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 balanced look at the reasons, both good and bad, for borrowing money or using credit.

Some types of debt can be perceived as an investment. For example, people take out student loans so that they can receive an education that will help them get a well-paying job after graduation. Similarly, people will obtain a mortgage to buy a home that, hopefully, will increase in value over time.

Other types of debt are not necessarily investments but may be necessary. For example, sometimes people will have to go into debt after receiving medical treatment due to the cost of care that is not covered by insurance. Many individuals also find that owning an automobile is a necessity, particularly if they have to commute to work each day. Since many people do not have the tens of thousands of dollars that good cars often cost, a car loan is often their best option.

Unfortunately, some individuals find themselves taking out loans with high interest rates so that they can finance a lifestyle that is beyond their means. Over time, this debt can spiral out of control and overwhelm the borrower.

Individuals and couples who are struggling with debt may benefit from speaking with an experienced bankruptcy attorney. A lawyer may be able to review his or her client’s circumstances and make recommendations regarding Chapter 7 and Chapter 13 bankruptcy options.