Tennessee Bankruptcy Lawyers Blog

As banks prepare to release a new flood of foreclosures onto the market this summer, already-falling home values will likely get even lower.

But while many homeowners are dismayed by the notion of losing more equity - especially if they're part of the estimated 11 million borrowers already underwater - Tennessee bankruptcy lawyers warn against getting too caught up in home values.

After all, concern with equity is what got many Americans into trouble in the first place.

During the height of the housing bubble, homeowners used rocketing real estate values as permission to take out home equity loans and lines of credit so that we could spend well beyond our means.

Houses were never meant to be investments - and certainly not get-rich-quick schemes. Our parents and grandparents bought their properties for security, a place to live, and a chance to raise a family.

Somewhere along the way, Americans have forgotten that a house is meant to be a home.

The only time values matter is when you're ready to sell. Otherwise, value - like age - is just a number.

Ninety-nine percent of the time, it isn't home equity (or a lack thereof) that interferes with a family's ability to pay the mortgage - it's debt.

Most Americans have spent the last five years so focused on economic numbers such as real estate values, the unemployment rate, and the stock market that we've neglected the most important numbers - those that make up our basic family budget.

When spending exceeds income, of course paying bills will become a problem.

Facing the facts isn't easy, which is why most of us would rather shift our attention to doom-and-gloom media stories. But by passively waiting for the economy to improve, we miss out on enjoying a real, lasting solution.

Tennessee bankruptcy has the ability to help millions of families stop foreclosure, prevent wage garnishments and repossessions, and reduce or completely eliminate our unsecured debts.

There's no reason that you shouldn't be able to stay in your home and find relief from overwhelming debt. Filing for bankruptcy in Tennessee can be an affordable way for homeowners to obtain legal debt protection - and a fresh financial start.

Continue reading "Debt, Not Declining Home Values, Leads to Mortgage Struggles and Foreclosures in Tennessee " »

As many as 8 million children in the U.S. may be directly affected by foreclosure, according to startling new data reported in USA Today.

Since the foreclosure fiasco began in 2007, an estimated 2.3 million kids have lost their homes to a bank. An additional 3 million children face the same fate because their parents are either already in the foreclosure process or are at risk of foreclosure due to missed payments.

As our Tennessee Bankruptcy Lawyers Blog reported earlier this month, a new flood of foreclosures is expected to wash over the market later this year.

While moving is never easy on kids, foreclosure in particular can have devastating effects because it impacts kids physically, mentally, and emotionally.

As data by the advocacy group First Focus illustrates, children who change schools as a result of a move can see their reading and math scores fall by as much as if they had missed a full month of classes. Kids who move frequently are also 50 percent more likely to drop out of school before graduating.

Because foreclosure is typically the result of serious financial distress, many children of families facing foreclosure suffer health problems since parents are often without health insurance.

Foreclosure frequently leads to depression, anxiety, and relationship trouble in parents, which in turn impacts children.

Children do best in stable environment where they have a sense of security. Losing the roof over their head - and seeing their parents stressed out from the process - challenges all that.

These days, it's impossible to guarantee a stable financial environment. But parents who can manage to hold onto their home might be better able to help insulate their children from economic problems. Filing for Tennessee bankruptcy may make it possible.

Chapter 13 bankruptcy protection has the power to halt foreclosure proceedings and debt collection, giving families time to reorganize debts into a realistic repayment plan. Debt remaining at the end of a 3-5 year repayment period can often be discharged completely.

If foreclosure or other financial issues are threatening the health and happiness of your family, a Tennessee bankruptcy lawyer can help determine if filing can offer much-needed relief.

Continue reading "Children of Homeowners May Suffer Most in Tennessee Foreclosures" »

It looks like the days of a homeowner staying in a house for months - or years - after ceasing mortgage payments are coming to a close.

Now that a $26 billion settlement with five major mortgage lenders has been approved, banks are ready to get back to the business of repossessing homes, according to a report by CNN Money.

Millions of foreclosures had previously been on hold while banks revised their repossession policies following the 2010 robo-signing scandal, in which lenders are accused of allowing employees to sign off on numerous foreclosures without proper documentation.

As a result, a large number of delinquent homeowners were permitted to stay in their houses long after they'd made their last payments. The average foreclosure timeline in the U.S. stretched to over a year - and as long as 861 days in Florida and 1,000-plus days in New York.

Not any longer. In states where court scrutiny is required for banks to repossess properties, foreclosures are already on the rise.

