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Chattanooga Bankruptcy Law Blog

Will bankruptcy destroy my credit score?

People who are struggling with debt may be reluctant to file for bankruptcy protection because they are concerned about what it will do to their credit score. Unfortunately, there’s no way around it. Filing for bankruptcy will damage your credit score. The good news is bankruptcy…

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Mortgage payments, escrow accounts and the threat of foreclosure

When you first took out a mortgage on your home, you likely set up an escrow account with your lender. An escrow account is set up to take care of your property taxes and homeowner’s insurance payments. It can be easy to forget about this account…

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How to rebuild credit after a bankruptcy

There is a great sense of relief that comes with filing for bankruptcy – but also a great fear that your credit score may never recover. A common misconception many people have about bankruptcy is that it will tarnish your credit with lenders forever. Fortunately, this…

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How student loan debt affects your future

Many people pursue a college degree for the promise of better opportunities, better pay and ultimately a better life. But at what point does the financial burden of higher education start to outweigh the benefits? According to Pew Research, Americans owed roughly $1.5 trillion in student…

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Who is most likely to struggle with medical debt?

It’s no secret that healthcare costs are extremely high in the United States – and paying medical bills can be difficult. In fact, one in four Americans has struggled to pay a recent medical bill. While anyone could struggle with medical bills and debt, certain groups…

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Be extra cautious when using credit cards during uncertain times

Millions of people have been or are expected to be affected by the current pandemic. In addition to those diagnosed with the virus, many more will feel financial effects through layoffs or having their work hours reduced. If you are experiencing those repercussions, or expect to…

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Could COVID-19 lead to more bankruptcies?

Medical bills are already a debilitating burden for many Americans. An estimated two-thirds of all bankruptcies are due to medical reasons – either high costs for care or work time missed – according to CNBC. What’s more, every year more than half a million families file…

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Car repossession in a bankruptcy filing

When you’re already in debt, it is essential to maintain your current livelihood to keep from accruing any more debt. New cars are becoming less and less affordable for many Tennessee residents, despite the necessity of owning a working vehicle. When this vehicle is necessary for…

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How to use credit responsibly

Credit is tempting to think of as free money, so long as you pay the minimum payment on your cards each month. When you’ve maxed out one card, it’s easy to open another. Yet you may find yourself facing bankruptcy if you rely on credit cards…

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Bankruptcy judge discharges $220K in student loans

One of the biggest myths surrounding the massive student loan crisis in the U.S. is that these debts are never discharged by bankruptcy courts. While it’s not an easy thing to do, it is possible. That was proven early in January when a bankruptcy court judge…

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