Many in Nashville often ask "when does filing for bankruptcy become your best option in dealing with your debt?" Unfortunately, there is no easy answer to that question. There may be cases where simply "tightening your belt" for six months to a year would allow to get your debts back under control. However, there may come a point where multiple creditors are looking to initiate collection activities against you, which could serve to further compound your struggles. In these situations, the automatic stay afforded through a Chapter 13 bankruptcy could prove to be beneficial.
Tennessee residents are probably aware of the significant percentage of collage students who graduate with an overwhelming amount of debt. Many graduates now leave school with more than $100,000 in student loans, which are to be repaid even if they don't finish their degree program.
Your struggles with credit card debt might seem embarrassing, yet you should know that you are hardly the only one in Nashville dealing with such an issue. Indeed, information shared by NerdWallet shows that credit card debt climbed to $931 billion in 2017. Given your contribution to that total, you might be considering a debt consolidation loan. Yet is that really your best course of action?
If you are like most of those in Nashville for whom personal bankruptcy is looking more and more like its your only viable option to get out of debt, then you may adopt an attitude of just want to hurry through it and get it done. Your desire is understandable; this likely represents a chapter in your life that you would rather put behind to be able to move on to a brighter financial future. Unfortunately, bankruptcy court proceedings will sometimes try to slow the bankruptcy process down to both prevent the privilege from being abused as well as ensure if it is indeed the best option.
Nashville residents might be surprised to learn that more than one-fourth of all U.S. households are laboring to pay large medical debt, according to The Atlantic. Unless, of course, they happen to be one of those families. What is more surprising is that those struggling with medical bills are not the patients with long-term illnesses but the ones who suffer a one-time illness who are struggling more.
Tennessee is not immune to the sometimes widely fluctuating ebb and flow of local and global economies. If you've recently made your way through some pretty rough financial waters, you are definitely not alone in the struggle. In fact, Chapter 7 is often the means individuals choose for obtaining immediate debt relief when serious financial crises hit.