Bankruptcy is commonly considered to be a financial disaster that's very hard to recover from. However, new data from financial experts shows that this may not be the case for all debtors in Tennessee. Nearly half of Americans who file for bankruptcy have their credit...
Year: 2018
Creating a debt repayment strategy
Household debt for those living in Tennessee and throughout the country increased by $63 billion in the first quarter of 2018. That was the 15th straight quarter in which household debt increased. Accruing debt may make it harder to achieve long-term financial goals,...
Unemployment is very low, but many are still filing bankruptcy
It's a great American financial phenomenon: The economy appears strong and unemployment rates have bottomed out, yet millions of Americans are still struggling to make ends meet and pay all their bills. With high levels of middle-class consumer debt creating a...
When debt settlement could make more sense than bankruptcy
Filing for bankruptcy is often a prudent path to take for Tennessee residents who are struggling to make ends meet, but it is not the only way to escape unmanageable debt. It sometimes makes more sense to avoid the consequences of a bankruptcy by negotiating directly...
Bankruptcy and the “middle class”: Living paycheck to paycheck?
Right now, do you have $1,000 to deal with an emergency that came up suddenly? How about just $400? If the answer is no, you are like almost half of America, according to a recent Federal Reserve Board survey. In a well-known and oft-shared 2016 article in The...
The debt gap between men and women
The wage gap between men and women is a continuing problem in Tennessee and other states. However, there is also a statistical disparity between men and women when it comes to debt. Data from Comet Financial shows that women carry more debt on average than men for...
Filing for bankruptcy when “the economy is good”
Plenty of myths surround our personal struggles with debt and the state of our national economy. One largely-unspoken myth is that everyone is "doing well" financially -- or at least doing better -- when the economy is said to be in a good place. By certain measures,...
What to know about Chapter 7 bankruptcy
Individuals and business owners who are looking for a way to handle their debt may wish to file for bankruptcy. Chapter 7 is one of the most common forms of bankruptcy, and it involves liquidating assets and using the funds to pay creditors. Some assets may be exempt...
Avoiding credit card debt
Many debtors in Tennessee who are struggling to pay their bills cut their credit cards to avoid overspending. While this may seem like a smart way to avoid new debts, credit cards can be an asset for those trying to rebuild credit. The key to not getting in trouble...
Creditor harassment: What bill collectors can and can’t do
If you are past due on your bills, you may already know the frustration and exhaustion that can come with collector harassment. Maybe the same person keeps calling you over and over again. Maybe they are rude and disrespectful to you and your family. (Pro tip: You...