Even though it may seem like the national economy is rebounding, many Tennessee families live with the threat of foreclosure looming over their heads. Foreclosure is the process through which a lender, such as a bank or other loan holder, reclaims an unfulfilled and generally delinquent mortgage and presumably evicts the mortgage holder from the premises. Families lose homes through foreclosure, and many foreclosure processes are brought about due to unexpected financial expenses, losses of jobs and other monetary crises.
Many Tennessee residents face financial challenges from time to time, whether they are caused by job loss, unexpected medical bills or just the economy in general. These challenges can lead to unpaid bills and credit card debt. Creditors may start calling and when they are unable to contact you or reach an agreement, they may sue you. Once a lawsuit is filed against you, creditors can then garnish your wages. After taxes and other deductions, you likely have very little income to work with as it is. But, with our help, we can prevent wage garnishment so you can keep more of your money.
Filing for bankruptcy is a major decision often taken with a heavy heart. Bankruptcy is not an option that is taken lightly, but sometimes it's the only choice left. Life situations such as divorce, job loss and medical bills can suddenly leave you drowning in debt with all alternate methods of reducing the load exhausted.
Many Tennessee residents consider bankruptcy as a way to wipe out debts and start anew financially. For many, though, the biggest hurdle is rebuilding credit. For those who have spent decades building credit, the thought of ruining this good credit and watching their credit score drop hundreds of points can be devastating. However, there are steps that a person can take to rebuild credit quickly after a bankruptcy.
Different options are available through the legal system to help individuals eliminate debt and enjoy a fresh financial start.
Many Tennessee residents think of bankruptcy as the worst thing that could ever happen to a person. Even today, bankruptcy has a stigma attached to it, but this is because many people are uninformed of the process and how it can help a person drowning in debt get a fresh start on their life as well as their credit score. Here are some of the most common myths about bankruptcy.
Tennessee residents who are deep in debt should know that bankruptcy is not the end of the world. It is possible for someone to start fresh and live a good life after a personal bankruptcy -- just ask singer Toni Braxton. The songstress first filed for bankruptcy in 2010 after amassing $50 million in debt. Just last year, she filed for bankruptcy yet again. Now -- just six months after her bankruptcy filing -- Braxton is the proud new owner of a mansion that boasts more than 5,000 square feet of living space and set her back a whopping $3 million.
Many Tennessee residents have heard stories of celebrities and others with significant wealth filing for bankruptcy. For some, it may be hard to understand how someone who makes millions of dollars a year can end up broke. However, it is often the same issues that can plague both those with significant assets and those without. Regardless of the reason, however, bankruptcy can be an option for all people facing mounting debt.
Many Tennessee college students still live at home with Mom and Dad and may have no debt to worry about, let alone bankruptcy. However, even parents' bankruptcy can affect a college student's eligibility for student loans.