The financial pressures that can drive anyone in Tennessee to choose bankruptcy hit seniors especially hard. A new report based on data collected by the Consumer Bankruptcy Project revealed a large increase in the number of people 65 and over who have declared...
Year: 2018
After I file for Chapter 7 or 13, how soon can I buy a house?
Many people are concerned about the impact of a Chapter 7 or Chapter 13 filing on their credit scores, which always drop low after a bankruptcy is done. A lot of those consumers worry that it will be a long time before they can get a mortgage or another major loan....
More seniors seeking debt relief in bankruptcy
An increasing number of senior citizens in Tennessee and across the country are facing financial crises up to the point of filing for bankruptcy, statistics show. More seniors than ever before are seeking personal bankruptcy, with that number doubling since 2013....
Bankruptcy after 65 is far more common than ever. Is that bad?
For many older Americans, life has become harder to afford, and debt has become harder to manage. Findings from a recent study reported by the New York Times indicate that a big change in bankruptcy demographics illustrates a pervasive economic problem that many...
Loans after bankruptcy mostly determined by credit score and time
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...
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....