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There are many costs that can be suddenly added to your credit card bills, like sudden medical expenses, emergency repairs to your home or vehicle, or a job loss. Credit card debt can quickly add up and become unmanageable when you miss a payment or two, especially as interest grows. When you cannot pay back your credit card debts, a Chattanooga credit card debt lawyer can look over options to cancel or limit the debt you owe, including through bankruptcy.
There are options for addressing your credit card debt, even when it feels overwhelming. At Mark T. Young & Associates, we have significant experience in helping individuals file for bankruptcy when it is the most effective option for them. When bankruptcy is the ideal solution for your debts, it can help you limit or discharge your debts. By discharging or repaying your debts through bankruptcy, you can get a fresh financial start.
Our firm knows how several different financial issues and life emergencies can compound and put you in debt. Mark T. Young & Associates has over 30 years of experience in managing bankruptcy filings, and he works in this area of law exclusively. Our firm has the resources and experience to determine if you qualify for bankruptcy, whether it is beneficial to you, and what type is most useful for your situation.
Credit card debt can result from many different sources, and many people throughout the state and country deal with this kind of debt. The average American had $6,194 in credit card debt, while Tennessee residents had an average of $5,688 in credit card debt as of 2019.
The statewide debt-to-income ratio in Tennessee was between 1.32 and 1.40 in the third quarter of 2024. Closer to the Scenic City, the debt-to-income ratio in Hamilton County was between 1.19 and 1.37. Not all of this debt is credit card debt. However, many individuals are dealing with significant debts, including credit card payments, at a much higher amount than they are earning.
Bankruptcy can help if you have substantial credit card debt that you cannot repay. When you file for bankruptcy, credit card debt is considered unsecured debt, so it can often be fully discharged. This means your debts may be cancelled or greatly reduced. It also stops creditor actions, which can include garnishment. Even though the debts are unsecured, some credit card companies can seize assets to collect on unpaid debts.
Filing for bankruptcy and discharging your debts gives you more financial freedom to get financially stable and begin paying your basic needs fully and on time. Bankruptcy for many people is a chance at a fresh start.
Bankruptcy isn’t right for everyone with credit card debt. An attorney can help you determine the ideal solution for your financial situation. If bankruptcy is right for you, there are two primary types of bankruptcy that individuals can file for. These are a Chapter 7 and a Chapter 13 bankruptcy. Each type of bankruptcy resolves debts through unique methods, and either may be useful for securing you a fresh start.
A Chapter 7 bankruptcy allows you to discharge unsecured debts, meaning they are cancelled. This is done through a bankruptcy trustee who administers the case. Most property that individuals own is protected and client do not lose anything.
The discharge of debtor not only addresses your credit card debt, but it also addresses all your debts. Strategic filing can protect your assets and clear your debts. It is important to talk with an experienced attorney about using this form of bankruptcy for your situation.
If you file a Chapter 13 bankruptcy, you repay some of your debts through repayment plans. These are set over either three or five years. When you have a regular income, part of that goes to the repayment of your debts. Once the time period is complete, any remaining debts may be cancelled. Chapter 13 can help you retain your property, although it may require full repayment of the debt.
When you work with an experienced attorney, you can more clearly know whether you qualify for a Chapter 13 bankruptcy and if it is in your interests to file.
There are several benefits to working with an experienced debt attorney for your credit card debt in Chattanooga. Primarily, you are more likely to find and secure the most beneficial option to address your debts and begin anew. It is possible to review the options yourself, but an attorney can do so more efficiently and use their years of knowledge and experience to determine what is ideal for your specific financial situation.
An attorney can look at your debt, including credit card debt and any other secured or unsecured debts you have. Based on this information, an attorney can give tailored legal advice, tell you what options you have to resolve your debt, and inform you of your rights. Your attorney can help you avoid errors in the process, and they can talk with creditors on your behalf so you don’t have to.
When you have a legal representative by your side, you can minimize your stress and potentially resolve your debt more efficiently.
Mark T. Young & Associates is a debt relief agency, and we have helped many individuals and families throughout Chattanooga manage their debt. We understand the Bankruptcy Code, and we can help you determine if bankruptcy is the right choice for you.
When you work with our team, the process is more likely to go smoothly. Contact our firm today to schedule a consultation and talk with us about your credit card or other debts.
At Mark T. Young & Associates, We Get You The Help You Need.
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