During the bankruptcy process, and when considering filing for bankruptcy, it is important to be familiar with the differences between exempt property and non-exempt property and what the different designations mean for the filing party. Chapter 7 bankruptcy protection is an important option for struggling consumers to consider which is why they should understand how it may affect them and their property.
Bankruptcy options are not just for struggling consumers but extend to struggling businesses as well. Bankruptcy protections can help individuals and businesses that need help with overwhelming debt and to get back on their feet again.
For homeowners who have fallen behind in mortgage payments and are unable to get caught up, and are facing possible foreclosure, it is important for them to be familiar with the legal resources available to help them which can include bankruptcy protections. Chapter 13 bankruptcy can provide relief for a variety of concerns struggling homeowners are facing.
Tennessee has one of the highest rates of bankruptcy in the country. It is for this reason that state legislature recently approved the Katie Beckett waiver, which aims to help families avoid excessive medical debt.
Personal bankruptcy provides a host of protections for struggling consumers to help them with their debts and to enjoy a fresh financial start. One of these protections is the automatic stay that goes into effect once the filing party has filed for bankruptcy and because of significant protection from creditors it provides, is worth taking a closer look at.
Chapter 7 bankruptcy is a debt discharge bankruptcy option that many struggling consumers may prefer. As long as the filing party does not exceed the income limit to qualify for Chapter 7 bankruptcy, they may be able to retain nonexempt property and liquidate other property to repay creditors and enjoy debt relief.