Student loan debt throughout Tennessee and across America has risen to more than $1.5 trillion. However, for those between the ages of 25 and 34, credit card debt is actually a larger burden. According to the 2018 Planning and Progress Study from Northwestern Mutual,...
Chapter 13
The process of bankruptcy and why people file
With student loan debt on the rise and families struggling with the high cost of medical care, more households may be carrying an unmanageable debt load. Some of them may want to consider filing for bankruptcy. Most individuals will file for either Chapter 7 or...
Strategies for seniors struggling with burdensome debt
Financial troubles strike people in Tennessee at all stages of life. Seniors represent a growing group of debtors overwhelmed by too many bills and insufficient retirement savings or benefits. Rising health care costs increase the pressure on older people as well. A...
Young people face significant debt
Debt continues to be a major concern for people of all generations in Tennessee and across the country. Young people ages 16 to 20, known as "Generation Z," already have a significant average debt of $4,343 according to a survey of 2,000 young adults conducted by...
New report shows 1 in 7 bankruptcy filers is retirement age
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...
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....
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...
Understanding debt types
Many people living in Tennessee and around the country regard debt as a negative thing. However, the reality is that most people at one point or another will go into debt, often for good reasons. Instead of fearing debt, it is often best for people to take a more...
Why people wait so long to file for bankruptcy
Tennessee residents who have medical, credit card or any other type of debt that can be discharged through bankruptcy should file as soon a possible. This is also true for those who have a debt-to-income ratio that is higher than 40 percent. The longer a person waits...