Many families continue to struggle with lines of credit established years ago. Credit card debt is a serious concern, and changes at the level of the federal government can have implications for the average household. Families seeking to avoid past-due payments being turned over to debt collectors for further collection action need to understand both current laws regarding credit cards and how upcoming changes may affect their situation.
Companies that file for protections under bankruptcy law are often seeking to either restructure their businesses or liquidate assets. Commercial bankruptcy trustees oversee the transactions of a business that has applied for and received such protections.
For many Tennessee residents with overwhelming debt, student loans may be a contributing factor. As college tuition continues to rise, an increasing number of people are faced with the challenge of paying off overwhelming amounts of student loans. In addition, with the job market still in a state of recovery, securing a job with an income that can make student loan payments can be difficult.
Circumstances outside of an individual's control can often lead to financial struggles. Combined with poor money management, it can be a recipe for difficulties that might lead to things like foreclosure. Bankruptcy can be a way for Tennessee residents to hit reset so that an individual can adopt new ways and recover their financial future.
For many Americans, heavy debt can seem insurmountable. But there are options for debt relief. Filing for Chapter 7 bankruptcy may be a feasible solution for Tennessee residents who want to overcome a massive debt situation. Anyone considering personal bankruptcy should be aware of exactly what kinds of debt can be discharged, and by what means.