What can I do if I build up debt again after bankruptcy?
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
11h ago
Debt is easy to acquire. Many people build up debt with credit card purchases, late fees and high interest. Others may have suffered injuries or medical conditions that led to medical debt. One option to get rid of this debt easily when the debtor can not pay it on their own is bankruptcy. Bankruptcy is a process that allows debtors to regain control of their finances, either by discharging eligible debts in a Chapter 7 bankruptcy or via a repayment/restructuring plan through Chapter 13. However, life is uncertain, and debtors may once again find themselves in a situation where they have acqui ..read more
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Why could out-of-network medical bills lead to bankruptcy?
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
3w ago
Bankruptcy and medical debt go hand-in-hand. One of the top reasons that people file for bankruptcy is because their medical bills have become overwhelming. They’re unable to pay what they owe, so they’re looking for a fresh start. One reason why this happens is because people will get out-of-network services. They may not know that this is what they’re doing at the time, but a later analysis of the medical services rendered will show that they were out of the network approved by the health insurance provider. This makes bankruptcy much more likely. Why this is such a problem for patients This ..read more
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What you should know about Chapter 7 bankruptcy in Tennessee
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
3w ago
A decision to file for bankruptcy is one that’s usually not made without considerable thought. It’s often the result of a realization that there won’t ever be enough money to cover one’s debts unless something dramatic can be done. Many consumers file for Chapter 7, which is known as the liquidation bankruptcy, or Chapter 13, which is known as the wage-earner’s bankruptcy. For people who are considering a Chapter 7 bankruptcy, understanding what this process entails is important. Means test In order to file for Chapter 7 bankruptcy, a filer has to pass the means test. This involves scrutinizin ..read more
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Why Chapter 7 isn’t the best option for foreclosure concerns
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
1M ago
When homeowners face the daunting prospect of foreclosure, understanding the defensive options available can potentially help them preserve their homes and financial stability. For example, two common types of bankruptcy, Chapter 7 and Chapter 13, offer different benefits and drawbacks in the context of foreclosure. Although there are exceptions to this general rule, Chapter 7 might not be the best option for those concerned with foreclosure, although Chapter 13 could potentially provide a more viable solution. Chapter 7 Chapter 7 bankruptcy can eliminate most unsecured debts that aren’t secur ..read more
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Navigating credit card use after filing for bankruptcy
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
1M ago
Following bankruptcy, managing credit card usage requires a strategic approach to rebuilding financial stability and creditworthiness. This involves understanding credit scores and the importance of responsible financial habits. Some tips to help you navigate credit card use after you file for bankruptcy can be found here.  Understanding credit scores Understanding the intricacies of credit scores is crucial post-bankruptcy, as it highlights the significance of rebuilding creditworthiness. Individuals can better strategize their credit card usage by grasping how credit scores are calculat ..read more
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Will bankruptcy cost you your car?
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
2M ago
You may have heard you could lose some assets if you file for bankruptcy. One you might not want to lose is your car. You probably rely on your vehicle for many things - for work, to drop your kids at school, do the shopping or ferry your elderly mother about. So what is the truth? Will a personal bankruptcy cost you your car? It probably won’t Bankruptcy courts and lawmakers realize how essential cars are to many people. They can see that taking someone’s car away could make their financial situation worse rather than better, and the point of bankruptcy is to give someone a chance to work tow ..read more
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Removing the stigma behind bankruptcy filings
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
2M ago
It is no secret that the cost of living is impacting most households in the U.S. In fact, over half of the population have some form of credit card debt. When debts become overwhelming and impossible to pay, filing for bankruptcy is an option. However, many people are put off of doing so because of the stigma behind filing for bankruptcy.  What stigma do filers potentially face and what is the truth behind these issues?  Social stigma  Sadly, many individuals feel ashamed by getting into financial trouble. They may feel like other people will judge them for not being able to pay ..read more
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Unexpected medical costs can lead to a need for bankruptcy
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
3M ago
Some people think of their health insurance as an assurance that they won’t ever have to face exorbitant medical care expenses. Unfortunately, catastrophic health conditions can quickly result in thousands of dollars in medical expenses, even for those who have insurance. People who are facing healthcare costs that are so high they can’t conceivably pay their bills may realize they have to do something before they drown in debt. One option for these individuals is filing for bankruptcy. The high cost of healthcare Conditions such as cancer require ongoing care, which can lead to financial ruin ..read more
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Credit cards trick you into spending more
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
3M ago
Credit cards are often linked to bankruptcy, and it sometimes relates to their high interest rates. People may be attempting to pay off their debt, but they can’t do it because the interest adds so much to that debt every month.  But how did they get into debt in the first place? It may be that their credit card psychologically tricked them into spending more money than they wanted to. Studies have found that consumers tend to spend more on credit cards than they do with cash.  Why does this happen? There are two main reasons why this happens. The first is that the transaction doesn ..read more
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Do you feel bad about filing for bankruptcy?
Rothschild & Ausbrooks Attorneys At Law | Middle Tennessee Bankruptcy Blog
by On Behalf of Rothschild & Ausbrooks, PLLC
4M ago
A lot of people delay filing for bankruptcy for a considerable time. While it is essential that you take your time to consider if it is right for you and to look for alternative solutions, delaying the inevitable can prolong your agony. Having debt you cannot afford to pay back can play havoc with your mental health, and filing for bankruptcy can help a lot. Many people feel bad about filing There has always been a stigma about bankruptcy in some circles. Even though many famous businesses have had to do it, and even though many well-known successful entrepreneurs needed to file for bankruptcy ..read more
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