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Memphis Bankruptcy Law Blog

What can Chapter 13 do for you?

The term "bankruptcy" is often used broadly to refer to government assisted discharge of debt, but the law actually offers a few options for the consumer to consider. Most commonly, individuals who pursue bankruptcy choose either a Chapter 7 liquidation or a Chapter 13 repayment plan.

Both of these are excellent options, but one may fit your circumstances better, depending on the nature of your particular needs.

Did the Affordable Care Act reduce personal bankruptcy?

During the last six years, fewer Americans have filed for personal bankruptcy. In fact, according to research by Consumer Reports, bankruptcies have declined by 50 percent. According to Consumer Reports, this decrease is partially the result of the Affordable Care Act, which makes healthcare easier and more affordable for Americans to get.

Many legal experts and bankruptcy law authorities agree with Consumer Reports on this point. Prior to the Affordable Care Act, medical debt was one of the leading causes of personal bankruptcy.

Are you familiar with the top benefits of Chapter 7 bankruptcy?

If you have reason to believe that Chapter 7 bankruptcy is the best way to escape financial trouble, you owe it to yourself to learn more about the process.

As you compare the pros and cons of filing, you'll soon realize if this is something that could put you in a better position in the days, weeks, and months to come.

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. 

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