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July 2019 Archives

When is debt a reason to file for Chapter 7 bankruptcy?

Most Tennessee consumers have debt, and for some, it can be an overwhelming financial burden. There are times when some people would suggest that debt is not a negative thing, but there is a line when any type of debt can become too much for a person to handle. At this point, a person would be wise to start thinking about ways to deal with debt, which may include filing for Chapter 7 bankruptcy.

Can Chapter 7 bankruptcy stop collection efforts?

When a person is behind with his or her payments and is unable to catch up, the creditor will work to collect payment in various ways. The company may start calling and sending letters, but if these methods are ineffective, it may turn the debt over to a collections agency. This can be overwhelming for a Tennessee consumer who is already juggling significant debt, but there may be a way out, including filing for Chapter 7 bankruptcy.

Credit card debt worsens for millennials

The so-called millennial generation has been described in multiple ways, and "financially savvy" would have been one such descriptor. Unfortunately for Tennessee residents of a certain age, those days are apparently over, with credit card debt showing a sharp rise among millennials. In an uncertain economy, there are multiple tactics millennials can use to overcome credit card debt, including debt restructuring, counseling and even bankruptcy. 

Eliminating credit card debt is a common goal

First there's the outfit that will be perfect for the job interview. Then, the kids need new clothes for school. Before long, the little things combine with the bigger things and the Tennessee resident finds him or herself facing overwhelming credit card debt. Many individuals discover that credit card debt can quickly become a problem. For whatever reason, debts begin to accumulate and getting the situation under control can become daunting if not seemingly impossible.

Options for dealing with significant medical debt

When a person goes through a serious medical problem, serious medical bills often follow. Even with insurance, a trip to the emergency room, prolonged illness or surgery can ultimately result in medical debt that a person may not be able to manage. There are several things a person can do in this situation, and it may be possible to find relief from debt collectors or work with creditors. 

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