It is no secret that dealing with the burdens of debt can be a stressful and taxing experience. If you are staring down mountains of consumer debt, you could be experiencing a variety of hardships, and you might wonder how these issues will impact your financial future.
Do you find yourself overwhelmed by how much you owe in student loans? You may be like the many Tennessee college graduates who left school and entered the real world, only to find themselves dealing with an enormous amount of debt within a few months of graduation. This can be an impossible burden, especially when dealing with brand new financial responsibilities and other types of debt.
When people reach a financial situation where they have to consider bankruptcy, there can be a lot of fear and uncertainty. What of their assets are they allowed to keep? Will filing for Chapter 7 or Chapter 13 result in a loss of home equity or worse, home ownership? Can a person who files for bankruptcy still own a car or other personal vehicle?
If you are facing foreclosure on your home, it is important to understand the basics of the process and your options.
Nationwide, medical bill debt is the number one reason for bankruptcy filings. And it is not just people without insurance. Even those who had a good medical plan may find that bills are piling up--and up. The reason? High deductible and co-pays.
Many parents dream of being able to send their kids off to a good college, and not have them worry about massive debt when they graduate. In some cases, parents align their financial priorities to pay for the tuition bill at the expense of their own bills. At times this approach has resulted in those parents being forced to seek relief via a Chapter 13 bankruptcy.
When you have to file for bankruptcy, a lot of concerns go through your mind and one important issue is what will happen to your car. As one of your most important possessions, it can be critical for continuing to work and rebuilding your finances and credit. The good news is that it is possible to keep possession of your vehicle during and after the bankruptcy process.
Unmanageable debt is a terrible burden across the United States. While the number of bankruptcies filed each year is decreasing, Tennessee is still among the states with the highest level of bankruptcies annually. In some situations, bankruptcy is a good choice to regain control of finances, even if the process damages your credit score. The good news is that you can rebuild your credit, and that after a bankruptcy, you will have the ability to take control of and manage your finances responsibly.
Each year, people from all backgrounds find they are facing financial hardship. As anyone who has faced overwhelming debt knows, it can be stressful. Fortunately, in many situations it may be possible to address that debt by filing for bankruptcy under Chapter 13 or Chapter 7. This is a possibility in a wide variety of situations when debt has accrued. While spending more than someone has is one thing that could lead to financial hardship there are other reasons that people find themselves in this situation.
In a perfect world, no Tennessean would have debt. But we do not live in a perfect world. We live in a world that costs money, in a world where people can lose their jobs through no fault of their own, in a world where even the young and healthy can get sick without warning. When these realities hit, sometimes the only thing to do is pull out the credit card, charge what is necessary and then figure out how to pay for it later. Perhaps that is one of the reasons Americans are buried under so much debt.