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January 2013 Archives

Addiction can also fuel the need to seek bankruptcy protection

As this blog has written about, bankruptcy can hit anyone when a financial emergency strikes. Unemployment and medical debt are two big drivers of bankruptcy. But for others, the need to file for bankruptcy can be caused by personal problems, such as an addiction. One man, who was on top of the world, is finding this out the hard way as he tries to get back on the straight and narrow.

Organic farm has to file for Chapter 7, farm may close

Many farmers in Tennessee have had to struggle to make ends meet during the last several years, as fluctuating prices, a stagnant economy and harsh weather have taken their tolls on family farms all across the state. Many have likely had to consider filing for bankruptcy in an effort to discharge debt and hang onto their land. But one farm in another state's Chapter 7 bankruptcy filing highlights what could happen if debt is too insurmountable.

Too many Americans raiding retirement funds to avoid bankruptcy

Many of our Memphis readers may try to do anything to avoid filing for bankruptcy. But a new study by a financial adviser firm shows that too many Americans are doing something that they should not be doing to try and manage their debts: withdrawing money from their retirement funds.

New classes teach students to manage money

Across the country, and right here in Memphis, students are returning to college after a long break. However, the Federal Reserve reports that more students have student loan debt and few debt management solutions.

Bankruptcy filings can have a lasting impact

When people use bankruptcy as a way to restructure their debt, most people know that the bankruptcy can have a lasting effect. All across the country, including in Memphis, when financial times get tough, people file for Chapter 7 bankruptcy. This can be a good decision, but those who do file for bankruptcy should remember that they may be required to report the filings under certain circumstances.

Student loans and credit scores

More and more students all across the country and right here in Memphis go to college and continue to graduate with more and more loan debt. However, with few debt management solutions available, more students worry about their loan's effect on their credit card debt.

2012 Chapter 13 and other bankruptcy filings down

All over the country and right here in Memphis, people continue to file for bankruptcy. Individuals continue to seek debt relief through Chapter 7 and Chapter 13 bankruptcy. However, in the year 2012, the number of bankruptcy filings is down.

Are American's financial challenges starting to turn around?

The arrival of 2013 has most likely also brought some of our Tennessee readers a bit more of a debt burden on their credit cards. Buying presents, hosting parties and trying to make the holidays perfect for their families in general can lead some to go a little overboard with spending, leaving them facing financial challenges at the start of the new year. However, even if there was a temporary bump for many Americans in their credit card debt due to the holidays, a recent report has emphasized that, overall, Americans appear to be getting a better grip on their finances.

Credit card debt: a financial burden for college students

In Memphis and elsewhere, college students are using credit cards to pay for food, clothing and books. Unfortunately, through all of the shopping, students rack up credit card debt that may present financial hardships when the credit card bills begin to mount. This may not only affect college students, it may also affect their parents who co-signed for the credit cards.

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Ben Sissman, Attorney at Law
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Memphis, TN 38103

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