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February 2014 Archives

Medical bankruptcy rates expected to soar

Although all Tennesseans are now allowed access to health insurance due to the Affordable Care Act, their financial problems are not necessarily solved. Although insurance pays for a large portion of one's medical expenses, it doesn't pay for everything. Co-pays and coinsurance must be paid out of pocket, which means that many Americans are left with medical expenses totaling thousands of dollars. It is expected that soon, medical expenses will be the most common reason for bankruptcy, beating out mortgage debt and credit card bills.

How Tennesseans can use credit card debt to build credit

It may seem counterintuitive to allow low-income Tennessee residents to go into debt in order to build credit. However, it is a new type of loan that is being offered in some communities to allow people to establish credit - something that virtually everyone needs in order to buy a home or car, or even rent an apartment.

Toni Braxton files for personal bankruptcy, buys $3 million home

Tennessee residents who are deep in debt should know that bankruptcy is not the end of the world. It is possible for someone to start fresh and live a good life after a personal bankruptcy -- just ask singer Toni Braxton. The songstress first filed for bankruptcy in 2010 after amassing $50 million in debt. Just last year, she filed for bankruptcy yet again. Now -- just six months after her bankruptcy filing -- Braxton is the proud new owner of a mansion that boasts more than 5,000 square feet of living space and set her back a whopping $3 million.

Comic book outlet files for Chapter 7 bankruptcy

Many Tennessee business owners have felt the sting of overwhelming debt. Business environments can change rapidly, and a company that was once profitable can quickly drown in unpaid bills. A comic book outlet from Nebraska recently filed for Chapter 7 bankruptcy after too many negative events caused the company to collapse.

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