Already-low home values, artificially buoyed by the withheld foreclosures, are expected to fall 3.7 percent before the year is out.

Experts believe banks will be in a hurry to push all the foreclosures through at once in order to get the initial market shock over with quickly, so the market can (hopefully) begin to rebound.

For underwater homeowners hoping to find relief, the increased foreclosure activity may seem to come as a blow. In fact, it could be viewed as a wakeup call.

When homeowners stop making payments but don't take steps to find a solution, the end result will always be foreclosure - whether it takes two months or two years for it to happen. But with a longer process, borrowers' credit scores spend more time taking a beating.

A foreclosure isn't an easy way out; it's a stressful, expensive, and drawn-out experience that also ends with your house (and any equity) being stripped away.

When banks act quickly, homeowners must act quickly. Chapter 13 bankruptcy has the power to stop foreclosure while mortgage holders work out a repayment plan for late payments and overwhelming debt.

By filing for Tennessee bankruptcy, homeowners can stop waiting for the other shoe to drop and start taking back control of their finances and their freedom.

Continue reading "Tennessee Bankruptcy Protects Underwater Homeowners from Expected Flood of Foreclosures" »

There's good and bad news for Tennessee homeowners. Homes sales are picking up - but prices aren't, reports The Tennessean.

Compared to a year ago, sales of Middle Tennessee homes rose by 17 percent in March and 24 percent for the entire first quarter, according to the Greater Nashville Association of Realtors.

Some homes received multiple offers, resulting in bidding wars. Homes are also turning over more quickly. With less time spent lingering on the market, foreclosed properties may be less likely to have a negative impact on the values of neighboring houses.

But while prices were shown to rise slightly for some areas, they declined for others.

One realtor noted that today's prices are about equivalent to what we saw in 2002 - a full decade ago.

While quicker turnover helps home values, the sale of foreclosed homes still affects the values of other houses in the neighborhood.

Meanwhile, obtaining a mortgage remains a challenge for potential home buyers who have damaged credit due to overwhelming debt and missed payments.

For many hurt by today's real estate values, Tennessee bankruptcy may offer relief.

Bankruptcy was created with the sole purpose of assisting struggling consumers.

For folks with underwater mortgages, filing for Chapter 13 bankruptcy can provide an affordable payment plan for unsecured debts and late payments. So long as payments are made on time over the designated 3-5 year period, you can keep you home.

If carrying too much debt is keeping you from qualifying for fair interest rates - or from being able to qualify for a loan or credit card, period - a bankruptcy filing may be able to reduce other obligations so you can begin reducing your debt balance and making timely payments, both moves that will eventually lead to improved credit.

When you've exhausted other options, finding relief through bankruptcy in Tennessee can be a breath of fresh air - and a fresh start for your finances.

Continue reading "Local Home Sales Rebound, but Tennessee Foreclosures Continue to Drag Down Property Prices" »

The good news is that the rate of new mortgage delinquencies has slowed. The bad news is that many Tennessee residents are still behind on their house payments.

Just over 7.5 percent of Americans were delinquent at the end of 2011, down from 10 percent in 2010. However, that still adds up to a lot of missed mortgage payments. In all, 12.63 percent - or one in every eight borrowers - is either delinquent or in danger of becoming delinquent.

In Tennessee, where foreclosures are expected to rise rapidly in the months following the massive bank settlement, it's likely that dropping real estate values could lead to additional late payments.

For many, making a late payment is the first step down a path that leads to serious financial distress - and in some cases, foreclosure.

As the New York Times recently pointed out, many borrowers who miss a payment because of an unexpected expense or income loss end up trapped in a cycle of growing penalties and fees that can make it nearly impossible to get back on track.

Understanding mortgage payment deadlines can be the difference between a one-time late payment - or the beginning of the end.

Payment Deadlines

Mortgage payments are usually due on the first day of each month, but many lenders allow borrowers a 15-day grace period. Making a payment a few days late is risky, but if you can get organized so that it's a one-time occurrence, it probably won't have lasting results.

However, homeowners who are repeatedly late are more likely to get lazy and overshoot the grace period - and this is when you'll start to see serious consequences.

If your check arrives after the cut-off time on the 15th day of the month, you're going to be looking at a late fee of up to 5 percent, depending on your lender. If you're 20 days late, you now owe your original payment, a 5 percent fee, and, in just 10 days, the next month's payment. It doesn't take long for homeowners to get overwhelmed and fall behind for good.

