Millions of Americans live with credit card debt, but few know how to fully climb out of it. Nashville, like other states, is home to thousands of families who, especially after the 2008 Housing Crisis, struggle to pay for basic necessities such as the montly mortgage, bills and even food -- largely because of debt. Of course, there are a number of other ways one can accumulate unpaid credit card bills, but many individuals experience creditor harassment and subsequent legal action for failure to pay off debt.
For many people in Nashville who file for bankruptcy, credit card balances were a big factor in contributing to their debt. Therefore, you may feel understandably wary of using a credit card again once your bankruptcy has been discharged. However, you may still qualify for one and be able to use it responsibly to rebuild your credit if you keep a few things in mind.
When your debt issues begin to result in threats from creditors and other consequences, you know you need a way out of your current situation, fast. Like other Tennessee consumers, you may be unsure of how to deal with your debt in a reasonable way, but bankruptcy could be the right choice for you.
A consignment store in a northeastern state has closed its doors as of July, according to local business news. In Tennessee and elsewhere, retail shops continue to struggle financially. Chic 2 Chic closed its doors unexpectedly and has since filed for Chapter 7 bankruptcy protection. A creditor's meeting is scheduled for Sept. 12.
There are a lot of indignities that people in Nashville with insurmountable debt may face. Being contacted by a collection agency for a debt you cannot pay is bad enough. But when debt collectors resort to using sneaky or offensive tactics to try to get to you to pay, it can be extremely disheartening. At Rothschild & Ausbrooks, PLLC, we understand the stresses associated with being in debt and are strongly invested in protecting our clients’ rights.
If you are struggling with overwhelming debt and feel like you are at the end of your rope, you may be aware of the benefits of bankruptcy and aware of how it could help you escape your current hopeless situation. However, outside of knowing the very basics about how this process works, you may be unsure as to which chapter of consumer bankruptcy is best for you or how to take the first steps.
If you live in Nashville and have a lot of credit card debt, it may seem like paying off your accounts is a hopeless situation. While there are a number of solutions available, a popular one that many people turn to is debt consolidation. While this option can be beneficial and save you money over time, there is one huge downside. Consolidating your existing debt does not fix your financial situation, nor does it stop you from incurring more debt on top of the new loan.