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August 2013 Archives

Avoiding credit card debt before it starts

As many Tennessee parents may know, college is expensive. Those with sons and daughters away at college can attest that between books, tuition and living expenses, the annual cost of higher education can be astronomical. Even when parents foot most of the bill, college students with a part-time job may be tempted to apply for a credit card to help them with day-to-day expenses such as food, gas and clothing. However, having access to a large amount of credit can cause college students to become less than frugal in their spending, leading to huge credit card debt before they've even graduated.

What happens when debt piles up again after bankruptcy

To many Tennessee residents, bankruptcy is a huge financial wake-up call. The extreme humiliation, creditor harassment and drastically reduced credit score that goes along with it is typically enough for someone to take steps to prevent it from happening again. However, some people don't learn from their financial mistakes the first time around. What happens when the debt piles up again just a few years later? Is another bankruptcy possible?

Options for business bankruptcy: what owners should know

As many Tennessee business owners know, not all companies succeed. Whether it's a small business trying out a new product in the market for the first time or a larger one overextending itself financially, bankruptcy can happen to any company at any time. Although no company wants to succumb to bankruptcy, learning about the options available can make business bankruptcy easier to handle.

Be prepared for tax liability after Chapter 13 bankruptcy filing

As the saying goes, there is nothing certain in life except death and taxes. Although a Chapter 13 bankruptcy filing won't necessarily kill a person, it is likely to negatively impact taxes. Tennessee residents looking to get rid of overwhelming debt may want to think twice before rushing out to file for bankruptcy. As with many things, timing is everything, so filing at the right time will reduce tax liability.

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