The average person who obtains a mortgage to purchase a home intends to do everything in their power to make the payments on the property. After all, the house where someone lives is the collateral property for that mortgage, which means that missed payments can cost...
Chattanooga Bankruptcy Law Blog
These popular loans trap people in debt
Times are tough right now, and a lot of people have exhausted their cash reserves just trying to cope with inflation. When a financial emergency happens, that can leave them without the immediate resources they need to handle the situation. That’s why many people turn...
Do federal bankruptcy exemptions differ from Tennessee’s?
When filing for bankruptcy, particularly Chapter 7, you don't need to sell all your property to pay creditors. Some properties are exempted from bankruptcy. However, while there are federal exemptions, each state, including Tennessee, has its own set of exemptions....
3 ways people may modify their loans during Chapter 13 bankruptcy
There are multiple reasons why someone might pursue a Chapter 13 bankruptcy instead of a Chapter 7 filing. Their income may be too high to qualify for Chapter 7 proceedings. They may have enough personal assets that they worry about the possible liquidation of some of...
How bankruptcy can stop the repossession of a vehicle
People file for bankruptcy for many different reasons. Sometimes, what they need is immediate relief from aggressive collection efforts. If someone falls behind on credit card payments, for example, a company might sue them in an effort to garnish their wages. When...
Bankruptcy and wage garnishments
Bankruptcy and wage garnishment are two areas of financial distress that often intersect. Wage garnishment is a court-ordered process where a portion of an individual's earnings is withheld by an employer for the payment of a debt. Bankruptcy provides an avenue for...
Do seniors risk losing their government benefits via bankruptcy?
If you’re in what are meant to be your “golden years” and mired in debt, you’re not alone. Bankruptcy rates among Americans 65 and older have increased significantly in the past few decades. If you’re considering filing for bankruptcy to provide relief from the...
The vicious cycle of credit card cash advances
Cash advances from your credit card seem like a convenient solution when you face an unexpected bill or cash flow problem. With the quick withdrawal of funds, it can be easy to think that taking out a cash advance isn't such a bad idea. Taking cash advances on credit...
Could unexpected medical care lead to bankruptcy?
What would happen if you suddenly needed medical care? Odds are you wouldn’t consider the financial side of it very seriously at all. You would just get the care that you needed, especially if it was life-saving or would provide you with a drastically higher quality...
The pitfalls of buy-now, pay-later plans
These days, money is tight for a lot of folks – and a lot of businesses know that people simply don’t have the cash reserves or available credit for a major purchase. Hence the proliferation of ads trying to tempt consumers with "buy-now, pay-later" plans. These kinds...