Homeowners in Tennessee may be able to breathe a sigh of relief. The numbers are in for the first quarter of 2016 and based on the continuing overall decline in foreclosures, some expert are speculating that the housing crisis is coming to an end. According to Bloomberg, March numbers showed the lowest number of properties in active foreclosure since October 2007. There were 631,000 foreclosures in March, representing a drop of 24,000.
Each time a consumer in Tennessee takes out a loan or opens a credit card, makes payments or pays off a balance, it gets compiled on his or her credit report. Negative actions, such as being sued, declaring bankruptcy, defaulting on a loan or failing to make regular payments also get reported. Since lenders use the information contained in your credit report to determine whether or not to extend credit, we at Rothschild & Ausbrooks, PLLC, believe it is very important that you remain aware of the information that your credit report contains.
It depends on what type of bankruptcy you file for. If you file for Chapter 7, your assets will likely be liquidated and that may include your bank accounts. If you are filing for Chapter 13, your bank accounts are probably safe as long as you make the required monthly payment to the trustee for the term of your bankruptcy.
If you struggle to pay your bills or have a large amount of debt, the last thing you probably feel like doing is examining a detailed list of everything you owe to your various creditors. But virtually everyone should request a copy of their credit report, no matter what shape their finances are in. In most cases, it's what you don't know about your credit that puts you at risk.
As a prerequisite to filing for bankruptcy in Tennessee, you will be required to undergo credit counseling. There are many different organizations out there that provide these kinds of services, so choosing a reputable company is important.
It may be, depending on the size of your debt and how dedicated you are to becoming debt-free.
Like many other Tennesseans who have a lot of widespread debt, you may feel overwhelmed by it and deciding which accounts to pay off first can be difficult. However, according to Credit.com there are strategies that you can employ to save yourself money in interest and get your debts paid off quicker.
Legitimate debt collectors are permitted to contact Tennessee consumers regarding outstanding amounts owed as long as they follow certain guidelines. However, many scammers try to take advantage of unsuspecting people and it may be difficult to ascertain whether or not the collection call a person receives is real.