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Presidential candidates spar over medical debt

Polls reveal that health care is the issue that voters in Tennessee and around the country care about the most, so it is not surprising that the cost of medical treatment in the United States was discussed at length during the Jan. 14 Democratic presidential debate. During the debate, Senator Bernie Sanders claimed that about 500,000 Americans file a personal bankruptcy each year because of overwhelming doctor or hospital bills. Data from the Consumer Bankruptcy Project backs up this statement.

Do I meet the requirements of the bankruptcy means test?

Whether a Tennessee debtor is trying to file for Chapter 7 or Chapter 13 bankruptcy, it is important to be cognizant of the means test and how it can impact a case. Financial challenges can happen to anyone and the individual circumstances such as the person's employment situation, what assets they have and their income will be considered when determining if it is possible to file and what chapter would be most effective. The means test is a critical part of any case.

Taking control with bankruptcy in the New Year

Financial instability and insurmountable debt can be difficult problems at any point in the year. However, over the holidays Tennessee residents may spend more money than they intend to when they buy gifts for their loved ones, meals for their families and travel to see the people that mean the most to them. It can be hard to dig out from under the weight of burdensome debt and for some the problem of getting spending and saving under control can last the entire calendar year.

Bankruptcy relief for struggling businesses

Business bankruptcy is a valuable resource for struggling businesses. Just as is true of personal bankruptcy protections, there are different business bankruptcy options available to help struggling businesses depending on their situation, circumstances, needs and goals for the process.

Too many Americans facing the stress of medical debt

Research shows that 137 million Americans are facing medical debt leading to financial hardship. In fact, overwhelming medical bills are the number one reason Americans consider filing for bankruptcy or raiding their retirement funds. Because of this painful reality, it is essential for individuals facing significant medical bills to understand their different options and legal protections.

Dealing with the emotional realities of bankruptcy

Bankruptcy can be challenging emotionally but that does not mean that it cannot help struggling consumers with the stresses and strains they experience associated with overwhelming debt. Bankruptcy is an option to consider which may be able to do just that because it can offer a fresh financial start to the struggling consumer.

What is a debt discharge?

The debt discharge is a tremendously important part of the bankruptcy process which is why it is essential for those filing for bankruptcy to understand. Filing parties should ensure all of their questions about the bankruptcy process and debt discharge are answered.

How bankruptcy can help struggling consumers

Bankruptcy is a process that helps consumers who have overwhelming debt enjoy debt relief. Bankruptcy laws and bankruptcy courts throughout the country, including in Tennessee, walk filing parties through the bankruptcy process. The personal bankruptcy process can give filing parties the chance at a fresh financial start.

What Chapter 11 bankruptcy can do for struggling businesses

Chapter 11 bankruptcy is an important legal protection any struggling business wondering what they will do and considering bankruptcy should be familiar with. It can help a struggling business remain in business and keep their doors open while they reorganize their debt and seek debt relief and a return to profitability.

What is the automatic stay during bankruptcy?

The automatic stay during bankruptcy is important for struggling consumers and filing parties to be aware of because of how much it can help them. Personal bankruptcy protections are not only able to provide relief from debt but can also provide relief from creditors. Once the filing party has filed for personal bankruptcy protection, an automatic stay goes into effect that prevents further creditor collection actions during the bankruptcy process.