A person's health should always be a top priority. Many people include eating right and plenty of exercise as ways to maintain proper physical well-being. What some Tennessee residents may not consider as part of their staying in shape is their financial situation. Mounting debt can lead to significant amounts of stress that can have detrimental effects on both mental and physical health.
Tennessee continues to have one of the highest personal bankruptcy rates in the country. Personal bankruptcy often carries a stigma but filing for bankruptcy can help individuals who are drowning in debt.
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.
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.
Memphis students continue to graduate with more and more loan debt. Because student loans normally cannot be discharged in bankruptcy and must be repaid, sometimes students may find that they have few options for long-term debt relief.
Along with people from all over the country, Memphis residents continue to file for Chapter 13 bankruptcy. However, the procedure for filing for Chapter 13 bankruptcy can be quite complicated, but both the federal courts (that administer the country's bankruptcy system) and Congress frequently attempt to work on streamlining the system to make it more uniform across the nation.
Nowadays, more and more students are taking out loans, and while other types of debt are being paid back, student loans are not. It is clear that students are struggling with debt management and need debt relief.
All over the country and right here in Tennessee, bankruptcy filings are down. While these filings are down, the courts are still facing a backlog of bankruptcy cases.
A federal bankruptcy court serving Memphis, Tennessee, has dismissed the bankruptcy case of an investor who had sought to develop an entertainment venue. Before filing for Chapter 13 last February, the business owner had apparently fallen behind in her payments to several contractors whom she had retained for her construction project.
For many people, winning a lawsuit with a large monetary verdict is the answer to their prayer. While they have likely faced adversity to be in a position to win a case against a party that had seriously wronged them, the windfall from receiving payouts for damages might help to soften the blow at least somewhat.