Bankruptcy is a loaded topic. Many people have strong opinions about what it is and whether it's even ethical. But since they may be missing important information about bankruptcy, lots of struggling consumers believe lies that keep them from enjoying the incredible benefits - we can call it financial magic - that a Chapter 7 or Chapter 13 filing can unlock.Being in debt feels horrible, especially when the debt comes from something beyond your control, like an income loss, an illness or a divorce. Are you letting any of these lies hold you back from getting the debt relief you want?
Unsecured debt can grow into a serious problem in a matter of months. Very often the triggering event is a job loss, a divorce, an illness or another very expensive problem that busts your budget and creates a financial crisis, seemingly overnight.
Credit card debt can feel a lot like quicksand, a volatile blend of sand and water that exists in real life, not just in old TV shows and movies. Quicksand looks harmless on the surface, but once you've fallen in, it can be very difficult to get out; asphyxiation, thrombosis, fatigue, heat and dehydration end up killing many victims. As watchers of 1970s television can attest, the panicked struggle to escape makes you sink deeper.
Tennessee debtors who file for bankruptcy might be asked about various assets, but they are normally not asked to provide passwords to online accounts. However, two Chapter 7 bankruptcy trustees in Maryland have requested that debtors turn over their passwords to eBay, PayPal and Amazon Prime accounts, a move bankruptcy attorneys say is needlessly intrusive. The paperwork also says that the passwords cannot be changed for 10 days and the accounts cannot be closed.
Tennessee residents who are considering bankruptcy should be aware of the importance of following the rules of the bankruptcy process. While bankruptcy is often a stressful time for those who may be struggling with overwhelming debt, this stress does not absolve the debtor from meeting their responsibilities.
When filing for Chapter 7 bankruptcy, a trustee oversees the liquidation of non-exempt assets to pay back creditors of an individual or married couple. Tennessee residents might like to know about a case where a person owned two homes.
For many consumers, a good credit score seems life-or-death important, although they're not exactly sure why. Some people will endure incredible financial distress to keep their credit score up, even though they know there's no logical way to keep making all their debt payments.
Filing for bankruptcy is a big decision that should never be rushed or taken lightly. But for individuals, couples and small-business owners who feel like they are drowning in debt, bankruptcy can be a lifesaver, sometimes literally.
Alcoholism and drug addiction affect people from all backgrounds in the Nashville area. Medical providers, social service agencies, law enforcement personnel and educators are always trying to find solutions to the many problems caused by substance abuse. But what if the problem hits really close to home, or it is in your home right now?
Countless celebrities have filed for bankruptcy over the years. According to Time, this long list includes talk show titan Larry King, former heavyweight champ Mike Tyson, rappers 50 Cent and MC Hammer, actors Gary Busey and Burt Reynolds, and rock stars Tom Petty and Mick Fleetwood. Abraham Lincoln, Henry Ford and Donald Trump are often cited as other examples.