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Debt Relief Archives

Important terms for understanding debt

Not long ago, a popular consumer website surveyed individuals who carry student loan debt. The survey asked participants to recognize certain terms associated with debt and, surprisingly, more than 9 out of 10 of the participants failed the questionnaire. What this means is that many Tennessee residents who incur debts do so without fully understanding the terms and associated conditions that go along with their repayment.

Why is mortgage debt considered a "secured" debt?

Buying a home can be an exciting and scary time for a Hamilton resident. While on one hand it can be liberating to break out of the cycle of renting and move into a home, on the other it can be terrifying to take on a large amount of debt in the form of a mortgage. "Mortgage" is the term given to the loan that a person secures to purchase a residence and, as most people cannot buy homes outright with cash, taking on a mortgage is common practice for individuals across the nation.

Understand foreclosure before it becomes a problem

Paying off one's mortgage is often one of the biggest monthly expenses that a Chattanooga resident confronts. When compared to other fixed costs, such as those associated with utilities, car payments and food, a mortgage can dwarf other payments in outgoing expense. However, when a consumer makes complete and timely payments toward their mortgage they get closer and closer to owning their home outright.

When can individuals file for Chapter 11 bankruptcy?

Often when Chattanooga residents consider their bankruptcy options they elect to either pursue Chapter 7 bankruptcy or Chapter 13 bankruptcy. As readers of this debt relief and bankruptcy blog know, Chapter 7 bankruptcy allows a consumer to eliminate their debts through the liquidation of their assets; Chapter 13 bankruptcy allows consumers to reorganize their income and debts to create debt repayment plans.

Medical debt is a crippling financial burden

In the last several years, the Kaiser Family Foundation, in conjunction with the New York Times, conducted a survey of Americans regarding the prevalence and impact of medical debt on their lives. The results are both devastating and shocking, but Tennessee families that have faced unexpected or extremely expensive medical situations may relate to the statistics presented in the study's report.

What rights does the Fair Debt Collection Practices Act afford?

Accumulating seemingly insurmountable debt can be a terrifying event for a Chattanooga resident. Not only does the individual feel crushed by the massive weight of financial responsibility that has collected on their shoulders, but they may also experience one of the most frustrating aspects of debt that Americans can experience: harassment from debt collectors and collection agencies.

Should I consider debt relief instead of bankruptcy?

When a Tennessean is confronted with overwhelming debt, it is not only a financial problem, but a personal problem as well. People can experience stress, find themselves unable to sleep, have health concerns and emotional problems because of financial challenges. Many are fearful of bankruptcy due to the stigma that many associate it with. Some will take the step of considering debt negotiation to eliminate debt. A debt negotiation program (DNP) is different from other alternatives and might be alluring to those who associate bankruptcy with shunning responsibility. Understanding the assertions that these companies make and if it is realistic is vital to deciding on the next step.

Bankruptcy is often preferable to debt settlement

When confronted with financial challenges and limited strategies to get out, many Tennessee debtors will boil their choices down to debt settlement or bankruptcy. Debt settlement companies make a great show of their skills and assert that it is better than bankruptcy. Unfortunately, desperate people may believe those assertions. However, even though the increased regulation and oversight has improved the industry, it might not be the best alternative for most people.

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.

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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