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Cleveland Tennessee Bankruptcy Law Blog

What are homestead laws in Tennessee?

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in chapter 7 bankruptcy on Friday, November 15, 2019.

Homestead laws are an important part of the Chapter 7 bankruptcy process. As a result, it is helpful for struggling consumers considering Chapter 7 bankruptcy protection in Tennessee to understand Tennessee homestead exemption laws and how they can help filing parties with concerns they may have associated with a family home during the bankruptcy process.

The way that the homestead exemption works is that it allows the filing party to declare a portion of their home as their homestead which makes it exempt from the Chapter 7 bankruptcy process. Chapter 7 bankruptcy is a personal bankruptcy protection option which allows the filing party to liquidate non-exempt assets to repay creditors. Homestead protections can exempt a portion of the filing party's home from that process. Homestead protections can prevent the forced sale of the filing party's home which may help alleviate some of their understandable concerns associated with protecting a family home.

Even more lies debt collectors may tell

On behalf of Bradley Banks of Richard Banks & Associates, P.C. on Monday, November 11, 2019.

The federal government has taken action to ensure debt collection agencies do not infringe on your rights. The Federal Trade Commission states that debt collectors cannot call you at any time or anywhere and that debt collectors cannot contact anyone else regarding your debt. 

Not all debt collection agencies are honest. You need to learn about all of the lies a collector may tell to get you to pay up, and you need to know what is true and what is false. It is a crucial part of protecting your finances so that you know when you need to pay and when you should pursue bankruptcy. 

Dealing with the emotional realities of bankruptcy

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in bankruptcy on Friday, November 8, 2019.

Bankruptcy can be challenging emotionally but that does not mean that it cannot help struggling consumers with the stresses and strains they experience associated with overwhelming debt. Bankruptcy is an option to consider which may be able to do just that because it can offer a fresh financial start to the struggling consumer.

When dealing with the emotional effects of bankruptcy, it is important to keep in mind that there are many lessons that can be learned associated with the bankruptcy process and that there are also many emotional effects also associated with overwhelming debt and bankruptcy provides an option to help with that. Personal bankruptcy protection allows the filing party the opportunity to deal with tough practical realities they may be facing and to also

Personal bankruptcy protection help for foreclosures

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in chapter 13 bankruptcy on Friday, November 1, 2019.

Keeping and protecting a family home can be one of the most stressful and important concerns a struggling homeowner faces. One option to consider that might be able to help is chapter 13 bankruptcy protection. There are different personal bankruptcy protection options that can help struggling consumers and homeowners in different situations and it is beneficial to be familiar with all of them.

Chapter 13 bankruptcy protection is a personal bankruptcy protection option that can help struggling consumers reorganize their debt and repay it over a more manageable period of time according to manageable payments and a repayment plan worked out with the bankruptcy court. It is best for struggling consumers who have a reliable source of income they can repay their debts with according to what is typically a 3 to 5-year repayment period depending on their income and the repayment plan itself.

What is a debt discharge?

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in bankruptcy on Friday, October 25, 2019.

The debt discharge is a tremendously important part of the bankruptcy process which is why it is essential for those filing for bankruptcy to understand. Filing parties should ensure all of their questions about the bankruptcy process and debt discharge are answered.

Some common questions around the debt discharge during bankruptcy include what it is and what it does. The debt discharge is important because it releases the filing party from personal liability for certain specified debts. Following the debt discharge, the filing party is no longer obligated to pay any of the debts that have been discharged. The debt discharge generally comes at the end of the bankruptcy process and it is essential for filing parties to understand the implications of their debt discharge and any debts it may not apply to.

Declaring bankruptcy after divorce

On behalf of Bradley Banks of Richard Banks & Associates, P.C. on Monday, October 21, 2019.

Getting into debt can set you back years. Once you fall behind, you may get late fees and a black mark on your credit score.

Money stress is one of the leading contributors to Tennessee divorces. Thus, those deep in debt may find themselves in court dividing up assets, time with children and debt. After divorce, paying these bills may become even harder with one income. Bankruptcy may prove the best route for those mired in debt after a divorce. Explore the way bankruptcy may help you get a fresh start.

How bankruptcy can help struggling consumers

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in bankruptcy on Friday, October 18, 2019.

Bankruptcy is a process that helps consumers who have overwhelming debt enjoy debt relief. Bankruptcy laws and bankruptcy courts throughout the country, including in Tennessee, walk filing parties through the bankruptcy process. The personal bankruptcy process can give filing parties the chance at a fresh financial start.

There are two primary types of personal bankruptcy protection. Chapter 7 bankruptcy protection provides for the liquidation of assets to repay creditors and enjoy debt relief. Chapter 13 bankruptcy protection helps the filing party establish a repayment plan to repay their creditors. The bankruptcy process is administered by bankruptcy courts throughout the country. Bankruptcy judges make determinations concerning eligibility for bankruptcy and debt discharges.

What Chapter 11 bankruptcy can do for struggling businesses

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in bankruptcy on Friday, October 11, 2019.

Chapter 11 bankruptcy is an important legal protection any struggling business wondering what they will do and considering bankruptcy should be familiar with. It can help a struggling business remain in business and keep their doors open while they reorganize their debt and seek debt relief and a return to profitability.

Reduced sales, profits and tax obligations can leave many businesses in Tennessee struggling. Chapter 11 bankruptcy can potentially help the struggling business through difficult economic times. The chapter 11 bankruptcy process will help the struggling business through the bankruptcy process and with the help of the bankruptcy court, the struggling business can remain in business provided it generates enough revenue to meet its obligations according to the reorganization plan.

What is the automatic stay during bankruptcy?

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in bankruptcy on Friday, October 4, 2019.

The automatic stay during bankruptcy is important for struggling consumers and filing parties to be aware of because of how much it can help them. Personal bankruptcy protections are not only able to provide relief from debt but can also provide relief from creditors. Once the filing party has filed for personal bankruptcy protection, an automatic stay goes into effect that prevents further creditor collection actions during the bankruptcy process.

The automatic stay is an important tool to give the filing party a break from creditors because it prevents creditors, collection agencies, government entities and others from pursuing collection actions against the filing party during the bankruptcy process. Immediate relief the automatic stay can potentially provide includes when the filing party has received notice that their utilities may be cut off; the automatic stay may be able to prevent their utilities from being shut off for at least 20 days.

Tennessee-based company announces bankruptcy

On behalf of Bradley Banks of Richard Banks & Associates, P.C. posted in bankruptcy on Friday, September 27, 2019.

Chapter 11 bankruptcy is an important type of bankruptcy protection that can help a struggling business reorganize their debt and stay in business. A Tennessee-based discount retailer and pharmacy chain has announced it is seeking Chapter 11 bankruptcy protection. The company has begun liquidation sales and will be closing stores in the coming months. Earlier this year, the company announced it was closing greater than 280 underperforming stores in 13 states. Through the bankruptcy court, the company is seeking a financing agreement up to $35 million with certain lenders

As is true of personal bankruptcy protections, there are different types of bankruptcy protection for struggling businesses to consider. A Chapter 11 reorganization bankruptcy can help a struggling business reorganize its debts, restructure and seek additional sources of capital, or a purchaser, to help the struggling business remain in business but also address its overwhelming debt concerns. This bankruptcy process is best for a company that wishes to continue in business.