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Law Office of W. Thomas Bible, Jr.

August 2016 Archives

Parents burdened by debt can teach valuable lessons to children

As children in Tennessee return to school, they will learn many lessons. These lessons do not always take place in the classroom, but also on the playground and at home. Parents often wish to take advantage of their children's receptivity to learning by instructing them in important life issues, like managing money. Some parents do this because they have had their own struggles with finances, and they want to spare their children the anxiety of living burdened by debt.

Tennessee is among the states with most Chapter 7 filings

Even with bankruptcy rates declining, there are many areas of the country where people struggle with debt. According to a recent report, states in the south had higher rates of bankruptcy than other parts of the country. Tennessee reported the most overall bankruptcies. For people seeking to get out from under the burden of debt, Chapter 7 seems to be the type of bankruptcy that provides the most relief.

Medical debt often goes hand in hand with credit card debt

Despite efforts by various presidential administrations to help Americans obtain quality, affordable health care, millions of people in Tennessee and across the country are underinsured or uninsured. Additionally, 64 million Americans are burdened with medical debt. In fact, medical debt is the primary reason for bankruptcy in the United States.

Keeping credit card debt under control

Credit cards are a convenient method of making purchases, especially when one is short on cash. However, it is estimated that the average family in Tennessee and across the country carries almost $16,000 in credit card debt. That adds up to a total of $733 billion nationwide. Because credit card debt can be so costly with its high interest and fees, many people take painful steps to eliminate it, only to turn around and build it back up.

To get debt under control, homeowners may consider Chapter 13

Falling behind on mortgage payments is not uncommon. In some cases, people are able to catch up or negotiate with the lender for some extra time. However, if hardships cause a person in Tennessee to fall too far behind, or if the lender demands the full amount of missed payments to avoid foreclosure, this does not always mean the person will lose his or her home. There are other alternatives to get debt under control.

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