Bankruptcy protections can protect consumers and businesses alike, which is why it pays to be familiar with bankruptcy options. According to the American bankruptcy institute, commercial bankruptcies increased last month while personal bankruptcies declined. Total bankruptcy filings dropped by 1 percent while consumer bankruptcy filings dropped by 2 percent. Commercial bankruptcy filings were up 10 percent last month.
The most important thing for Tennesseans filing for, or considering, personal bankruptcy protection to understand is how the process works. Personal bankruptcy options exist to help struggling consumers who should be as familiar with their options to help them enjoy a fresh financial start as possible.
Dealing with a personal financial crisis is never simple or pleasant. Thankfully, filing bankruptcy is one way out of the hole. But you may have some inaccurate or harmful beliefs about bankruptcy without even knowing it.
Bankruptcy can help with a variety of concerns struggling consumers may have including. One of those concerns is wage garnishment which, in addition to being stressful, can make it more difficult for struggling consumers to repay their debts as they work towards paying their bills and reducing what they owe.
If you have considered filing for Chapter 7 bankruptcy, you may have heard about bankruptcy exemptions and wondered what they refer to. Bankruptcy exemptions are a way of protecting property during the Chapter 7 bankruptcy process and allowing the filing party to keep some of their property following the bankruptcy process.
Personal bankruptcy protections can help in many different ways. Personal bankruptcy options can help struggling consumers with medical debt or struggling homeowners with foreclosure concerns. Personal bankruptcy options can help with a variety of the most pressing concerns struggling consumers likely have and need help with.