Richard Banks & Associates, P.C.
free consultations
local: 423-244-0009
toll free: 866-596-8527
Practice Areas

June 2017 Archives

How do I qualify for Chapter 7 bankruptcy?

This blog recently discussed some of the relief Chapter 7 bankruptcy may provide for individuals struggling with overwhelming debt. Those considering bankruptcy options to help them enjoy a fresh financial start may wonder how they can qualify for Chapter 7 bankruptcy. Eligibility for Chapter 7 bankruptcy is based on the Chapter 7 means test. To qualify for Chapter 7 bankruptcy, the filing party must satisfy the two-part test.

Legal options may be available to stop wage garnishment

When struggling with overwhelming debt, one of the worst circumstances that an individual can face is having their wage garnished. Wage garnishment can be extremely stressful for individuals already struggling to manage debt, get caught up on payments and get ahead of their financial struggles and challenges.

Bankruptcy numbers remain high in Tennessee

Personal bankruptcy options include Chapter 7 liquidation bankruptcy or Chapter 11 reorganization bankruptcy. Depending on the unique circumstances and goals of the filing party, one option may be better than the other. Chapter 7 personal bankruptcy allows the filing party to liquidate assets that are not exempted from the process to repay creditors. Chapter 11 bankruptcy allows the filing party to reorganize their debts to repay over a manageable period of time.

Understanding how Chapter 11 bankruptcy can help

This blog recently discussed bankruptcy options for businesses, which is an important topic for struggling companies to be familiar with. A Chapter 11 business bankruptcy filing typically allows the company to continue under its current management. Unlike a Chapter 7 bankruptcy filing, which is an option for companies going out of business to consider, a Chapter 11 business bankruptcy filing is an option to help the company remain in business and return to profitability. After the bankruptcy filing, an automatic stay goes into effect halting creditor collection actions.

Bankruptcy filing halts foreclosure sale of business

Bankruptcy options are designed to help both struggling individuals and companies based on their unique situation and circumstances. With regards to commercial property owners, businesses dealing with financial problems might find it resourceful to consider bankruptcy and how the process could offer them a fresh start.