Many people Tennessee consumers are reluctant to file for bankruptcy because of some of the myths involved. While bankruptcy is not something to take lightly, it can provide those in debt with a clear path to getting back on their financial feet. Many reasons to file...
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Consumer bankruptcy
What type of bankruptcy can help to alleviate medical debt?
Advances in medical capabilities mean that more people survive medical emergencies, traumas like car crashes and diseases than ever before. Sadly, many of those patients end up struggling to overcome the debt they accrue when receiving cutting-edge care. Medical debt...
What happens to child support during personal bankruptcy?
When someone's financial obligations exceed their household income, they may rapidly accrue debt. If they cannot even make the necessary minimum monthly payments on their debts, they could be at risk of lawsuits and other enforcement actions depending on the nature of...
What benefits can filers obtain from a Chapter 13 bankruptcy?
People considering personal bankruptcy have to make a very important decision before they ever file their initial paperwork. They need to choose what type of bankruptcy they’re going to pursue. Individuals usually choose between Chapter 7 bankruptcy and Chapter 13...
5 main reasons people file for bankruptcy
Filing for Chapter 7 or Chapter 13 bankruptcy protection can be an effective way to reduce or eliminate your debts. Furthermore, it can be a way to keep a Tennessee car, home or other items that you don't want to be seized or repossessed. There are many common reasons...
What is a no-win debt cycle, and how can you get out of one?
Debt is a double-edged sword because while it can be useful when you need access to resources that aren’t immediately available otherwise, you’ll eventually need to pay it off to build net worth. If you’re unable to clear your debt for whatever reason, you can end up...
What happens to credit cards during personal bankruptcy?
Credit cards are very convenient financial tools. They allow people to spend money that they do not yet have based on the income they generate or the assets they own. Lenders charge a premium interest rate in many cases for these revolving lines of credit. However, so...
How can bankruptcy help to resolve creditor harassment?
There are federal laws limiting the activity of collection professionals. The rules include restrictions on times during which it is inappropriate to call, the right of workers to refuse calls on the job and limitations on how collection professionals speak to...
Reliance on overdrafts linked to high risk of bankruptcy
Inflation has proven difficult for many consumers in Tennessee to overcome. Rising costs for essentials weaken people's ability to cope with unexpected costs, like a medical emergency or broken vehicle. In these situations, you might overdraw your bank account when...
Shelby County’s high bankruptcy rate
People file for bankruptcy in federal courts across the United States. Statistics show a significant number of bankruptcy filings in Tennessee, leading some to wonder why. Understanding the reasons for bankruptcy helps some make decisions that could prevent debt...