Severe money problems can happen to virtually anyone -- even people who once earned large salaries and are nationally famous. People far and wide sometimes find it necessary to file for bankruptcy protection in order to get back on solid financial footing.
People run into serious financial problems for a variety of reasons: medical debt, mortgage debt, student loans, credit card debt and back taxes, to name only a few. That probably isn't news to a lot of people in Tennessee. It was recently reported that our state has the nation's highest bankruptcy filing rate per capita, at 6.7 filings per 1,000 residents. There is no shame in those numbers; forgiveness of debt is just about as old as debt itself.
Tax season is stressful, but it can be a relief knowing that you are collecting a refund. For some, a refund can help pay off bills, get ahead of credit card debt, or even go towards that family vacation you have been saving for.
The state of Tennessee has been hit hard by the unsettled economy, and many have been put in a situation where bankruptcy is the only way out. Others have tried to delay proceedings by borrowing against the future, heavily relying on their credit cards and taking on new debt to try and cover daily, weekly and monthly expenses.