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Posts tagged "financial challenges"

Is Chapter 13 bankruptcy the best option for you?

A Tennessee resident who wants to be rid of personal debt for a fresh financial start may want to consider filing a Chapter 13 bankruptcy case. The lawyers at Kenneth C. Rannick P.C. completely understand the financial turmoil that people often experience due to mounting and uncontrollable debts. Our attorneys have gained years of expertise helping individuals file Chapter 13 bankruptcy. We use the best bankruptcy practices to help our clients try and get back on their financial feet quickly.

What are your options when you face serious financial challenges?

Chattanooga, Tennessee, residents understand that whether you are working at a job or running a big enterprise, a financial crisis can hit anyone at any given time. While businesses can face financial challenges due to topsy-turvy market conditions, job goers are likely to face financial challenges due to job loss or some serious illness. So, if a financial crisis hits you at given time, the first and the foremost thing you must know is the available options for recovering from the financial difficulties.

Tennessee leads country in bankruptcy filings per capita

Unexpected life changes can cause considerable financial challenges to most Tennesseans. Unfortunately, too many Tennesseans have struggled with financial problems over the last year, even though the economy has improved significantly since the Great Recession. Many Tennessee residents still struggle just to make ends meet, and some have ended up with overwhelming debt because of job losses, medical bills and other unexpected expenses. Fortunately, bankruptcy is available to help people recover. In fact, Tennesseans have taken to bankruptcy more than the residents of any other state.

What can a Chapter 13 bankruptcy filing do for a debtor?

Many Tennesseans struggling with financial challenges may view bankruptcy as a solution of last resort. It should, however, be at the top of their list of solutions, especially Chapter 13 bankruptcy. Known as a "wage earner's plan," this form of bankruptcy will allow a filer to find debt relief through a repayment plan that lasts from 3 to 5 years.

How does a Chapter 7 bankruptcy filing work?

Tennesseans struggling with financial challenges may forego a bankruptcy filing just for the lack of understanding of how the filing actually works. This is understandable, since bankruptcy has an undeserved negative image. However, a filing, particularly Chapter 7 bankruptcy, can be a breath of fresh air for Tennesseans striving to keep financially afloat because of personal debts.

The unhealthy effect of debt and other financial challenges

Debt itself does not kill, but the stress it causes can. When faced with seemingly insurmountable debt, some Tennesseans feel their situations hopeless and become overwhelmed. Financial troubles can easily lead to both emotional and health problems, if they are not addressed. Fortunately, financial planners know exactly how to do this.

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.

Chapter 13 and other debt relief steps for Tennessee residents

Tennessee residents battling financial challenges may feel like they are fighting alone. However, millions of Americans all over the country are in the same boat. Although knowing that financial problems are prevalent and widespread may not help, knowing that financial problems are common will definitely give birth to solutions, such as filing for Chapter 13. However, before filing for bankruptcy, some steps to debt relief may want to be tried before exploring a legal option.

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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