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As debt level climbs in America, many will seek options

Tennessee residents who have high levels of debt are not alone. According to a recent report, the overall debt balance of households throughout the country has risen to a level not seen since 2008 - prior to the financial crisis that resulted in the so-called "Great Recession."

Most indicators cited in the media show that the economy is on the rebound and maintaining health. In fact, some economists point to the rising level of debt in America as evidence that consumers have more confidence in their ability to earn an income, and therefore repay debt. However, with an overall debt balance of $12.73 trillion for all American households, there are bound to be some individuals and families who are facing financial setbacks.

Fortunately, Tennessee residents who are facing financial challenges may be able to obtain debt relief by filing for bankruptcy. It is true that some forms of debt, like student loan debt, usually cannot be discharged in a bankruptcy filing. But, most other forms of debt, like credit card debt and medical debt, can be.

At our law firm, we do our best to help our clients consider their bankruptcy options, whether it is Chapter 7 or Chapter 13. It is important to remember that consumer bankruptcy is a tool for Tennessee residents to use to eliminate debt. In most cases, the positives of bankruptcy far outweigh the negatives. For those who are looking for a fresh start amid rising debt in America, bankruptcy could be the best option in a bad situation.

Source: usatoday.com, "Household debt tops 2008 peak ahead of financial crisis," Paul Davidson, May 17, 2017

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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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