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.
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.
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.
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.
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.
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.
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.
Many debts that Tennessee residents carry can be discharged in bankruptcy. For example, a person may be able to successfully discharge their credit card and medical debts through either Chapter 7 or Chapter 13 bankruptcy.
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.
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.