Many individuals and businesses face financial challenges in today’s fast-paced and unpredictable economy. When debt becomes overwhelming and difficult to manage, filing for bankruptcy can provide a fresh start and relief from mounting financial burdens. However,...
Middle Tennessee Bankruptcy Blog
Common misconceptions concerning bankruptcy
Financial hardship is not an easy thing for anyone to face. Sadly, the reality is that millions of people in the United States are struggling just to cover their household bills. When debt becomes insurmountable, it can feel like there are no options available....
The differences between Chapter 7 and Chapter 13 bankruptcy
Are you struggling with overwhelming debt and considering bankruptcy as a way out? If so, you may have heard of Chapter 7 and 13 bankruptcy. Although both options offer a fresh start to your financial situation, there are significant differences between the two....
Chapter 7 bankruptcy: Exempt vs. non-exempt assets
Too many low-wage earners who could benefit from filing for bankruptcy shy away from the process because they’ve heard that doing so will cost them their property. This is a myth. In reality, Chapter 13 filers don’t risk the liquidation of their non-exempt assets and...
5 common reasons for filing bankruptcy
When many people run into financial troubles, they turn to bankruptcy. Bankruptcy is a process that helps businesses and consumers eliminate many or all of their debts so that they can move forward with a clean financial slate. There are many reasons why some...
What is a creditor matrix?
One of the primary reasons that you may be thinking about filing for bankruptcy is that you could benefit from the protection afforded by the automatic stay. If creditors stop demanding payment, you can catch your breath. If a foreclosure action is halted, you can...
Why do you need to attend credit counseling before bankruptcy?
If you lose your job, suffer an illness or endure a costly legal matter like a divorce, you might run into a financial crisis. Fortunately, personal bankruptcy can help get a fresh start by either discharging or restructuring your debts. One of the goals of the U.S....
When is filing for Chapter 13 bankruptcy a good idea?
If you earn a decent, steady paycheck but you’re still struggling to pay your debts on time, it may be worth considering filing for bankruptcy. While your income level may render you ineligible to apply for Chapter 7 bankruptcy relief, it is likely that as a steady...
When is filing for Chapter 7 bankruptcy a good idea?
Most people are unaware of the fact that the U.S. Bankruptcy Code reserves certain opportunities for those who are least likely to be able to repay their debts any time soon. Unlike Chapter 13 bankruptcy, which is available to most Americans, Chapter 7 bankruptcy is...
Why sudden job losses put people at risk of bankruptcy
Most people are rather flippant about the prospect of losing a job. They assume that they can just find another position elsewhere and will bounce back quickly. Unfortunately, job loss is often a more serious issue than people realize. Those who do their jobs well may...
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