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August 2017 Archives

Credit card debt reaches record levels


Credit card debt in the United States is on the rise again, and Americans have even broken their previous record, set in 2008, of $1.02 trillion in revolving debt, which includes credit card debt and other charge accounts. The new record, set in early August, is $1.021 trillion in credit card debt.

Let us help you make short work of medical debt


A previous post on this blog discussed encouraging statistics showing that the number of bankruptcies has dropped, and some of this drop may be that more residents of Southern Tennessee and Northern Georgia have better health insurance that protects them from sudden and unexpected medical expenses.

Ways of handling small business debt


Business owners in Bradley County, Tennessee, may not be able to quite identify with the news stories announcing the latest large commercial bankruptcy, especially if the business is nationwide and worth millions of dollars. Even if these owners are themselves in financial distress due to business debt, filing a Chapter 11 bankruptcy, which large businesses use, may seem a little out of reach or like overkill.

How does stripping off a lien work in Chapter 13?


One of the advantages to Chapter 13 bankruptcy is that, for certain types of secure loans, a struggling family can actually improve their financial position by "stripping off" a lien, which is a completely legal process that involves converting what was a secured loan, like a second mortgage, in to an unsecured loan, like a credit card or medical bill.