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chapter 7 bankruptcy Archives

Why are more boomers filing bankruptcy?

If you are one of the many baby boomers in Tennessee, you might be retired already or perhaps you are eyeing the possibility of retirement soon. At the same time, however, you may be experiencing a financial situation that is far from what you once had planned for yourself at this time in your life. 

Party officials bring up opposing candidates bankruptcy

One of the reasons that many in Nashville may be hesitant to consider bankruptcy as a legitimate option to help combat their struggles with debt is the perceived stigma that is associated with it. Some might view those who seek bankruptcy protection as being irresponsible with their money and simply looking for a way to not have to face the actions of their poor financial decisions. Yet this line of thinking might actually reinforce the notion that the decision to file for bankruptcy is a brave one, in that doing so places one in a position to be scrutinized. 

Should I be ashamed to file for bankruptcy?

As you are attempting to deal with financial hardships outside your control, well-meaning friends, family and associates might be confusing you with their two cents. Bankruptcy should only be used as a last resort, they might say. Or, if you file for bankruptcy, your credit will be ruined for life. You’re taking the easy way out, is another common accusation stated against those who are considering a personal bankruptcy. To preserve your emotional well-being and lift the weight from your shoulders, you and other Tennessee residents should understand the truth about the so-called stigma of filing for bankruptcy.

What is the homestead exemption?

If you file Chapter 7 bankruptcy in Tennessee, your assets may be seized and sold to repay a portion of your debts. To ensure that you are not left without anything or any means to rebuild, the state affords you some exemptions. In Tennessee, the homestead exemption provides you protection for your home.

Study finds high rate of medical debt in South

While credit-card debt may once have been on top, medical debt has replaced it as the main reason that residents of Tennessee and all other states declare bankruptcy. That may or may not be news to you; it has been leading the list of bankruptcy causes for a few years now.

Chapter 7 bankruptcy pros and cons

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. 

Can I still buy a home after bankruptcy?

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.

Massive debts prompt restaurant owners to seek Chapter 7

Most may assume that a Chapter 7 bankruptcy is something only individuals seek. The common assumption may then be that when businesses in Tennessee file for bankruptcy, they instead choose to file under Chapter 11. There may be logic in this line of thinking; after all, a Chapter 11 bankruptcy allows a company to reorganize is management structure and present a new plan to its creditors that details its road back to success. Yet in those cases where a company's leadership may not have any plans to stay in business, then the potential of having some of the company's business debts discharged through a Chapter 7 filing might be more attractive. 

Revoking a discharge from a Chapter 7 case

A significant portion of Nashville residents may presume that bankruptcy laws are misused. This likely comes from stories of celebrities or other people who are perceived to be "well to do" filing for bankruptcy yet continuing to enjoy seemingly lavish lifestyles. The truth, however, is that several regulations are in place to keep people who might be trying to use a personal bankruptcy for uses other than what it has been intended from doing so. 

Why must you complete credit counseling prior to bankruptcy?

If you are like most of those in Nashville for whom personal bankruptcy is looking more and more like its your only viable option to get out of debt, then you may adopt an attitude of just want to hurry through it and get it done. Your desire is understandable; this likely represents a chapter in your life that you would rather put behind to be able to move on to a brighter financial future. Unfortunately, bankruptcy court proceedings will sometimes try to slow the bankruptcy process down to both prevent the privilege from being abused as well as ensure if it is indeed the best option. 

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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