For many people in Nashville, store-brand credit cards have led to debt that is increasingly difficult to manage. Delinquency rates on these types of cards have reached their highest level in seven years, according to Equifax, the credit reporting agency. The...
Month: May 2018
Individuals can file for Chapter 11 bankruptcy, just like 50 Cent
Most people think of Chapter 11 bankruptcy as a corporate vehicle, a way for companies to reorganize their debts and stay in existence. But did you know that people can file under Chapter 11? As rapper, entrepreneur and actor 50 Cent (officially known as Curtis...
Student loan debt and bankruptcy: What is “undue hardship”?
If you're struggling to make your student loan payments, you have something in common with millions of other Americans. Even if you have a decent job, your student loans may be getting in the way of your ability to pay for necessities like housing, transportation and...
Credit scores and the impact of bankruptcy
Tennessee residents whose credit scores have been negatively impacted by their substantial debt may not see a significant impact on their scores if they file for bankruptcy. However, depending on the type of bankruptcy that is filed, it may be 7 to 10 years before...
How to recover quickly form bankruptcy
According to a report from Lending Tree, 43 percent of Americans who filed for bankruptcy had a credit score of 640 or higher a year after their filing. That number increased to 65 percent for those who were two years removed from a bankruptcy. One of the most...
How credit card debt impacts personal finances
According to a report from Experian, the average credit card debt in America is $6,354. In Tennessee, the average credit card debt is $5,975. On average, Americans carry 3.1 credit cards to go along with 2.4 retail cards. While many people use credit cards to...
Bankruptcy’s real impact on loan pricing
When people in Tennessee are struggling with insurmountable debt, they may consider personal bankruptcy as an option to find relief and escape from a crushing financial situation. However, they may also be concerned about the impact of bankruptcy on their credit and...
Bankruptcy and problem debt 101: Is my house too expensive?
It is not uncommon to find yourself facing debt that you know you can't afford to pay off. Many people end up in financial trouble because of a divorce, an illness, a job loss or something else outside their control. But others end up buried in debt and consider...