While filing for bankruptcy in Davidson can help alleviate many financial struggles, many types of student loans are not dischargeable in bankruptcy and some borrowers may find themselves struggling to make timely payments. In fact, the number of people who defaulted on student loans in 2016 was over 1 million, according to the Penny Hoarder.
When you file for Chapter 13 bankruptcy in Tennessee, you work with the bankruptcy trustee to create a payment plan whereby your creditors get paid. At the end of the plan, once all of the payments have been made, your bankruptcy is completed and can be discharged. Unfortunately, some people are not able to make it all way to the end of the process. According to Yahoo, one study found that only 37 percent of Chapter 13 cases are fully completed.
Many people who live in Tennessee felt the crunch of the Great Recession. As the nation was healing from its economic woes, the Consumer Financial Protection Bureau was created in order to prevent some of the bad lending practices that led to the downturn in the first place. Since its creation, the CFPB has taken a number of actions against companies who prey on unsuspecting consumers.
Filing for Chapter 13 bankruptcy in Tennessee can feel daunting at the beginning but the good news is that it does not last forever. After your case was initially filed, a payment plan was worked out whereby you would repay all of your debts covered by the bankruptcy. Once you successfully complete all of those payments, your bankruptcy can be discharged.
Earning a college education is an important goal that many parents in Davidson want for their children. Therefore, many of those families take out student loans in order to be pay for things like tuition and room and board. However, when the loans are in the parents’ or grandparents’ names and those people begin to age out of the workforce, financial problems may ensue.
As the saying goes, the only things certain in life are death and taxes. Dealing with tax obligations can be overwhelming and stressful under the best of circumstances. If you are also facing bankruptcy in Tennessee, the situation may feel even more distressing. That is why it is important for you to know a few key facts about how your bankruptcy may influence your tax situation.
If you are disabled and are burdened with student loan debt, there may be some assistance available to you from the federal government. While many types of student loans are not dischargeable except in certain circumstances, those who are disabled do have access to resources.
Most people in Tennessee who pursued a higher education likely relied on student loans in order to be able to afford college. While such loans are key in allowing many people to attend college who would not otherwise be able to, those people are then left with large amounts of debt that must be repaid after graduation. For those who graduated in 2016, the average amount owed is $37,172, according to Business Insider.
The 2016 Summer Olympics are in full swing in Rio and there have been a number of standout American athletes that have become household names across Tennessee. However, earning a medal does not guarantee a lifetime of fame and fortune. While a handful of competitors may go on to play sports professionally or earn money from lucrative endorsement deals, for many competitors and the families whose support helped them achieve their goals, competing in the Olympics is the end of the road.
Nearly everyone in Tennessee is familiar with the housing bubble that ultimately burst and caused the Great Recession. Now a new bubble is on the horizon. This one involves auto loans and while it will probably not devastate the economy in the same way, it could lead to trouble for both borrowers and car dealers.