Ben Sissman, Attorney at Law
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August 2013 Archives

Possible law changes could help graduates with mounting debt

Many Tennessee residents place a very high value on getting an education. Unfortunately for many, the cost of receiving that education at some institutions is too high, and they must either choose an alternate place of study or take out student loans. Though student loans are not considered a necessarily negative type of debt, it can still be burdening to deal with. Many graduates are finding it difficult to find jobs and are more likely to have mounting debt issues. As of now, student loans cannot be significantly affected by filing for bankruptcy except in rare and extreme cases. As a result, many graduates who may be having a difficult time finding employment are left with thousands of dollars in loans looming over their future and are unable to take advantage of the benefits bankruptcy. Other types of debt, such as that accrued through credit card usage, have the potential to be managed through bankruptcy, but for those who used their loans to complete their education, they are forced to find alternate ways to deal with their debt. Fortunately, discussion on changes to bankruptcy laws could have debtors with student loans seeing a new alternative. The proposed changes would not necessarily allow all graduates with loans to be able to file for bankruptcy in order to discharge debt, but those who graduated from schools with low employment rates or who have repayment terms that could be considered arbitrary may be able to take advantage of law changes. As with all types of bankruptcy, the situation may not be a fit for everyone with student loan debt and having proper knowledge of laws is important. Because mounting debt can cause significant stress, any help to come out from under the burden is often welcome. Bankruptcy was designed to benefit those struggling financially in order to move them toward a fresh financial start. As with all types of debt and bankruptcy laws, students who may be interested bankruptcy law changes should gather information on Tennessee laws and how these possible changes could be applied to their situation.

Better options for credit card debt than using retirement funds

Though many Tennessee residents enjoy what they do for a living, a considerable number of those workers still look forward to retirement time. With retirement comes a sense of freedom as there is no worry about deadlines for work assignments. However, many people with financial struggles could find themselves considering using their retirement funds to pay off credit card debt. Luckily, there are other options that people with significant debt can turn to that could help their situation while maintaining their retirement savings.

Mounting debt could plague Tennessee newlyweds

Many single Tennessee residents are able to have a stable hold on their financial situation because they know how they are going to spend their income. When a person gets married, however, they can see drastic changes in their expenses. If a couple does not agree on how money should be spent or have a budget, they could quickly find themselves amassing a mounting debt issue and possibly need financial assistance to recover from their burden.

Credit card debt could increase after credit report changes

Credit reports and scores can be very useful information for people, including those in Tennessee, who are looking to open a line of credit and for companies who provide credit services. A recent change in credit reports may have gone unnoticed by some but could potentially have a significant impact on how credit providers approve their applicants. A more in-depth report including how a person manages their credit card debt and how they handle their payments could have both positive and negative effects on credit card holders.

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Ben Sissman, Attorney at Law
44 North Second Street, Suite 403
Memphis, TN 38103

Phone: 901-730-4958
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