At present, the United States Bankruptcy Code only allows debtors to have their student loans discharged in bankruptcy if those loans impose on them undue hardships. Proving that a student loan imposes an undue hardship on a debtor is challenging and not always possible, even when a debtor is buried under the weight of their obligation.
Readers of this Tennessee debt relief and bankruptcy blog know that there are many reasons that Americans fall into debt.
Getting into the housing market can be the dream of many Tennessee residents. It can take years for a person to save enough money to put down on a home, and once they are able to secure a mortgage they must find a way to pay the monthly bills that arrive so that they are not evicted. While some individuals are able to stay ahead of their mortgage payments, others are sent off course by unexpected bills and other financial struggles.
When Chattanooga residents come down with an illness and must visit a doctor, they can find themselves with hundreds of dollars in medical visit costs, not to mention their expenses related to prescriptions, diagnostic tests and other related bills. If their condition is serious they may be sent to see specialists, into the hospital or into immediate emergency surgery to try to improve their health.
Individuals who have felt the heavy burden of insurmountable debts may have scrambled to find fast solutions to getting out from under the weight of unpaid bills. Despite their efforts, most will likely come to the conclusion that there are no fast fixes when it comes to getting out of a financial hole. While it is imperative that our readers get the right information about their specific options and needs, some Tennessee residents may find debt relief through the practice of loan consolidation.
Buying a home or a parcel of property is a significant legal undertaking. The law takes seriously the transfer of land rights from one person to another; therefore, when a proposed sale of real estate is made, individuals must be sure that any and all title issues are in line. If a buyer cannot pay the full amount of the seller's asking price but still wants to purchase the property, the buyer will likely secure a loan for the amount of the purchase price that they cannot cover out of pocket.
Buying a home can be a massive undertaking for a Chattanooga resident. After saving their money and enduring exhausting searches for just the right property, they may take the plunge and make an offer on the house of their dreams. If their offer is accepted, they will quickly find themselves in the process of securing a loan and taking ownership of their new residence.
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.
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.
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.