Many people in Tennessee are struggling to stay afloat financially. In fact, throughout the country, recent years have been financially difficult for millions of people. Filing for bankruptcy is a viable option in many cases, not only to alleviate debt but to lay the groundwork for restored financial stability down the line. It is important to note, however, that not all debts are dischargeable.
There are six different types of bankruptcy, although Chapter 7, Chapter 13 and Chapter 11 are used most often. Each program carries its own guidelines and eligibility requirements. Each program also lists which types of debt are resolvable under its guidelines and which are not.
Common types of debt that remain after filing for bankruptcy
If a person is considering filing for bankruptcy, it is best to speak with someone well-versed in the regulations associated with the specific program for which he or she plans to apply. Certain types of debt are typically not dischargeable through any of the bankruptcy programs. Such debts include child support, most tax liens, alimony and debts that are not listed in an individual’s petition.
Judges do not give legal advice
Any number of complications may occur when someone is processing a petition for bankruptcy in Tennessee. A judge is part of the process but is not there to provide any sort of recommendations or assist a petitioner with legal problems. It is helpful to consult with a bankruptcy law attorney from the start, who can remain on hand to help resolve any problems that arise.