When faced with serious financial challenges, many Tennessee residents may understandably begin to consider whether or not filing for bankruptcy might be the best option for them. In making this decision, it will be important for people to have an understanding about the two primary forms of consumer bankruptcy and how each plan differs. This knowledge will help debtors to make the right choice for their debt-relief needs.
Constantly dealing with an overwhelming amount of debt can leave you suffering from a lesser quality of life for extended periods. Unfortunately, financial hardships are a concern for many individuals, and while you may take comfort in the fact you aren't alone in this struggle, this knowledge may do little to rectify your situation.
A home is a place meant for comfort, security and peace of mind -- these are just a few reasons why a home foreclosure can be so threatening to one's wellbeing and way of life. Countless Tennesseans face this threat but are unsure of where to turn in such hard times. Depending on the situation, avoiding a foreclosure altogether may be a possibility.
You got the news no one wants to hear from their doctor -- you have cancer. After the initial shock, you learned all about it and what your treatment options were. You picked a course of action and started acting. Now, not too long after starting treatment, you learn your insurance isn't as helpful as you had hoped and you are facing some serious debt if you continue treatment. Sound like your life? It certainly is the reality for a number of Tennessee residents.
It is a major topic of debate, and also a primary concern for millions. It is both a necessary expense and a dark cloud that can follow graduates for decades. Student loan debt has been in the spotlight for years, as it simultaneously symbolizes a higher education and, more recently, years of ongoing struggle. As a result, some have turned to bankruptcy. This leads many Tennesseeans to ask, is excessive student loan debt worth the satisfaction of earning a degree?
If you are one of the many people in Tennessee who is feeling the pressure of mounds of debt that only seem to rise despite your best efforts, you may well have given thought to filing for bankruptcy. While it might sound good to know that you could relieve yourself of some of the debt you owe and cannot pay, you might also be concerned about the long-term impact on your credit of filing for a Chapter 7 bankruptcy.
Tennessee residents who fall into debt will eventually find themselves being targeted and potentially even threatened by collection agencies. Commonly, these agencies will garnish your wages in order to collect your debt payments from you. This can have a hugely negative impact on your finances, especially if you're the primary financial support in your household. But can it be avoided?