One of the most annoying effects of being behind on payments and owing a significant amount of debt is the constant contact from creditors. Phone calls, letters and other means of communication are commonly used as they seek to get payment. Potential changes in the law could affect how creditors operate, and it may compel more Tennessee consumers to take action and seek debt relief faster.
With a strong economy and low levels of unemployment, consumer confidence is high. This leads to increased spending, which may leave some consumers with a large amount of credit card debt. Rising levels of credit card debt are especially concerning considering that most people in Tennessee received smaller tax refunds or no refunds at all, and wage levels continue to remain stagnant.
The future is unpredictable, and medical emergencies can strike at any time. For many in Tennessee, unexpected injuries and serious illnesses can lead to significant medical debt, and they may not be able to keep up with the payments. Studies find that medical debt can be a problem for people who have insurance coverage and those who do not.
If you find yourself in serious financial difficulties and have begun to consider filing bankruptcy in Tennessee, you probably have many questions. Your most basic question likely is which type of bankruptcy you should choose.
When a person is unable to manage his or her debt, it can often result in various negative consequences, including calls from creditors, accumulating interest and even wage garnishment. Credit card debt is one of the most common types of consumer debt, and many people with credit cards have accumulated balances that are far beyond what they can hope to pay off on their own. Some Tennessee credit card holders are subjected to wage garnishment as a result of late credit card payments.
Many Tennessee consumers struggle with certain types of debt, particularly unsecured debt like medical and credit card debt. These balances can quickly grow beyond a person's control, leading to financial stress, accumulating interest and calls from debt collectors. Filing for Chapter 7 bankruptcy can help a person discharge many types of unsecured debt.