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January 2020 Archives

Understand what Chapter 13 does for you

Finding out that you're too far in debt to climb out is an important realization. This is a time when you will have to decide how to handle the situation. One of the options that you have is to file for Chapter 13 bankruptcy. This puts you on a plan for repaying a portion of the debts so that you are able to recover financially once the bankruptcy is over.

The way credit scores are calculated will be changing this summer

The way that the Fair Isaac Corporation (FICO) tallies your credit score is slated to change soon. The company announced that it may result in individuals who carry credit card debt seeing a drop in their FICO scores by 20 points or more pretty soon.

Medical costs are a crushing problem in the United States

The cost of health care in this country is astronomical compared to some other countries. According to presidential candidate Bernie Sanders, the United States spends "twice as much per capita" on these expenses as what others spend. One issue that's coming up quite often now is how this cost of medical care is leading to personal financial crises.

What is a "personal exemption" in bankruptcy?

When residents of eastern Tennessee consider filing a petition for bankruptcy, one of their first questions is usually whether they will lose any property in the process, and the family residence is the largest and most important asset a family owns in many cases. Other important assets include the family car and personal effects, such as furniture, tools and equipment. The answer to the question of property loss depends upon the value of the assets and the bankruptcy filer's personal financial situation.

The pros and cons of a Chapter 7 bankruptcy

When residents of eastern Tennessee begin to consider seeking relief from their creditors by filing a petition for bankruptcy, they are faced with choosing between a Chapter 7 petition and a Chapter 13 petition. The choice is made more difficult because all Chapter 7 filers must demonstrate that their income is below the income limit for such petitions. The exact calculation can be complex, but the general rule of thumb is that a person cannot pass the means test if his or her income is more than the median income for a similarly sized household in Tennessee. Assuming that the potential bankruptcy filer can pass the means test, the relative pros and cons of a Chapter 7 bankruptcy are set out below.

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