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Helping good people through bad times

August 2014 Archives

Bankruptcy can be surprisingly good friend to homeowners in debt

Whether in Tennessee or South Dakota, any homeowner who has worked hard to buy a house for his or her family would find the prospect of losing it to debt heartbreaking. Unfortunately, this has been the reality for far too many homeowners over the last decade as the economy tumbled and people lost jobs and amassed significant debt. One recent study, however, notes that people with massive debt often overlook one perfectly good way to keep their homes: bankruptcy.

What can debtors do to settle their credit card debts?

Credit cards have changed the spending habits of millions of people in the United States, including many in Tennessee. Unfortunately, with the flexibility offered by credit cards come credit card debt problems. Unfortunately, far too many individuals fall victim to the vicious debt cycle often imposed by credit cards. They use the cards to bridge an income gap, only to find themselves unable to pay interest, resulting in even more debt. Eventually, it becomes overwhelming. When this happens, you need help. So what are the relief options available to you?

Signs that bankruptcy may be the best way out of debt

Many people overwhelmed by debt are in denial about their chances of becoming solvent again. Even though their personal debts are growing uncontrollably, they try to manage the problem alone. This attitude may seem to embrace the American ideal of individualism, but it actually can be counterproductive to getting out of debt. Tennessee residents facing such monumental financial challenges should consider that bankruptcy may be their only real way out.

How to deal with the emotional effects of bankruptcy

Many Tennessee residents think of bankruptcy as primarily a financial issue - and some regard it as a moral issue, too. For anyone who goes through the process, though, it is a deeply emotional experience. Financial challenges and a lack of money can bring up many uncomfortable and judgmental feelings about self-worth. Bankruptcy also can test the strength of relationships, including marriages and friendships. Fortunately, learning to understand emotions during and after a bankruptcy filing can help an individual deal with the practical realities of bankruptcy.

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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