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August 2014 Archives

Dealing with credit card debt in a divorce

Divorce can offer emotional and physical freedom to Tennessee couples, but it doesn't always offer financial freedom. Two incomes are typically reduced to one, with many people facing financial challenges. Credit card debt may be an area of contention, especially if one spouse is ordered to pay down the debt and refuses to do so. The other party may think that he or she is off the hook, but in fact continues to share the responsibility of making the monthly payments even after a divorce.

Which type of bankruptcy is right for overwhelming debt?

Sometimes Tennessee residents face financial challenges, whether through a job loss, unexpected expenses or overspending. This can cause overwhelming debt, which can lead to harassing phone calls from creditors. When it becomes impossible to stay afloat financially, many consumers turn to bankruptcy for relief. There are two options to choose from: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Which one is right for your situation?

How a cosigner can be affected by a loved one's bankruptcy

When someone asks their parent, grandparent or other loved one to cosign a loan for them, they oftentimes agree. Why? Because family members usually want to help each other out in time of financial need. They don't want to see their child, grandchild, niece or nephew do without a car or student loan for college. But if the person who took out the loan is unable to repay the debt and files for bankruptcy, the cosigner may be on the hook and could even face damage to his or her own credit score. So some individuals may be considering the best way for them to handle this situation.

How commercial bankruptcy can help a struggling business

To many Tennessee residents, nothing can seem more devastating than having to file for bankruptcy. However, bankruptcy no longer carries the stigma that it once did. Many individuals and companies have not only survived bankruptcy, but thrived from it. Entrepreneurs who are seeing their businesses quickly lose money may want to consider the benefits that a commercial bankruptcy can offer.

Avoid credit card debt while living together

After spending a significant amount of time together as boyfriend and girlfriend, Tennessee couples may decide to take their relationship to the next level by living together. As if that isn't challenging enough, many couples may also decide to share finances by opening joint credit card accounts. This is a major decision that shouldn't be taken lightly because if one person racks up most of the credit card debt, the other party must still pay for it.

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