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.
When people file for bankruptcy they are often worried about their personal property. This property is often extremely important for a person if the person is going to start over. The bankruptcy won't be any help, if people are left with nothing or have to purchase essentials again after the process.
Filing for bankruptcy can be a scary prospect for Tennessee residents. They may feel like it is the only option they have left -- especially if they have been subjected to creditor harassment. People may worry that filing for bankruptcy means that they have to give up a lot of their personal property. They may worry about losing family heirlooms, clothing, pets or other property that they need on a day-to-day basis.
When Tennessee residents are living with overwhelming debt they can feel like their backs are up against a wall. Creditors might be constantly calling trying to collect a debt. The debtors may deal with embarrassing credit card declines, calls at work or even wage garnishment. These actions can make people feel like it is impossible to get ahead of the debt or have any financial freedom.
One frequent concern of many Tennessee residents who are considering filing for bankruptcy is that everything will be lost as the process moves forward. Many are unaware or lack the knowledge to understand what bankruptcy exemptions are and how they can protect certain properties. Given the inherent fear that many experience when the word "bankruptcy" is mentioned and bills have reached the point where it is a legitimate possibility, the myths that come along with it can lead to a great deal of irrational suppositions and fear. Knowing the exemptions can alleviate this hesitation.
When Tennessee residents are experiencing financial difficulties, they may worry about losing their personal property. When people file for bankruptcy, especially, they may know that some property can be sold to help pay back debts. Or, in the case of secured property, people may realize that their property can be subject to repossession or foreclosure. In particular, people may wonder if their home is safe from sale during a bankruptcy.
To some Tennesseans, bankruptcy is a scary word. To them, the term conjures up images of destroyed finances and being left with absolutely nothing after creditors take it all. In fact, bankruptcy does not take the shirts off the backs of filers. Tennessee law allows the debtor to keep certain property under bankruptcy exemptions. The exemptions allow debtors to keep some property, remain in their community, and participate in the economy.
Credit card debt can be scary. Those who relied on them in a time of need can quickly be subjected to creditor harassment and even wage garnishment. In many cases, these debtors had no choice but to turn to credit cards. Unemployment, a sudden decrease in wages, a new medical condition, or another unexpected life event can leave them strapped for cash with nowhere to turn but their plastic. Though they may not have had an option in doing so, they do have options when it comes to finding debt relief.
As the economy seems to be slowly gaining traction, it may be easy to think that the debt load of people in Tennessee and around the country is getting lighter. This positive feeling can be buttressed by the fact that Americans paid off $32.5 billion in credit card debt last quarter. However, though that number may be impressive, that figure is less than the amount of credit card debt that was paid off by Americans at the end of the recession. In fact, Americans are expected to collectively accumulate $42 billion more in credit card debt by the end of this year compared to last year.
Getting married is scary enough on its own but for older couples dealing with serious medical concerns it can be downright frightening. While the initial concern is clearly the health of the people we love, there are also practical concerns to address. Tennessee readers considering marriage but concerned about how a new partner's financial challenges might their retirement savings or their overall financial situation might find the following comments on bankruptcy exemptions helpful.