As the new health care bill slowly makes its way through the legislative process, many people in Tennessee are concerned about how their health care options could be affected if major changes take place. This is a deeply personal issue, because health care and the associated costs are different for everyone. For many people, medical debt is a serious risk, even with insurance coverage. If that coverage was lost, then financial turmoil could be just an accident or illness away.
Faced with losing their home, many Tennessee residents will go to great lengths to avoid that outcome. That includes working with their loan servicer to pursue available debt relief options. In many cases, those efforts are successful. At times, however, borrowers are subjected to questionable business practices. Protecting Americans from unlawful and unfair actions is the role of the Consumer Financial Protection Bureau (CFPB,) and that entity has recently announced more than $1 million in fines directed at Fay Servicing, a loan servicing company.
Young adults and senior citizens alike are legally able to file for bankruptcy. Of course, just because something is permissible does not always mean it is a good idea.
When faced with serious financial strain, many Tennessee residents feel overwhelmed and uncertain about how to proceed. They know that filing personal bankruptcy is an option, but they fear the repercussions that might come with that move. Having a damaged credit score is part of that stress and is one of the primary things that hold individuals back from moving forward with the bankruptcy process. It is important to understand that implementing proper debt management strategies in the months and years that follow a bankruptcy can help rebuild credit scores to pre-bankruptcy levels, if not higher.
For many Tennessee residents, one of the most difficult aspects of filing for personal bankruptcy is concern over how that decision will impact their credit score. From the time of early adulthood, Americans are urged to develop and maintain a positive credit rating. It is undeniable that Chapter 7 bankruptcy will lead to an immediate drop in credit scoring. However, that decline can be improved over time, and the bankruptcy will eventually fall off of one's credit report altogether.
For some college graduates, the high cost of tuition and associated expenses will come as a shock once those student loan bills start to roll in. Faced with the need to cover living expenses while working at an entry-level position, many will turn to credit cards to cover costs. Before long, a serious debt situation can arise, and the need for debt relief can become acute. Unfortunately, there are numerous companies in Tennessee and elsewhere that exist to prey upon that need.