When a Tennessee resident is diagnosed with cancer, it's important to concentrate on overcoming the disease. However, a patient may also find that financial worries continue to haunt them throughout the treatment process. Indeed, there are good reasons for these concerns; even people with health insurance often struggle to pay their medical bills during cancer treatment. Prescription drugs can cost in the thousands of dollars and treatment can amount to $150,000 or more.
Some bankruptcy cases in Tennessee involve court-issued judgments that obligate defendants to pay debts resulting from lawsuits. Because federal law governs bankruptcy, the judgments issued by state courts will not automatically avoid discharge within a bankruptcy. A creditor expecting to collect on a judgment, however, might petition the bankruptcy court to deem the applicable debts nondischargeable if the judgment resulted from intentional conduct or fraud.
Some people in Tennessee who are struggling with student loan debt may find it easier to discharge those debts in bankruptcy if a federal bill that has been introduced is successful. Discharging student loans has gradually become more difficult since the 1970s, and currently, in order to be eligible for discharge, student loan payments have to be causing "undue hardship".
If a Tennessee resident fails to pay a credit card balance, the card issuer may write it off. According to a representative from Capital One, a degradation in customer credit quality has led to an increasing number of charge-offs. It has also lead to an increasing number of credit accounts becoming 30 days past due. The charge-off rate in the United States was 3.82% for the first quarter of 2019. However, the charge-off rate at Capital One was 5.04%.
The number of older Americans filing for bankruptcy today is three times what it was in 1991. A combination of factors has contributed to the increase, including rising health care costs and a decline in pension benefits. Generally speaking, older Americans have fewer retirement funds today than in the past. This puts them at a greater risk for bankruptcy. In many cases, a 401(k) savings plan is the only cushion they have to fall back on.