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December 2014 Archives

I have numerous debts. Should I pay off credit card debt first?

When faced with unemployment or other financial challenges, Tennessee consumers may be unable to pay all their bills on time. This means they are forced to choose which debts are most important and which can wait. However, once a debt becomes 30 days late, consumers may be faced with harassing phone calls from creditors. They may also face foreclosure on their home or repossession of their car. With so many debts, which ones do you pay first?

What to do when bankruptcy affects co-signers

It's important for Tennessee residents to establish a credit history. Without a credit history, it's difficult to buy a car or house or take out a loan. That is why young adults may turn to their parents to co-sign loans so they gain experience making payments. This can be a good solution if the person has a steady job and can afford to make regular payments. However, life does not always go as expected. A person can suddenly face unemployment, divorce or any other type of emergency financial situation, causing him or her to fall behind on payments. This will then affect the co-signers, who will be harassed by creditors. How can you remedy this situation?

Do I qualify for Chapter 13 bankruptcy? I'd like to keep my home

When debt becomes too overwhelming, Tennessee consumers may turn to bankruptcy as a last resort. There are two main types of bankruptcy to choose from: Chapter 7 and Chapter 13. Many consumers prefer Chapter 7 because it completely eliminates debt and allows debt-ridden consumers to start a debt-free life quickly. However, in the process, it is possible for consumers to lose their home, vehicles and other assets. That's why many choose Chapter 13 bankruptcy. Chapter 13 works similar to a debt consolidation plan, in which consumers pay down debt through affordable monthly payments. Find out if this option is right for you and whether you qualify.

The truth about bankruptcy: Dispelling the myths

Even though the once struggling economy is slowly starting to pick up, many Tennessee consumers still struggle with debt. They may be unemployed, working only part time, or unable to pay off the mountain of credit card debt they owe, whether it be from medical expenses or poor financial choices. To obtain debt relief, many choose to file for bankruptcy. Bankruptcy is often seen as a cure-all, but is it really the right choice? Discover the myths - and the truth - behind the bankruptcy process.

Am I responsible for my wife's credit card debt after a divorce?

After a divorce, it is common for Tennessee residents to believe that they are no longer responsible for their joint credit card accounts if the other spouse has agreed to pay them. But what they may not know is that credit card companies are not parties in a couple's divorce decree. This means that one person cannot be taken off a joint account after a divorce and both parties are responsible for the monthly bill.

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