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Debt Relief Archives

Extension of mortgage debt relief law backed by Senate panel

Chattanooga homeowners who are facing financial challenges and struggling to pay their mortgages may get some good news. A Senate panel has backed an extension of the Mortgage Forgiveness Debt Relief Act through 2013. The act provides debt relief for homeowners by allowing them to write off their debt balances through loan-modification agreements. It was scheduled to expire in December, which would mean that debtors who had gone through foreclosure or bankruptcy would have to pay huge amounts in taxes on the amounts that had been forgiven. For consumers that have worked to eliminate debt, this would cause even more financial difficulty.

Unpaid medical debt may not go away after being settled

As many Tennessee residents are no doubt aware, in this tough economy, many people have lost their health insurance when they have lost their jobs. Health care reform is supposed to address that, but it remains to be seen if it will work or be repealed. In the meantime, many people have mountains of medical debt piling up that they are unable to pay back.

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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