Student loan debt throughout Tennessee and across America has risen to more than $1.5 trillion. However, for those between the ages of 25 and 34, credit card debt is actually a larger burden. According to the 2018 Planning and Progress Study from Northwestern Mutual, credit card debt makes up roughly 25 percent of the debt burden for those in that age group. Student loan debt makes up about 16 percent of the debt burden for someone aged 25 to 34.
Bankruptcies and debt problems: Common in the music business
Every professional musician knows it's difficult to succeed in the business. Instrumentalists, singers, songwriters, producers and engineers must keep their skills up and compete for good-paying work.
The process of bankruptcy and why people file
With student loan debt on the rise and families struggling with the high cost of medical care, more households may be carrying an unmanageable debt load. Some of them may want to consider filing for bankruptcy.
Strategies for seniors struggling with burdensome debt
Financial troubles strike people in Tennessee at all stages of life. Seniors represent a growing group of debtors overwhelmed by too many bills and insufficient retirement savings or benefits. Rising health care costs increase the pressure on older people as well. A report from the Employee Benefit Research Institute indicates that households headed by someone 75 or older have an average debt of $36,757 as of 2016 compared to $30,288 in 2010. Some debtors might salvage their positions by analyzing their budgets, adjusting their lifestyles and reaching out to creditors.
Thorough preparation necessary when approaching bankruptcy court
Tennessee residents overwhelmed by their debts could face additional stress if they make incomplete disclosures when filing for bankruptcy. Court paperwork requires that people detail every creditor and amount owed. A failure to inform the court about every debt and source of income might get the case dismissed and force a debtor to start over while creditors resume collection efforts.
Bankruptcy and you, celebrities in debt, and other big stories
Nobody is immune to financial problems. That includes superstars of stage and screen, legendary pro athletes and business icons. And it includes you.
Would a bankruptcy attorney ever tell me NOT to file?
Yes.
