Tennessee residents who are struggling to pay their bills are sometimes reluctant to file for bankruptcy because of fears over what it could do to their credit scores. A Chapter 7 bankruptcy will remain on credit reports for up to 10 years and a Chapter 13 bankruptcy...
Year: 2019
The power of the automatic stay in a bankruptcy case
Filing for bankruptcy in Tennessee may put a stop to a foreclosure or repossession. It could also prevent utilities from being shut off or a landlord from evicting a tenant. The automatic stay can also put a stop to wage garnishment, which would allow an individual to...
Credit card balances increasing throughout America
Those who live in Tennessee have the 17th highest average household credit card balances in the United States. Households in California owe an average of $10,175 in credit card debt, which is the highest in the United States. During the second quarter of 2019, the...
Could filing bankruptcy improve your business?
Many entrepreneurs struggle with managing the financial stress of running a business. It often takes a tremendous amount of resources to get a company off the ground. And maintaining an online presence, satisfying customer needs and purchasing supplies can create a...
Reasons for decline in bankruptcies unclear
A report written by John Roberts, the Chief Justice of the Supreme Court, shows that bankruptcy rates are at their lowest in 10 years. The reasons for the lull in filings may have more to do with people being broke than secure, however. People in Tennessee and across...
Using bankruptcy as a way to rebuild your credit
Many people think of bankruptcy as a form of nuclear warfare against debt, to be avoided at all costs, but it can offer quite a few benefits. When you file for bankruptcy protection, you will have an automatic stay that protects you from future collection activities....
The link between medical coverage and bankruptcy
Losing medical care on even a temporary basis can double a person's risk of declaring bankruptcy. This is according to a study published by the American Bankruptcy Institute that looked at data available through the Bureau of Labor Statistics (BLS). The study found...
Why you shouldn’t always fear bankruptcy
Most people are terrified of the prospect of bankruptcy. Between the possibility of reputation damage and long-term financial ruin, many people are extremely reluctant to even contact a lawyer, much less pursue the actual possibility of filing for bankruptcy. However,...
Do not become a sub-prime auto loan statistic
You want a car. In fact, you probably need one. But, like most people in our country right now, you can’t afford one and you are having difficulty obtaining credit to get the car you need. You are not alone. This is a common scenario for many would-be car...
Pick up the pieces after bankruptcy: It is possible
For many people facing serious financial challenges, the thought of bankruptcy is bleak: They think they will never again be able to obtain credit, they will never get into a decent home or have any kind of normal life. It is true that you will have to liquidate some...