In a recent episode of a popular television show, a wealthy couple has to file for bankruptcy and faces the loss of their home, car and even the wife's wedding ring. The question comes up for parties considering personal bankruptcy protection for debt relief how their property will be handled during the bankruptcy process.
Personal bankruptcy protections are important for struggling homeowners and struggling consumers alike. There are additional protections built into the bankruptcy process, including bankruptcy exemptions, which is why filing parties and those considering bankruptcy should be familiar with the homestead bankruptcy exemption and how bankruptcy exemptions work.
The thought of foreclosure is an understandably terrifying idea to many homeowners and families yet unexpected financial struggles are real. This blog recently discussed who may be able to receive Chapter 13 bankruptcy protection and it is important for struggling homeowners to know that Chapter 13 bankruptcy resources may be able to help them with foreclosure concerns.
Filing for bankruptcy is nothing to feel ashamed of as an individual or business owner. In fact, it is a very common occurrence in Tennessee. According to the Memphis Business Journal, Tennessee has more than double the national bankruptcy rate, at 5.17 filings per 1,000 residents.
Chapter 13 bankruptcy protection is an important type of personal bankruptcy protection to be familiar with because it can help an individual with a reliable source of income but drowning in debt reorganize those debts and repay them over a more manageable time period. This can help a struggling consumer or homeowner hang on to their assets such as a car and remain in their family home while they repay creditors and pay off their debt.