In Tennessee, the average consumer has about $4,000 in credit card debt. This is a lot of money to owe and can make it difficult to get ahead financially.
Is credit card debt getting out of control in your finances? We can help you get your financial life back on track.
Credit card debt is also one of the most common reasons people file for bankruptcy each year. For these reasons and others, eliminating Tennessee credit card debt should be a goal that you are working towards as soon as possible if you have any outstanding balances on your cards. We will discuss how bankruptcy and other strategies work to help eliminate credit card debt so that you can start fresh with a clean slate!
Credit card debt is considered manageable when you are able to pay off your monthly balance. If the amount of money that’s left over each month after living expenses and other necessities has decreased, then this could be a sign that there may be too much credit card debt. The key here is not just about how much total credit card debt you have, but also the fact that if it continues going up, it will likely overwhelm your finances in time meaning that bankruptcy or other legal relief strategies might be necessary for getting back on track financially!
An interest-free period (or grace period) occurs before new purchases made with an account start accruing any interest charges. Interest rates can vary widely depending on which type of accounts they fall into.
Filing for a Chapter 7 Bankruptcy will eliminate most unsecured debts, including credit card debt. Filing Chapter 7 Bankruptcy not only stops credit card companies and other debt collectors from contacting you, it also stops these creditors from suing you, garnishing your wages of levying your bank accounts. Chapter 7 Bankruptcy is both income and asset driven, meaning that there are limits to how much income or how many assets you can have and still file Chapter 7 Bankruptcy.
Much like Chapter 7 Bankruptcy, Chapter 13 Bankruptcy will eliminate most unsecured debt. Filing Chapter 13 also stops all collection activities and protects you from lawsuits, garnishments, and bank levies. However, Chapter 13 Bankruptcy, often referred to as “Debt Consolidation” bankruptcy usually last 3-5 years and often requires that a percentage of you unsecured debts are paid back. Most people file Chapter 13 Bankruptcy because they make too much money to file a Chapter 7 or they have assets they would lose if they filed Chapter 7.
If you’re looking for information on how bankruptcy can help eliminate your Credit Card Debts call us today at (865) 938-0733 or contact us for a free consultation.
We want to help you get your life back. We offer free consultations and the ability to file your bankruptcy online. We can meet remotely or in person. The choice is up to you.