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debt relief Archives

A settlement might not be the correct path for debt relief

When it comes to pursuing relief from debts, individuals in Tennessee and elsewhere may have a variety of options to choose from. However, finding the correct path with which to pursue debt relief can be challenging, and certain options might not be as good as they seem. Those who wish to explore debt settlement as an option may find it beneficial to consider the potential downsides of a similar choice, as other outlets could prove much more viable.

Actor Joey Lawrence turns to bankruptcy for debt relief

Taking a hard financial hit can cause anyone to struggle. In many cases, people who find themselves unemployed or bringing in a considerably lower income than previous years could easily wind up accruing substantial amounts of debt. Even celebrities can find themselves facing this type of predicament and may soon be on the look out for debt relief options.

New administration looking at possible student loan debt relief

Many individuals in Tennessee and elsewhere attend college to obtain a degree so that they can build a career in their chosen fields. However, the cost of college continues to rise each year, and many students are left with overwhelming debt in the form of student loans upon graduation. The current presidential administration is looking into ways to allow indebted college students the chance at discharging their loans in bankruptcy, thereby providing much-needed debt relief for those struggling to make ends meet.

Beware of scammers offering debt relief

Dealing with overwhelming debt is never easy, and many try to find solutions for their predicaments on their own that does not include bankruptcy. Instead, they seek other alternatives that they believe will be just as effective, such as debt consolidation. However, as one Tennessee woman recently found out, many companies exist that prey on unsuspecting consumers looking for debt relief.

Debt relief through bankruptcy may help seniors keep their home

The financial problems faced by some seniors living in Tennessee and other states can be overwhelming. A couple in their mid-eighties who have amassed $50,000 in credit card debt and another $50,000 in medical bills, and with a home that is mortgaged, may find that the most sensible and effective debt relief remedy is a Chapter 7 bankruptcy. Prior to making the decision, however, the couple will benefit by consulting with an experienced consumer bankruptcy attorney to determine if they are qualified to file and what will be the impact of the filing. 

Mortgage statistics suggest need for debt relief

Recently released statistics suggests that first-time homeowners are defaulting on their mortgages for the third straight month in a row. After months of stability, it appears that consumers are beginning to encounter financial difficulty. That could leave more individuals and families in need of debt relief services, in Tennessee and elsewhere.

Can becoming a minimalist help achieve debt relief?

In recent years, there has been a significant trend toward living a minimalist lifestyle. The definition of "minimalist" is difficult to pin down, but the overall concept is to set aside material things and focus on only those possessions that serve a purpose or bring a true sense of joy. For those in Tennessee who are looking for debt relief options, the idea of a minimalist lifestyle can be very appealing.

Homeowners sought debt relief, but some were met with foreclosure

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.

Student loans can lead to need for debt relief options

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.

Consolidation loans are not always the best debt relief option

Faced with a mountain of debt, many Tennessee residents will do virtually anything to regain financial stability. Unfortunately, that leaves some wide open to falling victim to a debt relief scam. Any time there is a situation where people are in dire need of assistance, there are literally hundreds of unscrupulous people who are all too eager to take advantage of that situation. It is important to be able to distinguish between legitimate debt relief programs and scams that will relieve consumers of nothing but their hard-earned money.

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