Because Chapter 7 bankruptcy protects certain property from the bankruptcy process, it is important for individuals struggling with debt and considering bankruptcy options to understand what the exemptions are and how they work. Those seeking Chapter 7 bankruptcy protection are likely doing so because they are in a difficult position and may be worried about things like their family home or vehicle they use to get to work.
This blog recently discussed the increasing need seniors may have for bankruptcy protections and options to help them with the different types of debt they may be facing. It might be helpful to take a closer look at how this trend is impacting older Tennesseans and the options available to them if they need help.
As a Tennessee senior citizen, you may be discovering that what were supposed to be your golden years have instead become a financial nightmare where you have more expenses than your limited income can possibly cover. You are not alone. A new study reveals that the combination of low pensions, low savings, high debt and extraordinary medical costs have placed a large number of older Americans in the position where bankruptcy may be their only viable option. Today, seniors like you account for 12.2 percent of bankruptcies filed whereas this figure was only 2.1 percent in 1991.
Because debt and debt-related stress can be a significant burden, taking care of debt can be a significant life step for anyone who has been struggling with overwhelming debt for some time. Especially for those facing medical bills, or may be facing other everyday financial struggles that have gotten out of hand and have resulted in the use of credit cards, understanding how they might enjoy debt relief can be significant.
This blog recently discussed how someone considering debt relief options may qualify for Chapter 7 bankruptcy. Another personal bankruptcy option is chapter 13 bankruptcy and it is important to know how to qualify for Chapter 13 bankruptcy as well.
If you are seeking debt relief, understanding how to qualify for personal bankruptcy protection is an important step in understanding your options. One type of personal bankruptcy is Chapter 7 bankruptcy. In general, there is a means test that is used to determine who is eligible to file for Chapter 7 bankruptcy.