When Tennessee couples decide to get married, there are many factors to consider. Does the couple share the same values? Are they on the same page regarding children? Is one of the parties having financial struggles - particularly a past bankruptcy - that is concerning to the other party? Many people are scared at the prospect of marriage when their future husband or wife is struggling with bankruptcy. How will it affect the other person's good credit?
Many Tennessee residents are already struggling to pay off large amounts of debt -- tens of thousands of dollars or even more. A job loss, medical condition or other hardship can exacerbate financial problems even further. What are the options for those who are drowning in debt? Should personal bankruptcy be the first choice or should a consumer try debt settlement? Which is the better choice for someone looking to maintain their credit score?
For some Tennessee readers, bankruptcy might seem like a personal failure. However, bankruptcy is becoming more and more common. In July, the number of bankruptcies in the United States had exceeded 87,000. In fact, bankruptcy provides many debtors with the fresh start they need to move forward financially. And even after the bankruptcy process is complete, there are steps debtors can take to successfully manage their finances in the future.
According to a new study from the National Consumer Law Center, some unscrupulous debt relief companies are taking advantage of college students. These students are burdened with student loan debt that they are finding difficult to repay. Some of these companies seem to be offering a debt repayment program, but in reality are just enrolling students in federal government programs that are free. These companies are charging the students fees that can be as high as $1,600 to enroll and $50 per month. The problem is so bad that 23 senators have urged an investigation of these companies by the Federal Trade Commission, the Department of Education and the Consumer Financial Protection Bureau.
Even poorly executed business deals that were made decades ago can provide legal problems for former business owners. This was the case for William and Patricia Millard, who recently filed for personal bankruptcy after finding out they owed unpaid interest and taxes on the sale of their business. William Millard is the founder of the ComputerLand retail chain.
People from all walks of life end up needing debt relief, but a recent article focuses on women whose debt problems have spiraled out of control for a variety of reasons, not the least of which is student loan debt.
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.
With all of the recent discussion of gun rights in the U.S., East Tennessee residents might find a recent bankruptcy case intriguing. There is liability attached to gun ownership and gun sales. So how does a business that deals with and owns guns handle Chapter 7 liquidation?
Credit card debt often occurs from unexpected financial difficulties, such as medical bills or unemployment, and can result in people receiving harassing phone calls from debt collectors. Filing for bankruptcy can be an effective method of stopping these phone calls. The following story on national credit card debt will interest readers in Cleveland.
During the economic downturn the country has experienced over the last several years, many residents of Cleveland have got deeper into debt than they intended. Those who are currently feeling the burden of credit card debt may feel helpless due to debt collector harassment. It's important for anyone in this situation to understand their legal rights to better protect themselves and their families.