indulge in some substantial purchases on credit – while you still have some readily at hand. This can be especially true during the holiday...
3 tips for rebuilding your credit after bankruptcy
People who are considering a personal bankruptcy filing often have a lot of reservations. They may worry about the stigma associated with bankruptcy and also the financial implications of filing. Typically, a personal bankruptcy leads to the closure of revolving lines...