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Memphis Bankruptcy Law Blog

Cancer is a common cause of severe medical debt and bankruptcy

When someone you love is diagnosed with cancer, your first concern is the process of treatment and the likelihood of remission. One of the very serious consequences of a cancer diagnosis is often a lot of medical debt. Cancer treatments, such as surgeries, chemotherapy and radiation are incredibly expensive, often costing thousands of dollars a week. Depending on the type of insurance your loved one has, some of that expense may end up as your family's responsibility, which can result in debt. It can be hard, even impossible, to pay down medical debt when an earner is missing work due to cancer.

In a perfect world, no one would lose a home or personal vehicle as the result of a serious illness. However, we don't live in a perfect world. If you or a loved one has built up a substantial amount of debt due to cancer treatments, you may need to consider bankruptcy as a means of debt relief.

Will you lose your home in Chapter 7 bankruptcy in Tennessee?

For many people, the biggest deterrent from seeking Chapter 7 bankruptcy relief is the potential to lose all of their assets. Often, the foremost concern is whether you can retain your primary residence during a Chapter 7 bankruptcy. Unlike Chapter 13, which includes a court-structured repayment plan for your accumulated debts, Chapter 7 involves only discharge of debts, not their repayment. That means that the courts may order you to liquidate some of your assets in order to pay back what you can prior to discharging your debt. In some cases, part of your home equity could be at risk.

The Important Differences Between Chapter 7 and Chapter 13 Bankruptcy

Many people go through life just fine until they run into unfortunate circumstances. When people exhaust their emergency funds or run out of sources of income, bankruptcy is often their only (and best) option. It is important to remember that filing for bankruptcy isn't admitting defeat. Instead,  view this as an opportunity for a fresh start. In fact, few people wind up filing for bankruptcy simply due to reckless spending. Most file for reasons that are largely out of their control. Here are some of the reasons. 

Is Debt Preventing You From Saving For Retirement?

We all know that everytime we pay a bill, that's one less payment we make into our own retirement fund. One of the forgotten benefits of bankruptcy is that you can pay yourself, rather than your creditors. People often forget that the payment they don't make to the credit card company can earn a significant amount of compound interest toward their own retirement.

The Financial Tragedy Of Health Care in the United States

Healthcare consumers in the United States have been sending out rallying cries over the high cost of medical services, devices and prescription medications for decades. Proponents of the Affordable Care Act (Obama Care) were hopeful its enactment would lower the cost of healthcare and ultimately make it affordable enough to insure the millions of Americans without health insurance coverage. Unfortunately, the full enactment of the Affordable care act has never been instituted the way it was intended and millions of Americans are finding themselves overwhelmed with medical bills.

Chapter 7 may help Tennessee residents with considerable losses

In many cases, individuals who are facing overwhelming debt could be looking at seemingly insurmountable amounts in due balances. When exploring ways to deal with these liabilities, many individuals may wish to look into Chapter 7 bankruptcy. Tennessee residents may be interested in one case taking place in another state in which a man with business debts is taking such an avenue.

Reports stated that the man is the owner of a mall and due to business difficulties, he is facing considerable debt in relation to the mall property. Apparently, the creditor that holds the mortgage to the property is currently owed over $27,000,000. In total, the man's liabilities amount to over $30,000,000. In addition to the mortgage debt, unsecured debt liabilities reached nearly $3,000,000.

Credit card debt could affect Tennessee residents for decades

Having serious debt may seem like a singular situation, but there are numerous people across the country, including those in Tennessee, dealing with thousands of dollars in debt. Credit card debt is among the most common type and is one that makes up a substantial amount of overall debt. When individuals are stuck in the vicious cycle of making monthly payments with no end in sight, they may wonder where to turn.

It was recently reported that the average amount of credit card debt for an individual in the United States is $3,600. However, because this number is calculated by including individuals who have no debt, it is likely that individuals with outstanding credit card balances are facing a higher amount. One study indicated that approximately $16,000 is closer to the amount that households with debt are facing. 

Bankruptcy could be second chance for some Tennessee residents

There may be times in an individual's life where he or she may need a second chance. More often than not, those chances can be hard to come by, and many people --Tennessee residents included -- could find themselves facing prolonged difficulties. However, for those with financial struggles, bankruptcy may be a readily available option for qualifying individuals looking for a new start. 

This type of debt relief is designed to help consumers with liabilities that overwhelm them financially. Individuals who are feeling lost may find information on Chapter 7 liquidation or Chapter 13 repayment plans useful in efforts to get back on track. In many instances, bankruptcy may allow individuals to have a brighter financial future to which they could look forward. 

Bankruptcy may be valid debt relief option for many in Tennessee

Though there are several options for dealing with debt, ignoring liabilities is rarely the best way to go. Rather than simply living with debt and facing the potential for creditors to begin litigation, Tennessee residents may wish to explore their debt relief options. Bankruptcy reorganization is one path that many individuals have found useful to their situations.

One man in another state filed for bankruptcy protection due to considerable debt liabilities. Reports stated that the filing was made earlier this year after a legal dispute between the man and his brother. His brother is listed as one of the creditors in the man's case due to assisting the man with a home equity loan worth $2.5 million. His total liabilities come in at approximately $4 million. 

Bankruptcy could assist Tennesseans with substantial debt

Addressing financial responsibilities can seem like a daunting task for Tennessee residents facing considerable debt. Determining when to make payments and whether more than the minimum can be paid are decisions that many individuals may struggle with on a daily basis. For parties who are facing such difficulties, bankruptcy may be a viable option to consider when looking for debt relief.

Several individuals in another state recently followed this path due to their debt issues. Reports stated that four individuals filed for Chapter 7 bankruptcy and one individual filed for Chapter 13. With the Chapter 7 filings, one man owed more than $1 million dollars, and though he had assets totaling more than the amount owed, bankruptcy could allow him to discharge and repay his debts through liquidation without having to give up all of his assets. 

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Memphis, TN 38103

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