Most people think of Chapter 11 bankruptcy as a corporate vehicle, a way for companies to reorganize their debts and stay in existence. But did you know that people can file under Chapter 11? As rapper, entrepreneur and actor 50 Cent (officially known as Curtis...
Year: 2018
Student loan debt and bankruptcy: What is “undue hardship”?
If you're struggling to make your student loan payments, you have something in common with millions of other Americans. Even if you have a decent job, your student loans may be getting in the way of your ability to pay for necessities like housing, transportation and...
Credit scores and the impact of bankruptcy
Tennessee residents whose credit scores have been negatively impacted by their substantial debt may not see a significant impact on their scores if they file for bankruptcy. However, depending on the type of bankruptcy that is filed, it may be 7 to 10 years before...
How to recover quickly form bankruptcy
According to a report from Lending Tree, 43 percent of Americans who filed for bankruptcy had a credit score of 640 or higher a year after their filing. That number increased to 65 percent for those who were two years removed from a bankruptcy. One of the most...
How credit card debt impacts personal finances
According to a report from Experian, the average credit card debt in America is $6,354. In Tennessee, the average credit card debt is $5,975. On average, Americans carry 3.1 credit cards to go along with 2.4 retail cards. While many people use credit cards to...
Bankruptcy’s real impact on loan pricing
When people in Tennessee are struggling with insurmountable debt, they may consider personal bankruptcy as an option to find relief and escape from a crushing financial situation. However, they may also be concerned about the impact of bankruptcy on their credit and...
Bankruptcy and problem debt 101: Is my house too expensive?
It is not uncommon to find yourself facing debt that you know you can't afford to pay off. Many people end up in financial trouble because of a divorce, an illness, a job loss or something else outside their control. But others end up buried in debt and consider...
When bankruptcy is a good choice
Residents of Tennessee might consider bankruptcy to be a last resort solution to debt. However, in some cases, bankruptcy could actually be a smart choice. The stigma associated with bankruptcy often causes people to avoid it by taking other steps to pay off debts....
How tax debt is treated in bankruptcy
The rules associated with filing for bankruptcy in Tennessee can be complicated. For example, a tax debt can be discharged in a bankruptcy under certain circumstances. However, this depends on the type of taxes owed, the priority the debt is given and how old the debt...
Is it REALLY impossible to discharge student loans in bankruptcy?
It's no secret that millions of Americans are struggling to keep up with their student loan payments. It's not just recent graduates or young people who are dealing with this problem. In the U.S., according to Forbes: As a category, student loan debt is now second...

