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Local:423-954-7180

May 2013 Archives

Medical debt affects millions of Americans

Debt is a part of life. People get loans for their houses, cars, and education. Yet, a new report has found that millions of Americans are struggling to pay off their medical debt. The study, conducted by the Commonwealth Fund, found that 41 percent of adults had problems paying off their medical debt or were paying the debt off over a period of time. Additionally, 29 percent of those having difficulty had more than $4,000 in unpaid medical bills. A significant portion of those surveyed, 16 percent, had more than $8,000 in medical debt.

Investment firm filing for Chapter 7 bankruptcy

In these difficult financial times it is not uncommon to see businesses struggling with debt. Customers and clients are tightening their belts, leaving businesses with products or services that are going unsold. This overwhelming debt can lead to financial challenges including unpaid bills and lawsuits. Thus, when these businesses are unable to pay creditors, a Chapter 7 bankruptcy filing may be one of the few options available to satisfy the debt. One boutique investment firm is going through this process right now.

Homeowners seeking debt relief in foreclosure case underpaid

In a story that readers of this blog may be familiar with, there recently were payments sent out to many homeowners who had gone through the foreclosure process and faced errors from lenders. In addition, we said that debt relief from those payments may be hard because initially some checks bounced but also because many of them were simply so small that they wouldn't make much difference for Tennessee homeowners struggling to eliminate debt. For some people however, they may be entitled to a second check.

Many may receive debt relief after paying off medical bills

For some Chattanooga residents, dealing with medical bills is a difficult and grueling task. Working hard to pay off the bills may seem like an uphill battle. If one falls behind on payments, it may make any type of debt relief one seeks later that much more difficult because of the negative impact on the individual's credit score.

Bankruptcy filings dropped in Tennessee though more use Chapter 7

Chatanooga residents may be interested to know that as the economy improves, it seems that bankruptcy filings are down across the state. However, for those still struggling, bankruptcy may be more necessary now more than ever.

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
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