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.
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.
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.
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.
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.
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.
If you’re considering your bankruptcy options in Nashville, you may be wondering whether Chapter 7 is the best decision for you. While many people opt for Chapter 7 in order to get themselves back on track financially, it’s important for you to have all the facts before moving forward. That’s why Debt.org offers the following information on Chapter 7 to help you determine whether this option will satisfy you financial needs.
Countless Tennesseans struggle with student debt; some even carry this burden for decades. A financial stressor that can cripple the wallet and affect one's overall quality of life, student loan debt is a topic that has plagued America over recent years. Fortunately, there could be a light at the end of the tunnel.
There is a lot of information to be found about the damage bankruptcy can do to your future. There is also plenty of information about its benefits. It is likely that you have heard exaggerated stories on both sides of the issue. So which is true? Maybe both. As with all things in life, there are pros and cons to each situation, and you will need to weigh them all carefully before deciding what is best for you. Here are some things you should know about a Chapter 7 bankruptcy in Tennessee, which does not involve a repayment plan.