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  Most parents would do anything to help their kids succeed. But by co-signing loans for young adults, many families are unintentionally making things more difficult. Despite everything Americans have learned in recent years about having too much debt, we are putting our kids under immense pressure to borrow money. With tuition rising rapidly, most students don't believe they can achieve an education without taking out student loans. With the cost-of-living high and the number of job positions low, young adults are making ends meet with credit cards. And when it comes time to buy a car or home, many young people can't gain approval without assistance. As a result, more students are asking for help from moms, dads, grandmas, grandpas, aunts, and uncles, say Tennessee bankruptcy lawyers.  https://askcompetentlawyer.com/business-commercial-litigation/   By co-signing loans, these adults believe they can help their young relatives attain financing and establish a credit history. Bu

  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

  In the past, Americans have tended to put their tax refunds toward family vacations, new cell phones, and other fun indulgences. This year, however, many cash-strapped consumers are spending their checks from Uncle Sam on something a little less frivolous - but potentially more rewarding in the long-run. More than 200,000 Americans hope to apply their refunds toward a bankruptcy filing, according to the National Bureau of Economic Research. Personal bankruptcy filings typically rise around the time when refunds get mailed out, but the surge should be even more pronounced in 2012, reports The Tennessean. While Tennessee bankruptcy usually pays for itself many times over by helping consumers reduce all-consuming debts, it has become significantly more expensive since 2005, when U.S. bankruptcy laws were made more complex in order to prevent bankruptcy abuse. As a result, many of the people who stand to benefit most from bankruptcy - such as families at high risk of foreclosure and swam

  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.

  The good news is that the economy is showing signs of life. The bad news is that the recession has left many of us with so much debt that we won't be able to take advantage of the economic improvement. As The Tennessean reports, home construction, factory output, and employment - all important economic indicators - are on the rise. Meanwhile, consumer borrowing and spending are picking up. Yet one in five families in the U.S. owes more on credit cards, doctor's bills, and other forms of unsecured debt than we have in our savings, according to USA Today. During the recession, many folks were forced to dip into savings and rely on credit card spending to make ends meet.  https://askcompetentlawyer.com/business-torts/   Now we're left with the burden of large and expensive debts - and no cash cushion to serve as a safety net. Since our credit card bills are so high, many of us have no choice but to continue relying on plastic for everyday payments. When you're spending b

  With debt, as with so many other struggles, the first step to finding a solution is identifying what is causing the problem. Tennessee bankruptcy attorneys often observe that - despite the different homes, jobs, and lives of the millions of Americans currently balancing large debt burdens - the root reasons for debt come down to just a handful of scenarios. Bankrate.com recently highlighted the top causes of debt - some within our control, some not. Money Management Often debt accumulates as a result of consumer behaviors. It should come as no surprise that many of us grow up with some degree of financial illiteracy. Schools today don't teach money management. Most of us were raised watching our parents pull out a credit card to make purchases. By the time we're in college, creditors are lining up to give us our first taste of plastic. The result is a lost generation of wayward spenders. It all comes down to simple math: spend more than you earn, and you end up with debt. Per

  If your family's finances are still reeling from the recession, you're not alone. According to new data from the Federal Reserve, median household net worth fell almost 40 percent between 2007 and 2010. At its lowest point, median wealth dropped to 1992 levels. Middle-class families lost the most financial momentum. While the wealth of the richest Americans is often held in bonds and other investments, the wealth of middle-income households is largely tied up in their homes. When real estate values plummeted, so did net worth.  https://askcompetentlawyer.com/money-laundering/   As we mentioned on the   Tennessee Bankruptcy Lawyers Blog   in May, 1 out of 3 homeowners owes more on their house than it's currently worth. In 2007, the American family's median wealth - in other words, the point at which exactly half of all families are worth more and half are worth less - dropped from $126,400 to $77,300. In contrast, the median wealth of the wealthiest 10 percent of Ameri

