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August 2017 Archives

What are dangers of using a debt relief company?

Tennessee residents who are dealing with financial challenges will frequently consider numerous alternatives to eliminate debt. In a desperate state, it is easy to fall for impressive sales pitches and testimonials as to the benefit of a debt relief company and think it is preferable to bankruptcy. However, trying to use debt settlement tactics has its risks. Before contacting and entering into an agreement with one of these companies, it is important to understand the details and dangers.

Debt relief and protection from collectors' unfair practices

While seeking debt relief through legal means is meant to help a debtor get beyond financial challenges and move forward with a fresh start, Tennessee residents must also be aware of how legal protection can stop debt collectors from using various tactics that violate the Fair Debt Collection Practices Act when it comes to certain behaviors. Unfair practices might be against the law, but that does not mean debt collectors will stop using them to try to get all or some of the debt repaid.

What is the basic purpose of a Chapter 7 bankruptcy?

For debtors in Tennessee who are seeking a way to get a fresh financial start, sometimes the simplest questions are the ones that are most difficult to answer. Specifically, it is important to understand the exact purpose of filing for bankruptcy under Chapter 7. This is the most commonly used form of bankruptcy for people who are seeking relief from debtors. Chapter 7 can be filed voluntarily or involuntarily. It will involve the debtor, the trustee and the creditors. The trustee will oversee the asset liquidation by taking possession of non-exempt assets and selling them for cash to be distributed to the creditors.

Although bankruptcies are down, medical debt still a problem

Debts can accrue for a multitude of reasons for people in Tennessee and throughout the nation. One that frequently arises and is often unavoidable is medical debt. It is not just that people cannot control when they or a loved one will need medical treatment that is extremely costly, but the bills are massively expensive. Medical debts are one of the main reasons that people consider filing for bankruptcy to get debt relief and a fresh start.

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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