Most Tennessee residents who are drowning financially want to get out of debt, but they are unsure of the best way to go about it. For some, adhering to a strict budget is enough to turn things around, but for others, something more drastic needs to be done -- such as filing for bankruptcy. The problem is, many people do not know which type of bankruptcy to file for or for which type they even qualify. Believe it or not, most people qualify for Chapter 7 relief.   A bit about Chapter 7 relief  Once a Chapter 7 bankruptcy petition is filed, attempts to collect debts by ..read more

Wanting some relief when drowning financially is understandable. Over the years, individuals in Tennessee and elsewhere have turned to companies that have said they can help them achieve debt relief, but many of these people have ended up in worse positions than they were before. The simple truth of the matter is, many companies offering debt relief solutions are not legit or will do little, if anything, to actually help.   One man’s story  Recently a gentleman shared his story of turning to a debt relief company for help tackling his finances. As most of these compani ..read more

The current state of the economy has affected numerous Tennessee families in the last year, and it doesn’t appear things will be improving much in the near future. As a result, you are on the brink of losing your home. There are several things you may do to successfully prevent foreclosure. Filing for bankruptcy is just one of them.   Pursuing a bankruptcy filing is not everyone’s first choice when dealing with debt issues, but for some, it ends up being the best choice. There are two types of bankruptcy available to address personal debt issues — Chapter 7 and Chapter 13 ..read more

Overwhelming debt can come with many consequences that may affect both you and your Tennessee family. From the calls from debt collectors to falling farther behind on your monthly payments, you may not be sure if you will ever be able to catch up. Even thought you may feel hopeless about your financial situation, you may not be certain that bankruptcy is the right choice for you. Making the decision to file for consumer bankruptcy is a complex choice. You know this will impact your credit and your financial opportunities in the immediate future, but this may be your best chance to get ahead an ..read more

There are many different forms of debt relief out there that can help the many Tennessee residents who find themselves struggling financially right now. They all have their advantages and disadvantages. Before jumping on board with any of them, it is important to understand what those disadvantages are. That is why, this week, this column will specifically address the negative consequences associated with bankruptcy so that people understand what it is they are signing up for if they opt to pursue it. The biggest disadvantage to filing for bankruptcy is that it will sit on a person’s credit re ..read more

Money is a major stressor for many Tennessee residents. They work hard and do everything they can to stay afloat, but they are often left feeling like it is never enough. If you are among those whose financial situation is out of control right now, there are things you can do today to start gaining control once again. Most people who are looking into debt relief options have already tried adhering to a strict budget. Some have gone a step further and turned to family or friends for assistance or have taken out payday or other types of loans hoping to better their situations -- among various ot ..read more

Debt collection agencies are relentless. They want what they say they are owed without a fight, without question and as soon as possible. Many Tennessee residents have dealt with debt collectors over the years. Unfortunately, their experiences have likely left them flustered, frustrated and even more concerned about the state of their financial affairs. They might have felt differently had they known ahead of time what they should do when debt collectors come calling. According to the Better Business Bureau, there are several things people should do when contacted by a debt collector. First, t ..read more

There is a lot of misinformation out there about bankruptcy, which causes many people who would benefit from it not to file for it. More Tennessee residents might choose this form of debt relief if they knew more about it and its benefits. For this reason, this week, this column will discuss Chapter 13 bankruptcy and what people can expect if they choose to pursue it. Chapter 13 bankruptcy is just one debt relief option open to those who find themselves struggling with their finances. It is meant for individuals who do have a steady income, whose income is higher than the state’s median income ..read more

If your financial situation is causing you significant stress, you are probably spending a lot of time trying to figure out how to address it before things get worse. Bankruptcy keeps popping up as a possible option -- it is one that helps numerous Tennessee families every year -- but you are unconvinced you are in a place where that is necessary just yet. This leaves you wondering if there are alternatives to bankruptcy that would better fit your needs and financial goals. The good news is, yes, there are alternatives to bankruptcy. Some of those alternatives include negotiating balances with ..read more

Many Tennessee residents have seen their incomes shrink and their health expenses grow. Job loss or a reduction in hours can have a huge impact on the ability to pay anything but essentials like utilities, mortgage/rent and car payments. Medical bills, credit card expenditures and student loan payments may fall by the wayside as people struggle to stay afloat. Medical debt continues to rise, as evidenced by a study performed by the Centers for Medicare and Medicaid Services. The agency found that America’s health spending is expected to increase to the annual cost of $6.2 trillion by 2028. Con ..read more