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Helping good people through bad times

Bankruptcy can save marriages just as much as finances

When Tennessee residents think about seriously tackling debt, a change in lifestyle often comes to mind. No more eating out, no more shopping sprees, no more weekend getaways. Overwhelming debt, however, can do more than drastically change a lifestyle: it can also end a marriage.

As detailed in a recent article, one couple who recently got close to financial ruin because of debt almost saw their relationship end, too. Fortunately, they were able to keep their marriage and their family together.

According to the article, two decades ago when Bob and Ellie settled down, he was carrying a lot of debt from a previous marriage that resulted in two children. Ellie, on the other hand, had no debts and actually had saved some money. Bob then left a good-paying job in aerospace to join the military as a fighter pilot, taking a pay cut of $50,000 per year. With the couple's family growing - five children in seven years - and numerous moves required by military service, Ellie had to quit her job, leaving the couple with barely enough money to buy groceries.

Debt was pulling their marriage apart. But the couple pulled themselves together. They created a tight budget and followed it. Extra money went to paying off debts. They made a point to talk about money matters on a regular basis. Ellie even became a game show contestant and won a camper that they sold for cash to settle debts. In two and a half years, the couple was debt free and a new career path opened for Ellie.

This couple's story is certainly inspiring, but not everyone will have the opportunities available to this couple. Tennessee couples who want debt relief should consider filing for bankruptcy. Between financial challenges and unexpected life changes, a couple may find that filing for bankruptcy can save their relationship, their family and their financial future.

Source: MSN Money, "Getting out of debt saved our marriage," June 30, 2014

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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