Credit Damage

Once it's been 30 days past your due date, your lender reports your delinquency to credit bureaus, which place the information on your credit report. Each late payment remains as a mark on your report for 7 years.

Additionally, your late payment wreaks havoc on your credit score. A single missed deadline can drop your number by 100 points, and your score will continue to drop as time goes by without payment.

Many people avoid seeking bankruptcy protection because they fear filing for Tennessee bankruptcy will wreck their credit score. However, bankruptcy is often the only solution for getting current on mortgage payments, which is necessary to stop credit damage.

The sooner you get back in the habit of making on-time payments, the sooner you can begin rebuilding your credit.

Foreclosure Risk

Once you pass the 120-day mark, the bank can begin foreclosure proceedings. However, homeowners should avoid getting anywhere close to this timeline.

Studies show that borrowers who can get their act together within 30 days have the best chance of recovery. Longer than that, and the fees and penalties pile up to the point that it's virtually impossible to catch up.

Whether you're in danger of missing your first mortgage payment or are already in line to lose your home to the bank, filing for Tennessee bankruptcy can stop foreclosure and provide a manageable way to pay down debt.

Continue reading "Tennessee Bankruptcy Can Assist Homeowners with Missed Mortgage Payments" »

It looks like a recent drop in Tennessee foreclosures was just a brief calm before the storm, according to The Tennessean.

In 2011, approximately 11 percent of Nashville area home sales were related to foreclosures - a one-third decrease from the previous year. Now the number is expected to rise to as high as 15 percent.

Though it's still lower than the foreclosure rate at the peak of the mortgage bust, the prolonged downward pressure on prices is sure to have a negative effect on consumer confidence, which is an important factor in economic recovery.

Foreclosures were put on hold in recent months as banks were forced to sort through the mess they created by allowing forged and robo-signed documents. Now that the $26 billion mortgage settlement has been announced, lenders are getting back to business.

With 864 bank-owned properties in 2011, the Nashville metropolitan area already has one of the highest rates of mortgage defaults, auctions and bank-owned sales in the Southeast.

The worst-hit neighborhoods are newer communities built during the height of the housing bubble and sold to buyers taking out no-money-down mortgages. By late last year, nearly 15 percent of all properties in the region were underwater, meaning homeowners owed more on their mortgages than their homes are worth.

Many homeowners were given a false sense of hope as foreclosures slowed and homes began to appreciate very slowly. Now, it looks like it will be a little longer before equity can be regained.

Homeowners fortunate enough to be able to stay current on mortgage payments won't really suffer any consequences unless they sell their homes. Unfortunately, many folks can't afford to stay and make payments on expensive mortgages.

Many homeowners have found relief through Tennessee bankruptcy. Filing for Chapter 13 bankruptcy has the ability eliminate nagging credit card debt, freeing up more money for the mortgage. In some cases, mortgages and home equity loans can be eliminated completely.

Once the Tennessee foreclosure process has begun, it can go quickly, according to the Tennessean. But bankruptcy can work quickly, too. Our Tennessee bankruptcy attorneys have stopped foreclosures from occurring just hours before homes were scheduled to be sold at auction.

There's no telling when the housing market is going to recover. But with bankruptcy, we can help your finances recover today.

Continue reading "Tennessee Bankruptcy May Help Homeowners Hit by Second Wave of Foreclosures" »

Banks are increasingly playing the moral hazard card to avoid helping troubled homeowners, according to the New York Times.

Despite being accused of some moral oversights of their own (robo-signing, anyone?) lenders are now claiming that, by taking steps such as reducing the principal on an underwater mortgage, they would be encouraging more borrowers to behave badly.

The concept of moral hazard first came into the national spotlight in 2008, when ordinary American consumers began to question why we should help bail out the banks that sent our economy into a tailspin in the first place.

Now those banks are using the same argument to avoid bailing us out of the problems they created.

Lenders say that helping homeowners who default will only encourage others - many of whom can actually afford to pay their mortgage - to default as well in order to take advantage of better terms.

Yet the data shows otherwise, say Tennessee bankruptcy lawyers. It turns out that 10 to 15 percent of homeowners who default could have actually continued paying their mortgage. That leaves up to 90 percent who had no other choice.

Banks aren't taking into account the consequences that homeowners would suffer by submitting to foreclosure or walking away from a mortgage.

