The average Tennessee homeowner can relate to a business owner’s struggle to stay afloat financially when trying to juggle a mortgage, a car loan and credit card debt. No one is truly immune to such issues, as a financial crisis can arise at any time and often does so unexpectedly. In fact, a church in Chattanooga reportedly filed for bankruptcy protection.
The church is said to be crumbling under the weight of its debt, which includes a $3 million mortgage, substantial credit card debt and an auto loan. The church’s revenue is said to have greatly declined in recent years. Many people say that this decline is connected to legal trouble that the pastor has encountered.
The church has faced other legal problems in the past
The pastor is not the only church member who has come under scrutiny for allegations regarding financial or sexual misconduct. There have been numerous other cases in the past. The church is part of an association that focuses on helping to rehabilitate pastors who have engaged in immoral behavior.
Representative said all debts will be paid in full
A spokesperson for the Tennessee church stated that all debts will be paid in full, even if it means that the church building must be sold. Filing for a Chapter 11 bankruptcy typically enables a business to keep functioning under court supervision. With court approval, debts can be restructured, sometimes lowering monthly payments and/or extending the life of a loan. Anyone with questions regarding bankruptcy has every right to speak with a bankruptcy law attorney.