Tennesseans who are considering filing Chapter 7 bankruptcy often deal with a myriad of questions and concerns. For one, making the decision of filing bankruptcy alone can prove challenging. Secondly, navigating the rules of each plan can seem complex and even intimidating. The last major step -- and perhaps the most stressful -- involves appropriately completing each stage of the process so a new life chapter can begin.
While bankruptcy is not something Nashville residents should take lightly, neither is it to be feared. There are many valid reasons to file for Chapter 7 or Chapter 13 bankruptcy, but being unable to obtain a home in the future should not scare you away. It will take hard work and sacrifice, but buying a home following bankruptcy is not impossible.
In 2017, a man incarcerated in another state tried to utilize Chapter 13 bankruptcy in order to keep his property and receive debt relief, but the court ultimately denied his request.
Financial problems can often be contributors to marital strife. Many a couple in Tennessee has found themselves facing the end of a marriage in part due to excessive debt or different financial styles. Some people may choose to file for Chapter 13 bankruptcy in an effort to save their troubled marriages. When this decision ends up not working and a divorce is inevitable, it can leave spouses wondering how their bankruptcy may be impacted.
Do you have one or more credit cards that are currently maxed out? If so, you are definitely not alone in your struggle, as many people in Tennessee and beyond are facing or have already successfully overcome similar problems. Your financial situation may not be exactly the same as your neighbor's. However, you may relate to one or more of the common reasons people wind up with serious credit card debt.
People in Tennessee who may have struggled with credit card debt know that trying to understand the various terms and conditions associated with these accounts can be very difficult. In fact, for some people, a lack of full understanding about how interest or fees are calculated and assessed may actually contribute to making one's debt problems worse. Therefore, it is important to be educated about these things to prevent further problems.