It might be easy for those in Nashville who are struggling with debt to think that the answer to their problems is to simply make more money. This no doubt comes from the perception that an abundance of income can easily overcome one's liabilities. Yet there are countless cases out there suggesting the contrary. People at all income levels may be subject to financial struggles, many of which are due to a plethora of circumstances. Some might be saddled with unexpected medical expenses; others might simply struggle in effectively managing their money. Then there are those who face a seemingly perfect storm of dire financial circumstances.
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.
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.
Tennesseans currently wading through a sea of debt know all too well that recovering from this financial hit can take a considerable amount of time and effort. Not only does a money issue create immediate complications; it can linger and worsen if unaddressed. Although each situation can be unique, a common question surfaces during this process: what are the main differences between Chapter 7 and Chapter 13?
Perhaps one of the most common concerns among people in Tennessee who are considering filing for bankruptcy is how severe the impact will be to their credit scores. This is an understandable concern as credit scores are evaluated in so many things today including many pre-employment hiring background checks. However, as MarketWatch indicates, while you should be prepared for an initial drop in your credit score after filing bankruptcy, you can help it improve sooner than you may think.
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.
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.
Tennessee residents just like you are suffering with debts that may seem insurmountable. This is where Rothschild & Ausbrooks, PLLC, come in. They help you decide if the debt that you're in is too steep for you to pull out of on your own, and can show you all of the benefits of bankruptcy.
Many a Tennesssee resident found themselves in the difficult position of filing for bankruptcy during and after the great recession. Even with an improving economy, many more continue to struggle with unmanageable levels of debt and have chosen bankruptcy as their option to help them secure a better financial future. One of the big concerns many people who file for bankruptcy have is how they can ever buy a home again.
Personal bankruptcy in Nashville is an inevitably delicate topic: from deciding on the right financial plans to discovering which assets one may keep, the entire process can become long and complex. Many Tennesseeans wonder which type of bankruptcy is the most appropriate to file, and for those with large assets, this process can present a number of challenges.