In addition to losing a place to call home - and any equity in it - homeowners are also left with tarnished credit. Poor credit can make it difficult to find a rental, qualify for future loans, and even get hired for a job.

Most homeowners in Tennessee and beyond default because they think they have no other option. In reality, they do have an option: bankruptcy.

Filing for Chapter 13 bankruptcy in Tennessee is the only surefire way to stop foreclosure and give yourself a chance to catch up, whether you've missed your first payment or are already on the path to eviction.

Banks may not give you the time of day, but Tennessee bankruptcy law was created to protect the consumer. And there's never been a time when consumers needed more protection than today.

By allowing consumers to eliminate unsecured debts like credit card debt, more money is freed up for making house payments and other important bills.

Bankruptcy allows consumers to do the right thing - i.e., making good on their mortgage - while also relieving the burden of debt. Best of all, you don't need to go through your bank to make it happen.

Continue reading "Banks Cite Moral Reasons for Refusing to Help Homeowners with Underwater Mortgages in Tennessee" »

Federal and state governments have struck a historic $26 billion dollar settlement with banks accused of wrongfully handling foreclosures.

Of the total, $146 million is earmarked for Tennessee, according to the Memphis Business Journal.

The five big banks involved in the deal were part of a nationwide investigation of improper foreclosure practices in which mortgage servicers used robo-signed documents and other potentially incorrect information to unfairly throw people out of their homes.

By hashing out the agreement, lenders were able to avoid criminal prosecution.

Money resulting from the settlement is intended to help prevent more foreclosure problems, ease the current mortgage mess, and assist some of those who lost their houses.

Unfortunately, Tennessee bankruptcy lawyers say it may not do much good for those who need it most.

Most of the money is being distributed to help state and local government agencies better enforce fair lending practices. If successful, this is good news for those buying a house in the future - but it doesn't do much for people who have already been thrown under the bus by lenders.

It's estimated that about 750,000 borrowers who can demonstrate they lost a home to improper foreclosure between January 2008 and 2011 could qualify for receiving a check for up to $2,000.

However, in order to qualify, your mortgage must have been serviced by one of the five participating banks - Bank of America, Ally/GMAC, Wells Fargo, Citi, or JPMorgan Chase.

The settlement can't be used for loans serviced by Fannie Mae and Freddie Mac, which together make up about half of mortgage debt in the United States.

For most borrowers, the settlement is too little, too late. But that doesn't mean borrowers are out of options.

Whether you're in danger of missing your first mortgage payment or the bank has already started the foreclosure process, filing for bankruptcy in Tennessee can protect your home.

For those who have already lost a house, bankruptcy may be the best way to eliminate credit card debt, get back on your feet, and - once you've successfully met the requirements of bankruptcy - improve your chances of qualifying for future loans.

With Chapter 13 bankruptcy, homeowners are able to make affordable payments over a period of 3-5 years. With the burden of unsecured debt gone, meeting obligations such as the mortgage payment may become more manageable.

Continue reading "Tennessee Bankruptcy Can Assist Mortgage Holders Not Helped By Bank Settlement" »

In the popular game Monopoly, a bank error in your favor usually works to your advantage. In real life, that's unfortunately not the case.

In a disturbing trend, a growing number of homeowners are finding themselves in foreclosure after a bank mistakenly marked their mortgage as delinquent. As a result, borrowers who have never missed a payment - and, in some cases, have paid off their homes in full - are ending up with tarnished credit and in lengthy and expensive court battles to save their homes.

Much of the problem stems from improper recordkeeping during the real estate boom times of the early-to-mid-2000s, when Wall Street pushed lenders to process mortgages quickly and sloppily so they could be broken up and sold to investors all over the globe.

Crucial legal procedures were often overlooked. Later, these same companies began forging documents and faking titles so they could foreclose on properties despite a lack of proper mortgage documentation.

Tennessee bankruptcy lawyers are aware of several cases in which a homeowner applied for a loan modification, only to be turned down because the bank couldn't locate who held the actual mortgage note.

Without clean records of home loans, banks are making mistake after mistake. It's currently estimated that nearly 13 percent of homes in the United States are either in foreclosure or at least 30 days delinquent. Since there are no statistics on wrongful foreclosures, it's impossible to gauge how many of those homeowners may be falsely accused.

In a recent Reuters article, one family refinanced their home to take advantage of a lower rate, only to learn later that the bank had never closed out the original loan. Even though the homeowners had been making their payments on time, they ended up in foreclosure.

