If you are struggling with debt, you can quickly get overwhelmed by your options for debt relief.
It depends on what type of bankruptcy you file for. If you file for Chapter 7, your assets will likely be liquidated and that may include your bank accounts. If you are filing for Chapter 13, your bank accounts are probably safe as long as you make the required monthly payment to the trustee for the term of your bankruptcy.
When it comes to filing for bankruptcy, there are several common misconceptions about what bankruptcy is and what it does. In this post, we will address some of the most common misunderstandings.
You do not have to be employed in order to file for bankruptcy. In fact, if you are filing for Chapter 7 it may make the process a little bit easier for you.
If you are like most people these days, social media has become an integral part of your life. Facebook, Twitter and Instagram are there to document everything from your major life milestones to the minutiae of your daily life.
Many Tennesseans looking for fast cash have heard of payday loans. An earlier blog post discussed how these loans are not a good idea and should be avoided. However, a new type of loan is available in Tennessee and may be just as disastrous as a payday loan.
Yes, they are. Similar to IRAs and other retirement accounts, annuities are protected from creditors in the event of bankruptcy. An earlier blog post discussed retirement accounts and what bankruptcy protections apply to them in further detail. However, annuities and life insurance policies are forms of asset protection which many Tennessee residents may not be as familiar with.
Each year, thousands of Tennessee residents make the decision to file for Chapter 7 bankruptcy. Indeed, Credit.com reports that Tennessee has the highest bankruptcy rate of any state in the nation. Those considering filing for Chapter 7 bankruptcy in Tennessee should be aware that certain circumstances may preclude them from being eligible for a Chapter 7 filing.
Under Chapter 7 bankruptcy, people in Tennessee understand that they are agreeing to liquidate their assets. The liquidation essentially will enable the court trustee to pay off debtors and gives people the ability to start from scratch and rebuild their financial lives. However, questions can arise over what property can be sought by creditors, especially when only one spouse is filing for bankruptcy.
If you're like many Tennessee residents who are considering filing for Chapter 7 bankruptcy, you may be hesitant to take the steps, believing that there is a stigma attached to the event. It's true that in decades past, there was more bias against those who had gone through a bankruptcy, but times are different now. The years during and following the recession hit many people hard, and countless people had to resort to bankruptcy to get back on their feet.