Economic struggles can cause Tennessee consumers to experience financial challenges. Reduced income can make it difficult to stay on top of credit card payments. This can lead to creditor harassment, which cannot only be embarrassing, but annoying as well. Creditors may try to do some shady things - such as making threats or calling in the middle of the night - but despite your situation, you do have rights as a debtor. There are some things creditors can and cannot do to get you to pay your credit card debt.
Many Tennessee residents dream of escaping the corporate world and starting their own business. Nothing, they assume, could be more satisfying that working for yourself. While some entrepreneurs are able to create, grow and maintain successful businesses, the reality is that many fail in the first year. Running a business is a costly endeavor, and coupled with extreme competition, many companies are poised for failure. Bills pile up, and before you know it, you're drowning in debt. Fortunately, there may be a solution for your overwhelming debt.
Managing finances can be frustrating for many Tennessee residents. Some people have to spend more money than they make, due to low-paying jobs or unexpected expenses, and others simply aren't good with money. These situations can cause significant credit card debt. The first step to managing debt is seeking assistance from a credit counselor. When this doesn't work, many consumers may consider a Debt Management Plan (DMP.) Read on to learn more about this option.
Many Tennesseans struggle with paying their monthly credit card payments. To make matters worse, some credit card companies take advantage of this situation and raise annual percentage rates and fees, driving consumers further into credit card debt. In 2009, the Credit Card Accountability, Responsibility and Disclosure Act came into effect to protect consumers who are in this situation.
Many Tennessee businesses flourish while others, for some reason, fail to generate enough revenue to survive. When this happens, entrepreneurs can generally choose from three main types of bankruptcy: Chapter 7, 11 and 13. Each has its pros and cons, but many experts believe that Chapter 11 should be a last resort - after other strategies have failed. Learn more about why companies should hold off on using Chapter 11 as a business bankruptcy.
Sometimes businesses grow quickly and experience phenomenal business results for a long time, and then start to lose money and customers as other companies pop up. Unfortunately, even a higher power couldn't save popular religious chain Family Christian Stores from filing for Chapter 11 bankruptcy. The company, which has stores in Tennessee and 35 other states, experienced a major decrease in cash flow starting six years ago, after the recession hit.
When faced with unemployment or other financial challenges, Tennessee consumers may be unable to pay all their bills on time. This means they are forced to choose which debts are most important and which can wait. However, once a debt becomes 30 days late, consumers may be faced with harassing phone calls from creditors. They may also face foreclosure on their home or repossession of their car. With so many debts, which ones do you pay first?
Many Tennessee entrepreneurs are able to sustain their businesses for a few years before the novelty wears off and they start losing customers. Consumers are always looking for the next big thing, so when they stop buying a particular product, companies start losing money. Of course, it's common for companies to have their ups and downs during the course of the business. But when business drops steadily - with very little chance of becoming profitable again - a business bankruptcy may be the only option. But is this option only for large corporations or can start-ups and small businesses benefit from Chapter 11 bankruptcy as well?
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.
To many Tennessee residents, nothing can seem more devastating than having to file for bankruptcy. However, bankruptcy no longer carries the stigma that it once did. Many individuals and companies have not only survived bankruptcy, but thrived from it. Entrepreneurs who are seeing their businesses quickly lose money may want to consider the benefits that a commercial bankruptcy can offer.