Perhaps you’re one of few Tennessee residents who has never encountered financial challenges in life. Chances are, however, you’re more like most people, who have experienced ups and downs in their cash flow and overall economic well-being. Any number of issues might spark a financial crisis, whether moderate to severe. One month, you might simply have trouble paying your bills on time; however, if your finances veer completely off-track, you might wind up missing several mortgage payments.
Such situations often lead to further financial trouble. You might have the best intentions of getting it all straightened out. You might also feel frustrated or worried if that turns out to be easier said than done. If creditors start calling or your lenders threaten you with foreclosure, you know it’s time to seriously consider whatever debt relief options might be available. This is when some people resort to crowdfunding.
It’s particularly popular in the United States
The days of hosting car washes, bake sales or rummage events are waning. Nowadays, there’s a much faster, perhaps more convenient, means for raising funds in a pinch. It’s called “crowdfunding.” You’ve probably heard of online venues such as GoFundMe but maybe have never actually accessed one.
Websites like this one have reportedly helped people raise billions of dollars in much-needed funds for various purposes. You can start your own fundraising campaign or someone else can launch a page on your behalf.
A central factor in many GoFundMe campaigns
It’s definitely no secret that health care in the U.S. is expensive. Even if you have a nest egg set aside for urgent financial needs, if you or your immediate family member experiences a medical crisis, you might quickly go from having enough money to meet your monthly expenses to being seriously in debt.
Medical bills are the underlying reasons for many online crowdfunding projects. An individual or family in need can tell their story online and appeal to the generous natures of a global readership.
If you wonder whether launching an internet fundraising appeal is ethically or morally sound, you’re not the only one to ponder such questions. Many analysts have questioned whether medical crowdfunding is an acceptable or justifiable means of overcoming health care expense problems.
Not the only option available
Crowdfunding may not be an acceptable option for you if you’re currently facing serious financial crisis. Whatever your reasons happen to be, you might be searching for another type of solution. Many people in Tennessee and beyond have tapped into debt relief resources, such as bankruptcy to resolve serious financial problems and lay the groundwork for a stronger financial future.
There are multiple types of bankruptcy. You might qualify for one but not another. Bankruptcy often requires complete liquidation of assets. However, depending on your particular situation, you might be able to avoid foreclosure and retain ownership of major assets by developing an alternative payment plan if your lenders agree to it.
Where to seek support
Financial crises can be highly stressful. It helps to speak to someone who has experienced similar problems. It’s also a good idea to connect with someone who is well-versed in financial issues, especially if your current situation has sparked legal problems.
By turning to a trusted friend or family member for advice, you might be able to come up with some ideas for increasing cash flow. You may also want to discuss your problem with a certified financial adviser. Many Tennessee residents seek guidance and support by meeting with experienced bankruptcy law attorneys as well.