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Chapter 13 bankruptcy could benefit older Tennessee debtors

Many Tennessee grandparents wish that they had the ability to provide their grandchildren with anything they asked for. Some grandparents do have the means to make purchases for their families on whim, but other families are on strict budgets and wants must go unmet. Having burdening debt can be a significant factor in having to pass up certain opportunities, and as many more older adults are facing debt in today's society, more financial stress is being placed upon them. Fortunately, taking advantage of financial help outlets such as Chapter 13 bankruptcy can help lessen that burden.

As much as an older parent or grandparent wants to continue to help their children, they also often hope that they do not become a burden to their loved ones. In some cases, medical situations arise and care from family members is understandably needed. In other instances, however, causing strain on a household may be able to be avoided. A financial struggle is one that can be taken care of in a person's lifetime without having to pass on to their children.

Many older adults have accumulated debt due to taking out loans or simply lack of proper retirement planning. They become dependent on credit cards or other avenues that accrue debt. Believing they will not be able to come out from under their debt, they may assume that the issue will simply fall away after they are no longer living. However, there is the chance that some of those debt issues could have negative effects on the remaining living family members. Should any member have co-signed a loan that was never repaid, that member may be targeted for the remaining balance as well as other similar situations.

Burdensome circumstances at times cannot be avoided, but when they are situations like debt, there are routes that can be taken to ensure that the issue is taken care of before it falls into the hands of an unsuspecting loved one. Looking into Chapter 13 bankruptcy and other Tennessee bankruptcy laws could help an individual consolidate their debt and live their lives with one less stress factor. By taking action early, the remaining years of a person's life can be filled with joyous occasions rather than worry over paying off debt.

Source: Business Insider, "Here's The Real Cost Of Dying In Debt," Steve Yoder, June 12, 2013

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