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Debt Relief Archives

Debt is a problem for Americans of all ages

It is an erroneous assumption that the only people who go into debt are those who are careless with their money or frivolous in their spending. Tennessee residents may believe that young men and women are more likely to go into debt because they do not have the life experiences to teach them to save for the future. A recent national study of debt shows that this belief is a fallacy and that debt is a problem for Americans of all ages and social demographics.

Individual debt relief support for specific client needs

When a Hamilton resident wishes to investigate their net worth, they may make several lists. One of those lists may include all of the forms of income that they have, which may include their wages, investments and received gifts. Another list may include all of their liabilities, which may include mortgages, car loans, and student debts.

Is a short sale the same thing as a foreclosure?

The threat of foreclosure can loom large over the lives of Tennessee residents. That is because if a foreclosure goes through a family may lose its home as the residence is returned to the lender that secured the family's mortgage on the property. Foreclosures can occur after individuals fail to keep up with their mortgage payments and fail to take action when notices of foreclosure begin to arrive.

Small medical debts get sent to collections

Often when readers of this Tennessee debt relief and bankruptcy blog think of medical debt they imagine the massive, crippling obligations that they hear about when insurers fail to cover the necessary procedures their customers require. A patient can incur hundreds of thousands of dollars of debt if they suffer an illness or injury that their insurer does not or chooses not to cover, if they must spend extended periods of time in the hospital, or for other medical emergencies. However, a recent article suggests that many of the medical debts that Americans carry are not massive but actually relatively modest.

Millennials are struggling to pay off their medical debt

Young adults are often considered to be part of the "Millennial" generation, a stretch of years that begins in the early 1980's and ends in the mid-1990's. Those born during this decade-and-a-half of time were brought up in the tech era and are generally well-versed in emerging electronics, social media and political change. They are also a group of people who are struggling to make ends meet and to pay down their debts.

What does foreclosure have to do with a home?

One of the biggest assets that a Tennessee resident may work toward owning is their own home. Buying a house where a person can live with their spouse and raise a family is a huge financial step for anyone who has struggled to pay their bills and save enough to make a down payment. Just getting into the housing market can seem like a major battle for some people; once in, though, homeowners face many challenges, some of which may threaten their rights to continue to own their properties.

Emergency room costs soar, may lead to medical debt

When accidents happen and Tennessee residents cannot wait to see their regular doctors, they may need to make trips to the emergency room to have their ailments treated in a timely manner. These trips are usually reserved for situations in which there are no other options and holding off on medical assessment may be detrimental to the suffering individual. However, recent reports indicate that emergency room visits across the country are being charged at much higher rates than they were just a decade ago.

Know your options for a pending business bankruptcy

Recently a major American retailer shut its doors and ceased operations at its stores throughout the nation. Toys "R" Us had been in business for decades before attempting to use bankruptcy to revitalize its sagging bottom line and save itself from extinction. However, any Tennessee resident who has tried to visit one of the company's stores in the last week would have found that all retail centers for the former megastore are now closed.

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.

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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