For many Americans, heavy debt can seem insurmountable. But there are options for debt relief. Filing for Chapter 7 bankruptcy may be a feasible solution for Tennessee residents who want to overcome a massive debt situation. Anyone considering personal bankruptcy should be aware of exactly what kinds of debt can be discharged, and by what means.
Actor Gary Busey, perhaps best known for his role in "Lethal Weapon," earlier this year filed for Chapter 7 bankruptcy. In the process, he was able to discharge more than $50,000 in debt, including bank loans, utility bills and medical bills.
Unfortunately, though, he still owes over $450,000 in federal and state taxes, which cannot be discharged through Chapter 7.
Busey's bankruptcy plan did allow him to keep $26,000 in assets, and now he has emerged from the bankruptcy process. He still has an uphill battle in terms of taxes, but he seems to be handling his problems well enough. "When you have too much," he said, "it's a good feeling to let go. My new hobby is just breaking even."
It's safe to say that not many people would have such an easygoing approach to so much tax debt, but sometimes changing your mindset is the one of the best ways of getting through a tough financial situation. Despite the past stigma attached to bankruptcy, there is no shame in filing. Times are tough for a lot of people in Tennessee and throughout the country, and anyone who is struggling financially should be aware of every option for debt relief.
Source: TMZ, "Gary Busey Emerges From Bankruptcy In Massive Debt," Dec. 2, 2012