Debt can be a problem for businesses as well as individuals. In Tennessee, people may see their healthy finances dwindle to overwhelming debt due to a number of unexpected causes. A sudden illness or accident may force a person to incur large medical bills. The loss of a job may require a person to borrow money to pay for the person’s necessities. The adjustment of a mortgage may impose heavier financial expectations on people who were not ready for their monthly payments to increase.
For whatever the reason people find themselves facing overwhelming debt, it is important that they remember that they have the ability to take control of their financial future. Bankruptcy is, for some individuals, a good option for getting one’s financial life back on track. Particularly, Chapter 7 bankruptcy offers individual debtors many tools for setting a course back to financial freedom.
Unlike Chapter 13 bankruptcy, which requires a debtor to reorganize the person’s debts in order to repay creditors, Chapter 7 bankruptcy lets a debtor sell possessions in order to provide funds for the satisfactions of the person’s loans. Known as asset liquidation, the sale of possessions under Chapter 7 bankruptcy can be mitigated by statutorily recognized exemptions, and attorneys who practice bankruptcy law can help readers better understand what property they may be able to keep after a Chapter 7 liquidation.
The law firm of Richard Banks & Associates is prepared to meet with new and existing clients to discuss how Chapter 7 bankruptcy might serve their interests. However, if an individual finds that Chapter 7 does not meet all of the person’s needs, the staff and attorneys of the firm can help him investigate other options for gaining financial freedom. To learn more about the practice and its legal offerings, please visit its website on Chapter 7 bankruptcy.
