Wage garnishment can add pressure and stress to a situation that is already trying. Wage garnishment can put the struggling consumer even further behind as they were attempting to get caught up on their bills and obligations.
This blog recently discussed homestead protections during the bankruptcy process in Tennessee. An issue that may be of significant concern for parties facing overwhelming debt and the possible loss of their family home is the relationship between foreclosure and the bankruptcy process which is why it is important to understand.
There seems to be a common misconception that people will have fewer financial worries as they get older. Retirement and collecting Social Security checks at one point in time used to be a period of bliss in people's lives. Today, many seniors find themselves under massive debt where the only solution is to file for bankruptcy.
There are different ways that the bankruptcy process may be able to protect the filing party's home. This is true in either a Chapter 7 bankruptcy process or a Chapter 13 bankruptcy process so filing parties should be familiar with the different options and how they work.
Knowing how to qualify for Chapter 7 bankruptcy protection is important for any individual struggling with debt and seeking options to enjoy debt relief. Chapter 7 bankruptcy is a liquidation bankruptcy option that can help protect struggling consumers and relieve them of their debts.