  Nearly one-third of U.S. homeowners - or about 16 million mortgage holders - currently owe more on their home than it's worth, according to   MSNBC.com . But while being underwater on a mortgage is often associated with foreclosure, the majority of these borrowers have managed to stay current on home payments. On average, only 10 percent of underwater borrowers are delinquent by 90 days or more, putting them at high risk for foreclosure. Like our Tennessee bankruptcy lawyers discussed in an earlier blog post, the state of being underwater on a mortgage doesn't affect the ability to make payments. No one likes to hear their home is worth half of what they signed up to pay for it. But if you don't put your house for sale, you won't have to take a loss. Often times, underwater homeowners struggle to pay the mortgage because of other circumstances. The most common sources of trouble are excessive credit card debts and expensive home equity loans taken out when home values

  Despite previous signs of a real estate market recovery, foreclosure filings spiked in May - the first month-over-month increase since January. One in every 639 homes in the U.S. received a foreclosure filing last month, according to new data from RealtyTrac.  https://askcompetentlawyer.com/civil-litigation/   That includes default notices, scheduled auctions, and bank repossessions. Tennessee enjoyed lower rates than many states, with just 1 in every 1,094 properties entering foreclosure. While discouraging, the jump in foreclosures was not entirely unexpected. Big banks had slowed the pace of foreclosures in recent years to ensure their procedures were accurate and legal in light of 2010's robo-signing scandal, in which bank officials were accused of sloppily signing - and even falsifying - mortgage documents. With the issue now resolved, lenders are in a hurry to push through foreclosures that had been on the back burner. Fortunately for underwater homeowners, the latest round

  Think the top cause of divorces and breakups is infidelity? Think again. It turns out that financial unfaithfulness is one of the leading reasons for relationship problems. Yet more than 80 percent of married people copped to hiding financial information from a spouse - be it a credit card balance, a purchase, or a separate bank account, according to a survey by CESI Debt Solutions. In a poll by the National Endowment for Financial Education, 16 percent of those who lied about finances said their money problems resulted in divorce. Perhaps the best Valentine's Day gift for your significant other is not spending money on that box of chocolates. Even better, perhaps you can take the time to sit down and talk about solutions to your debt - such as filing for bankruptcy in Tennessee. It's not the most romantic conversation, but it just might save your marriage. While any amount of financial difficulty can put a strain on a relationship, it's hidden debt - for instance, when o

  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 new

  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. https://askcompetentlawyer.com/business-commercial-litigation/  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 tha

  American consumers are traditionally pessimistic about the national economy. Yet when it comes to our own economies - our family finances - we can be optimistic to the point of default. From mounting credit card debt to missed mortgage payments, today's average consumer faces big financial troubles. But when it's time to fix our finances, we tend to take baby steps. We chalk the money problems up to a temporary issue, like those unexpected car repairs or that bigger-than-anticipated medical bill. We optimistically hope for a solution, such as that pay raise our boss mentioned last year. We might make a few budget tweaks here and there, but for the most part we continue spending as usual, using credit cards to cover the gap between income and expenses. Before long, our credit cards are maxed out, our house is on the verge of foreclosure, and that raise that we were holding out hope for never came through. Half-baked solutions produce half-baked results. If you want to overcome

  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.

  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 dama

  Sometimes we're our own worst enemy. Case in point: While many Tennessee consumers are in a position to find financial relief through bankruptcy, most are too afraid to file because of unfounded fears. According to Bankrate.com, many Americans believe filing for bankruptcy will mean losing all their assets, becoming ineligible for a credit card, and dealing with numerous other difficulties. The article goes on to point out that most of our concerns are, in fact, untrue. In reality, a Tennessee bankruptcy may be the most effective way for people to manage debt when other options, such as reducing expenses or negotiating a loan modification, just aren't a possibility. While bankruptcy may not be right for every situation, it can be a godsend for those who qualify. Tennessee bankruptcy attorneys have worked with many clients who avoided filing until there was no other solution, leaving them with a rock-bottom credit score and foreclosed home. The sooner you file for bankruptcy,