The number of bankruptcies filed in Tennessee and around the country by individuals 65 years of age or older is five times higher today that it was just 25 years ago, and one in seven petitions are now made by senior citizens. These are just two of the worrying trends identified by the team of academics behind the Consumer Bankruptcy Project.
Many people in Tennessee struggle to make ends meet. They may be facing mounting credit card bills, medical costs, car loans and more. When people have difficulty paying their bills on time, they may begin to receive calls and letters from collection agencies seeking to be paid for the debt. In some cases, people may even be sued by the debt collectors. Over 70 million Americans have dealt with debt collection agencies, and their tactics can be disturbing at times. Around one-quarter of people felt threatened while dealing with the companies.
Since they came of age during the stock market crash on Wall Street in 2008, many millennials have been wary of taking on debt from big banks. Unfortunately, new research shows that unpaid debts on credit cards are increasing for this younger generation. For Americans age 18 to 29, delinquencies 90 days or older surpassed 8%, which is the highest it has been in more than eight years. There are several factors driving this increase.
When people in Tennessee go to the hospital, they often check carefully to make sure they are choosing a provider that is in-network for their insurance company. This should allow their healthcare treatment to be fully covered to the extent possible under their insurance. However, many people continue to face surprise medical bills that can be costly after a hospital stay. Almost one out of every seven patients receives a bill for an out-of-network service as part of an in-network hospital admission.
Employers in Tennessee want their workers focused on their duties, but stress caused by financial problems, like debt and medical bills, has emerged as a considerable source of distraction. When the International Foundation of Employee Benefit Plans surveyed companies, 70 percent of them cited financial issues as their employees' top source of stress.
Healthcare remains a hot topic of debate across the country, not just in terms of being a divisive political issue but in real terms affecting real people in Tennessee. Arguments on whether it is a right or not, whether it should be mandatory or optional, and who pays for it all pale in comparison to the fundamental question of what happens when an individual needs a medical procedure that he or she simply cannot afford. Sadly, many choose to do without, resulting in further deterioration to their well-being. Others opt to move forward with the necessary care but often experience a different form of negative consequence.
Making the decision to file for Chapter 7 bankruptcy can be difficult. Declaring bankruptcy impacts the filer's credit and can be hard on his or her self-image as well, but it's sometimes the best way to get unmanageable debt under control. For people who are struggling to pay down their debts in Tennessee, Chapter 7 bankruptcy can improve day-to-day quality of life as collection actions must stop once the petition is filed.
One question in bankruptcy law is about filing for bankruptcy again. The federal Bankruptcy Code sets forth time period rules that apply to filers in Tennessee and across the country. When a person has previously filed for Chapter 7 bankruptcy, for example, and received a discharge, he or she must wait at least eight years from the date of the previous filing before beginning another Chapter 7.
From holiday shopping to everyday expenses, people use credit cards for a wide range of things. When it comes to credit card use, there are many mistakes people can fall into. Avoiding credit card mistakes is important, as such missteps could leave a person more likely to face significant financial difficulties, such as crushing debt. Today, we’ll go over some common credit card mistakes to watch out for.