January is often a financially stressful month for many Tennessee consumers. You may relate, if you have come away from the holiday season with a whopping amount of credit card debt due to expenses associated with gift purchases or other issues. Perhaps you wound up having to swipe your credit card at the gas pump more than usual while traveling to visit relatives during the holidays.
In the world of debt, there are two primary forms that Tennessee residents should understand. The first is secured debt which is any type of debt associated with a real item that acts as collateral. Examples of secured debt include mortgages and auto loans that are connected to homes and vehicles. The other type of debt is unsecured, meaning there is no collateral associated with it. Credit card debt is perhaps the most common type of unsecured debt that plagues Americans.
Are you one of the many Tennessee residents struggling to keep your head above water financially speaking? If you are, debt relief options may be available to you. There are a few options out there, and trying to figure out which makes sense for your situation can be difficult.
People in Tennessee who owe consumer debt may have a responsibility to repay their debt but they also have other rights. Knowing these rights and knowing what inappropriate and even potentially illegal actions by debt collectors to look for is important for all consumers.
There often is a stigma that surrounds personal bankruptcy, in that many in Nashville may view it as simply a form of escape. Their opinion might be that those filing are looking to escape from financial responsibilities that result from frivolous (or in some cases, even unethical) decisions. Bankruptcy is indeed meant to be a tool to help those in financial distress, yet might there actually be scenarios when debtors attempt to use that tool deceitfully?
There are very specific income requirements that you must meet if you wish to pursue a Chapter 7 bankruptcy. To figure out if you meet those income requirements, you can take something called a means test.