For many consumers and businesses looking for relief from crushing debts, bankruptcy is a necessary process. However, the process can be complex, lengthy and discouraging, especially when bankruptcy judges are at premium and carry overwhelming workloads. Frustration only mounts for those in need of help.
Despite regulations established by the now former president, student loan debts continue to rule. Delinquencies remain a serious problem as most borrowers are behind on their payments. Since 2013, the average past due balance increased by 17 percent. Currently, 42.4 million people in the United States have student loan debts exceeding a combined $1 trillion.
Nearly one in three adults in Tennessee has outstanding medical debt. According to The Tennessean, this figures as the seventh-highest medical debt rate in the country. Unfortunately, as insurance premiums continue to rise and many stand to lose their insurance altogether, the statistics aren't likely to get much better any time soon.