When Tennessee consumers file for personal bankruptcy, they do it in hopes of getting a fresh start in terms of their credit score. However, the results are not always so positive when business have to file for bankruptcy. Once a company files for business bankruptcy, it often means the end -- even when the company has been around for decades.
Many Tennessee residents have faced financial hardships and have had to make some difficult decisions because of them. Filing for bankruptcy is something that should not be taken lightly, but many people have gone down that path in order to make a fresh start on their credit without considering all factors. Even after filing for Chapter 13 bankruptcy, some homeowners have had to make decisions about whether or not to keep their homes. They may become unable to keep paying on the mortgage and walk away from the home. Is this possible?
In the past, the focus of the holidays in many Tennessee homes was on family and togetherness. Now, the focus seems to be on who can get to the store in time to score a $100 TV and other hot deals. This year, Black Friday started on Thanksgiving Day for many stores, giving consumers more time to rack up credit card debt.
Many Tennessee residents take out home equity loans for necessities such as home improvements, large purchases and sometimes even to pay off other debts. This may seem like a good idea but issues arise when the loan is not paid on a monthly basis. Even f the home is otherwise paid off - with no other mortgage - it may still be subject to foreclosure with a home equity line. But homeowners do have options to handle these situations.