It can be challenging to keep a business afloat nowadays. Competition and mismanagement can quickly destroy a once-thriving company. Even schools can drown in debt, with bankruptcy the only viable option. This was the case for Tennessee charter school Boys Prep, which filed for Chapter 7 bankruptcy on Aug. 29.
You may have done a good job of paying your credit card bill on time every month, until the unexpected happens. Medical bills, job loss, a car accident or home repairs can leave Tennessee residents struggling to make ends meet. What seems to be a temporary situation turns into many years of drowning in debt. Fortunately, bankruptcy is a quick solution that is available and has helped many consumers struggling with overwhelming credit card debt.
Many Tennessee residents face financial challenges due to job loss, disability, medical bills and unexpected expenses. Although they may do their best to pay their expenses, sometimes they simply cannot get ahead and instead drown in overwhelming debt. Their only option may be to seek debt relief through bankruptcy. Although bankruptcy offers many benefits and is becoming a more popular option among consumers, there is still a stigma attached to it. In addition, many consumers may fear that they will face discrimination for filing for bankruptcy. Is this a valid fear?
How would Tennessee college students feel if their school suddenly closed? That is the news that thousands of students across the country recently heard when for-profit Anthem Education filed for business bankruptcy in late August. The college and career institute chain had 41 campuses before bankruptcy filing and hopes to keep 28 of them in operation. However, the campuses are no longer eligible for federal student aid, which accounts for 90 percent of their revenues.