If you are struggling with overwhelming debt and feel like you are at the end of your rope, you may be aware of the benefits of bankruptcy and aware of how it could help you escape your current hopeless situation. However, outside of knowing the very basics about how this process works, you may be unsure as to which chapter of consumer bankruptcy is best for you or how to take the first steps.
Filing for bankruptcy is never an easy decision, and there are many reasons why Tennessee consumers are hesitant to take this step. There are many negative connotations associated with bankruptcy, but in reality, it is a smart step for many individuals who find themselves overwhelmed by debt.
Of the various different types of bankruptcies, Chapter 7 tends to be the most common as well as the simplest. Specifically, it's characterized by a trustee selling off assets not protected by exemption in an effort to settle debts with creditors. Under terms of Chapter 7 bankruptcy, a debtor can claim certain things as exempt, such as cars, property or other valuable belongings that might otherwise be sold to settle all of or parts of the total debt. Nonexempt property is everything that isn't classified as, or marked as, exempt.
People who file for bankruptcy in Tennessee are most likely aware of how that can affect things like their credit score and their ability to qualify for certain types of loans. However, they might be surprised to learn that a bankruptcy can also affect a person’s ability to find employment in some situations.
When considering whether or not to take a new job, many people in Davidson look at not only the salary offered but also the benefits. Standard benefits include health insurance, retirement plans and paid vacation or other time off. In order to entice new employees, companies are now looking to add another benefit to the mix: assistance with repaying student loans.
If you live in Tennessee and are struggling with your finances, student loans may be part of your problem. You may be aware that there are loan forgiveness programs being offered by the federal government that can help alleviate some of that financial burden. However, you may not be aware that the amount of your loan that is forgiven is taxable.
For those facing a large amount of debt in Tennessee, there are many options for seeking relief. However, not every company offering help is legitimate and some may be looking to take advantage of unsuspecting consumers. Because of this, the Fair Debt Collection Practices Act protects consumers and sets forth guidelines that companies offering debt relief must follow.
If you are considering a Tennessee bankruptcy, you are likely feeling overwhelmed and stressed by the amount of debt you have. Some people also worry that they might not have enough of a problem to qualify to file for bankruptcy. At Rothschild & Ausbrooks, PLLC, we understand that filing for bankruptcy can be complex and intimidating. However, many people who are considering filing often find that they are in fact qualified to do so.
Serving a term in prison in Tennessee affects a person’s life in many different ways. One problem that many people find upon their release is that they are saddled with thousands of dollars in debt and no clear way to pay it off. This, in turn, then puts those people more at risk for having to file for bankruptcy.
For many people facing bankruptcy in Tennessee, student loans are a major source of debt. However, student loan debt is dischargeable only in very limited circumstances. Often times, students are left with the burden of paying back loans for the education that was supposed to help them get ahead.