Business owners in Tennessee with bankruptcies on their records still could have opportunities to obtain new loans. People who have rebuilt their credit scores might secure financing from some institutions. Lenders also give less weight to bankruptcies that occurred...
Month: July 2018
How to resolve past medical debts in collection
According to the National Consumer Law Center, over half of all accounts in collections are medical debts. Tennessee residents who aren't sure if they owe a medical debt attributed to them should first contact their insurance company to confirm that it is legitimate....
Debt management plans (DMPs) vs. Chapter 7: Is one more ethical?
Most people struggling with serious debt will admit, under the right conditions, that it's stressful and horrible. They will do almost anything to escape the collections calls, threatening letters and constant fears and get to a place of economic peace. But what's the...
When creditors don’t abide by the terms of a stay
When a person in Tennessee or any other state files for bankruptcy, he or she is usually granted an automatic stay of creditor actions. However, this stay can be violated if a creditor didn't know about the bankruptcy or wasn't aware of the law. In the event that the...
Tennessee consumers and credit card balances
According to one report, 43 million people around the United States who have credit cards believe that having a balance can improve their credit scores. The report details the result of a June 2018 survey that had 1,000 adult respondents.However, according to one...
Medical debt may not be the number one cause of bankruptcy
Many studies have suggested medical bills are the number one cause of bankruptcy in the United States. A 2009 study, coauthored by Sen. Elizabeth Warren and physician Dr. David Himmelstein, stated that over 60 percent of bankruptcies were a result of medical debt....
No health insurance + big medical bills: How bankruptcy can help
Millions of Americans live without health insurance, and tens of millions of others don't have adequate insurance to cover their bills if significant medical expenses come up. A CDC survey indicated that more than 28 million people under the age of 65 had no health...
Understanding debt types
Many people living in Tennessee and around the country regard debt as a negative thing. However, the reality is that most people at one point or another will go into debt, often for good reasons. Instead of fearing debt, it is often best for people to take a more...
Will you lose your business if you file for bankruptcy?
Tennessee businesses fall into financial distress for a variety of reasons: economic downturn, risky investments and slow growth are just a few examples. Overtime, debts may accumulate and you may not see a way to repay your creditors. You know that you have a viable...