As we have discussed before in this blog, Chapter 13 bankruptcy protection is one of the most popular forms of personal bankruptcy in the country. It is available for people struggling with debt who also have a regular income and debts below certain totals. Chapter 13...
December gifts turn into January debt
Tennessee residents who went into debt this holiday season were not alone. According to the National Retail Federation, Americans spent an average of over $1,000 each to buy gifts for their friends and family this year. That amount of money isn't in most people's bank...
What debtors can expect from debt collectors
It isn't uncommon for individuals in Tennessee and other states to carry credit card or other types of debt. If a debtor is unable to stay current on a balance, it may be sent to a collections company, and debt collection companies may use a variety of tactics in an...
Use credit cards as a last resort for medical debt
Consumers in Tennessee may have more money to use for savings and purchases as across the United States, the median household income has risen by 30% in 10 years. While this is good news, Americans are dealing with medical costs that are growing faster than income....
Credit card charge-offs on the rise
A number of credit card companies are reporting high rates of charge-offs. A charge-off is a loan that the creditor has determined it will not collect. Overall, the charge-off rate rose to its highest point since 2012's second quarter and was reported at 3.82% for the...
Medical debt causing older Americans to go bankrupt
Roughly 12% of those who file for bankruptcy in Tennessee and other states are 65 and older. The rate was only 2% in 1991, and there are several reasons why older Americans are doing so more frequently. Generally speaking, older people are less likely to work, which...
What to know about America’s credit card debt
Americans owe a cumulative $900 billion to credit card companies. According to the Consumer Financial Protection Board, there are reasons to be worried that it will be difficult to pay off this balance in a timely manner. Of course, there are also reasons to believe...
How bankruptcy impacts credit scores
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...
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...
