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Posts tagged "Chapter 7 bankruptcy"

Tennessee faces high bankruptcy rate

Tennessee residents have struggled a lot over the past several years. The so-called Great Recession has left many families trying to live with less. Despite reports of recovery, many people are still seeing reduced wages, higher gas prices, lower home values and more expensive consumer goods and healthcare. For many people this combination has resulted in a complete financial disaster.

Tennessee Rep. seeks changes to bankruptcy laws and student loans

Most people do everything they can to better their future. One way that many young people try to do this is by going to college. This education is supposed to give people the competitive edge they need to land a stable and well-paying job in the future. However, this isn't the reality for many graduates.

When considering Chapter 7, know your options and rights

Since the start of the Great Recession in 2008, many Tennessee families have struggled to make ends meet. Now, while the economy has started to bounce back, many people still suffer the effects of the recession and the crippling economic damage it created. Many people live with constant creditor harassment. People may be afraid to answer the phone or open their mail, for fear of credit card balances, threatening tones or legal action. In some cases, people may be afraid of losing their car, their home or other personal possession.

Understanding the eligibility requirements for Chapter 7

A common concern among those who are having financial problems in Tennessee and across the country is whether or not they meet the eligibility requirements to file for Chapter 7 bankruptcy. Before moving forward with filing for Chapter 7, it's important to know what the eligibility requirements are so time and money won't be wasted when there are other preferable and more applicable alternatives available. When the details are understood, the decision of whether or not Chapter 7 is the best choice will be much easier.

Discharge under Chapter 7

When people file for bankruptcy, they do so in order to get some sort of debt relief. This relief comes in the form of the discharge. Once the discharge has been granted by the bankruptcy court, the debtor is no longer legally obligated to pay the debt. This means that all communication about the debt -- from debt collectors, for example -- must stop.

The bankruptcy trustee and Chapter 7

Many Tennessee residents are in debt and searching for solutions. A Chapter 7 bankruptcy is one option for people who are facing credit card debt, medical bills and other consumer debt. When completed, a Chapter 7 bankruptcy can discharge people's debt and give them a fresh financial start.

Can Tennesseans discharge student loan debt through bankruptcy?

As college tuition and the cost of living continue to rise, more and more Americans are finding themselves with overwhelming student loan debt. With high interest rates, these debts can quickly spiral out of control and leave a borrower stressing over whether or not he or she will even ever be able to afford to pay it off. When such personal debt creates extreme financial challenges, these individuals may find themselves asking if they can discharge their student loans through bankruptcy.

Medication causing unmanageable debt, bankruptcies

Many Americans struggle with their medical bills. In some cases an unexpected condition and/or operation leaves an individual or family with insurmountable debt, but medical bills can also rack up from prescription medication. These drugs, though many times helpful, can cost hundreds of dollars per pill, quickly hacking away at an individual's financial stability. In a matter of time, many of these individuals find themselves with unmanageable debt and fear for their financial future.

Discussing financial challenges is key to starting over

There are many reasons that consumers delay filing for bankruptcy or delay in seeking debt relief assistance form a professional. For some it is simply a matter of pride, while others fear bankruptcy will be worse for them in the long run. In fact, the most cited fear consumers have about bankruptcy is that bankruptcy, whether Chapter 7 bankruptcy or Chapter 13 bankruptcy, will destroy their credit score and permanently harm their ability to access financial assistance for car loans, a home or even school. But this belief may not necessarily be rational or true.

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Mark T. Young & Associates
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Hixson, TN 37343

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