If you are going through, or have been through, a bankruptcy, the thought of taking on a student loan may seem overwhelming. However, like many Tennesseans, it may be the only way to pay for yours or a loved one’s college education. With a little bit of strict saving and planning, you may be able to minimize the amount of debt you have to take on through student loans.
If, like many people in Tennessee, you have a lot of debt and are feeling overwhelmed about being able to pay it all off, the concept of there being good debt probably does not make much sense. However, debt can certainly work for you when used in a responsible way.
If you are hurting for money, a payday loan may seem like a quick and easy way to get some cash fast. However, these types of loans are almost never a good idea because you will likely end up paying an exorbitant amount of interest. In fact, interest rates on payday loans in Tennessee can be as high as 390 percent, according to NBC News. However, you do have other options if you need to get your hands on some money quickly without resorting to taking out a pricey loan that you likely cannot afford.
Like many people going through the bankruptcy process, you are likely concerned about which of your possessions and how much of your money you will be allowed to keep. If you have been awarded a recovery as the result of a personal injury claim, you may be particularly worried about whether or not you will be able to keep the funds you were compensated with. At Rothschild and Ausbrooks, PLLC, we understand that your belongings are important to you and that every penny counts when things are tight.
You may be considering Chapter 7 bankruptcy due to medical expenses, divorce, job loss, credit card debt or unforeseen emergencies. Depending on your situation it may be your best option. But before you make that decision, it helps to consider the pros and cons of filing Chapter 7.
Filing for bankruptcy is a serious, complicated process and one that is often considered quite intimidating. Because of this, myths and misinformation can form and spread quite easily.
The inability to pay for a college education is a huge problem facing many Tennessee residents. For many people, taking out loans is the only way they have to afford the tuition to obtain a degree. However, paying back those loans is often a difficult proposition and as recent numbers indicate, the number of borrowers who are behind on their student loan payments is alarming.
If you are one of the millions of people in the country that owe money on government student loans, you would probably like to see that balance be discharged as part of your bankruptcy. At Rothschild & Ausbrooks, PLLC, we understand that the bankruptcy process can be frustrating. Understanding how student loans factor into your debt can help make the Tennessee bankruptcy process less stressful.
When an unexpected cost comes along, those who may not qualify for traditional financing may turn to payday loans to get the money they need. While these types of cash advances can seem attractive, they are often disastrous for borrowers who end up paying exorbitant amounts of interest and driving themselves deeper into debt. In fact, the average interest rate for a payday loan is 391 percent, according to CBS News.
While bankruptcy can bring financial relief to many Tennessee residents, there is often not a lot said about the psychological and emotional repercussions it can have on a person. The shame some people feel from drowning in debt leaves their self-esteem in shambles long after the bankruptcy has been discharged, according to U.S. News & World Report.