In another scenario, a bank's computer system mistakenly marked a Utah woman delinquent on a mortgage for a house she sold years earlier. By the time the woman's accountant got wind of the problem, it had already been reported to credit bureaus and damaged the woman's credit score.

The majority of foreclosures still occur because homeowners can't afford to make payments, whether it's due to an unexpected expense, a surprise job loss, or a mountain of credit card debt. But now it appears that even following the rules may not get you off the hook.

No matter how it happens, foreclosure has the ability to ruin your credit, prevent you from qualifying for affordable rates or new loans, and, of course, strip you of assets like your home. On top of your original missed payments, you may also owe fees and expenses from your delinquency.

In many cases, Tennessee bankruptcy may be a saving grace.

Filing for Chapter 13 bankruptcy can legally halt foreclosure while you get the kinks worked out. Meanwhile, a bankruptcy court can establish a repayment plan for unsecured debts like credit card bills, which can relieve some of the financial pressure for homeowners previously struggling to make loan payments.

Continue reading "Tennessee Bankruptcy May Relieve Rise in Foreclosures Caused by Bank Errors " »

Tennessee homeowners hoping to catch a break from falling real estate prices may be in for a disappointment.

Declining home values are resulting in growing foreclosure rates across the state, according to the latest numbers from CoreLogic.

Nearly 2 percent of homes in Nashville were foreclosed on in October 2011 - a 30 percent increase over the previous year. Things may be even worse in Memphis, where the foreclosure rate had risen to 2.69 by September 2011.

Statewide, Tennessee has a foreclosure rate of 2.05 percent, which is up from 1.59 percent a year ago but still below the national average of 3.48 percent.

Many of these foreclosures could have been avoided with Tennessee bankruptcy. For some, there may still be time.

Experts predict that a tsunami-like wave of foreclosures could soon wash over the nation.

Currently, 1.5 million homes are in foreclosure. But there are also 3.5 million properties in delinquency and 10 million homes that are underwater - i.e., homeowners are shouldering debts much larger than the values of their properties. As banks and real estate firms release more foreclosed properties onto the market, housing prices will be driven down further.

No one wants to hear the dreaded "F" word. But an unfortunate side effect of today's real estate market is that more folks are accepting foreclosure as the norm. In many instances, delinquent homeowners are simply walking away and allowing the bank to take their home.

But foreclosure doesn't only take away the roof over your head. In some cases, it also takes away your future. Foreclosure puts a black mark on your credit that can prevent you from buying future homes or cars, renting a place to live, or even getting hired for a job.

Filing for Chapter 13 bankruptcy can legally stop foreclosure - even after the process has begun - and allow you to stay in your home while you get back on your feet.

Being underwater in your mortgage alone may not be reason to file for bankruptcy. But many Tennessee bankruptcy lawyer clients end up in mortgage trouble because of other debts - namely credit card debt, medical bills, and wage garnishments.

Bankruptcy can eliminate the other financial pressures so you can more comfortably make house payments.

Continue reading "Real Estate Data Shows Tennessee Foreclosure on the Rise in Nashville, Memphis Areas" »

To many people, bankruptcy appears to present a dilemma. Struggling families know that filing for bankruptcy has the potential to eliminate debt, but they believe it will be at the cost of giving up their most precious possessions.

What most folks don't realize is that there is a specific type of bankruptcy for those who'd like to keep their home, vehicles, and other essential assets. By filing for Chapter 13 bankruptcy in Tennessee, it is possible to ease the burden of debt while protecting possessions.

Chapter 13 bankruptcy doesn't magically erase debt. What it does do is to establish a unique payment plan, allowing consumers to pay back some debt in affordable portions over a period of 3-5 years. At that point, any remaining debt is forgiven and filers are given a fresh start.

Tennessee bankruptcy lawyers have watched Chapter 13 assist thousands of homeowners with their debt problems while helping them avoid foreclosure and hold on to their properties.

Not only can filing for Chapter 13 help you avoid foreclosure, but it has the power to actually stop the foreclosure process once it's started. This is an especially timely advantage in the Tennessee area, where falling real estate prices have left countless homeowners with unaffordable mortgage payments, in homes they cannot sell.

Whether you've missed one payment, ten payments, or are about to lose your house to the bank, bankruptcy can offer a second chance. The sooner you file for bankruptcy in
Tennessee, the sooner your home will be protected by law.

