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Movement tries to help Chattanooga residents with debt relief

Chattanooga residents may have heard of the Occupy Wall Street movement that was big in the news some months ago. Now however, they can get a more local experience with the group, since there is now an offshoot right in Chattanooga, trying to help residents with much needed debt relief.

Recently, a group that is an off shoot of Occupy Wall Street has been created. Their purpose is buying up debt from people who are behind on paying their bills. Instead of seeking repayment or trying to collect on the debt however, they simply forgive the debt. The movement has recently started right in Chattanooga and just had their first meeting not too long ago. This group was created is an effort to try to ease the burden on people who are facing financial challenges. They largely operate from fundraising.

This effort is certainly a very noble effort and hopefully, they will be able to help many people in the not too distant future. However, for many people, they may not offer enough help. For those people who are facing large medical debt, credit card debt or have recently lost their income, it may be more practical to look into a consumer bankruptcy. Filing for bankruptcy is one of the only ways to be ensured a fresh start. It can also be used to prevent foreclosure if that is a problem as well.

Those who are willing to help others eliminate debt or at least relieve some of the burden that people are facing without expecting anything in return are doing a great service for those they are able to help. For those people who may need more help the then group offers or need a more long term solution will likely have to find a more practical solution.

Source: Nooga.com, "Strike Debt movement spreads to Chattanooga," Cholé Morrison, Dec. 3, 2012

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Kenneth C. Rannick, P.C.
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