If you've made some mistakes with your mortgage, never assume it's too late. Chapter 13 can often help homeowners regain financial freedom. In the meantime, here's a sampling of advice from a U.S. News & World Report story that may help Tennessee homeowners avoid the most common mortgage mishaps.

Keep an eye on credit
Credit and mortgage terms go hand in hand. Don't wait until you apply for a mortgage to find out you have a credit score that will stick you with a sky-high rate or no shot at getting that loan. Checking your credit early on can give you a chance to make changes that may help you attain an affordable rate.

Consider total housing payment
Maybe you can afford your monthly mortgage, but many homeowners run into trouble when it comes to property taxes and insurance premiums. Make sure you can afford not just the principal and interest, but also taxes and insurance.

Strive for stability
If you've been jumping from job to job before applying for a mortgage, it can negatively impact your rate. Tennessee bankruptcy lawyers know job stability isn't always within your control, but you might want to consider waiting to buy a house until your work situation improves.

Shop around
The first rate isn't always the best. If you're pre-approved for a mortgage rate with one lender, great - but don't stop here. As with any type of purchase, comparison shopping ensures you end up with the best possible deal.

Read the fine print
All those loan papers may make your head spin, but make sure to read through them. If you end up agreeing to terms you aren't familiar with, you could become a victim of predatory lending - and you won't have a legal leg to stand on. It's important to know what you're signing. If you don't understand something in the documents, now is the time to ask questions.

Continue reading "Tennessee Bankruptcy Filing Can Stop Foreclosure, Even After Serious Mortgage Mishaps" »

2012 is officially here, and with it comes the chance for a fresh start. Probably not surprisingly, the top New Year's resolution for Tennessee families is to get in better shape - financially speaking, that is.

Tennessee bankruptcy lawyers know that 2011 was a tough year for consumers - and it isn't expected to improve to pre-recession levels until at least 2013 or 2014 thanks to sliding home values, lackluster business growth, and unemployment of around 9.4%, according to the Tennessee Business and Economic Outlook.

But while the state economy may be out of our control, we can still regain power over our own finances this year with a few smart money moves, including Tennessee bankruptcy.

Do something about your mortgage
It's estimated that more than 25% of U.S. homeowners are dealing with an underwater mortgage, in which more is owed on a home than the home is presently worth. This makes it all but impossible to sell a home if payments become unaffordable, particularly for homeowners who have experienced rising expenses, pay cuts, or job loss - often resulting in foreclosure.

With today's remarkably low rates, some banks are allowing homeowners to refinance in order to achieve better terms. Of course, banks are pretty stringent on their refinancing guidelines, and even those homeowners who are approved may only end up saving a few hundred bucks a month at most.

If you're unable to make your mortgage payment, you have nothing to lose by talking to lenders. But if you really want to make a mortgage affordable, there may be no better option than Chapter 13 bankruptcy. Filing for Chapter 13 in Tennessee has the power to stop the foreclosure process, eliminate unsecured debts like those burdensome credit card bills, and free up money to help you make payments that you're comfortable with.

Watch out for credit traps
Credit cards are a perpetual Catch-22. When times are too tough to pay the bills, they can help you squeak by. But before you know it, your growing credit card debt makes it impossible to pay the bills. So, if you're like most people, you open up another credit card account and ring up more debt and interest - and the problem just snowballs.

While credit cards are a temporary, and often problematic, solution, bankruptcy has the ability to offer a permanent and viable solution. A Tennessee bankruptcy filing attacks the root of the problem by getting debt under control so consumers can once again start putting money toward their bills rather than into the hands of credit card companies.

And as previously mentioned, Chapter 13 bankruptcy can also stop foreclosure - so you can keep your house while you work toward a more stable financial situation.

Find financial balance
It sounds overly simple, but the key to healthy finances is really just figuring out how to balance your spending with your earning. For the many folks without much freedom to increase income or reduce spending, a bankruptcy filing may be the best bet.

Today is a scary time for consumers. Economic growth and earnings growth are both sluggish. Banks are aggressively pursuing foreclosure after just a few missed payments. Credit card companies are playing up rewards programs and other perks while downplaying drawbacks like high interest and bank fees.

Bankruptcy offers a way to get a handle on debt once and for all, freeing up more money for house payments and other bills and protecting the finances and freedom of struggling debtors.

Continue reading "Tips for Refreshing Finances in 2012 with Tennessee Bankruptcy" »