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Bankruptcy options provide protection when behind on bills

Because debt and debt-related stress can be a significant burden, taking care of debt can be a significant life step for anyone who has been struggling with overwhelming debt for some time. Especially for those facing medical bills, or may be facing other everyday financial struggles that have gotten out of hand and have resulted in the use of credit cards, understanding how they might enjoy debt relief can be significant.

Tennessee remains in top 3 in the nation for bankruptcies

Though bankruptcy filings may be decreasing nationally, Tennessee remains among the top 3 states in the nation for bankruptcy filings. Bankruptcy filings in a neighboring Tennessee city just southwest of the Cleveland area were up somewhat in the first half of 2018 which brings them up to their highest level in five years for the first six months of the year. Bankruptcy filings have increased slightly each year since 2014 as the economy has improved and population numbers and borrowing has increased.

Bankruptcy options can help protect a family home or car

When dealing with overwhelming debt on a daily basis, concerns about a family home or car to get to and from work can be exceptionally stressful. For individuals faced with that situation, it is important to be familiar with bankruptcy protections options and how they can help them enjoy debt relief and, in some instances, can also protect a family home or car.

When can creditors lodge an objection to a bankruptcy discharge?

Whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, Tennessee debtors who are moving forward with the process should be aware of certain issues that could arise. One issue is the discharge and whether creditors can lodge an objection to it before it is granted. Understanding when creditors might object is critical to a filing.

Understanding Chapter 7 bankruptcy exemptions

Bankruptcy exemptions are an important part of the Chapter 7 bankruptcy process. Because they provide protections for the filing party, bankruptcy exemptions are essential to understand. In general, Chapter 7 bankruptcy protection allows the filing party to liquidate non-exempt assets to repay creditors which is why it is important to understand which property is exempt from that process.

Protections for a family home through bankruptcy

One of the biggest concerns homeowners who are considering bankruptcy may have is the security of their home in the process. When a party is considering bankruptcy, they are likely facing overwhelming debt and have many concerns related to their financial situation and financial future. In some instances, but not all, the party filing for bankruptcy is able to keep their home but they should be familiar with how that may be possible.

How can bankruptcy help me?

Bankruptcy is a process that allows a party struggling with debt and bills they cannot pay to rid themselves of debt and enjoy a fresh financial start. There are many details to understand and any party considering bankruptcy likely has a variety of questions about how the process works and how it can help them.

Tennessee bankruptcies drop, remain 2nd highest in United States

Personal bankruptcy protections are a resource for consumers struggling with overwhelming debt to understand and carefully consider. Bankruptcy options can provide important relief. Though the American Bankruptcy Institute recently reported that May bankruptcy filings dropped based on a year-over-year comparison and sequential comparison, Tennessee was second on the list of states with the highest per capita bankruptcy filings for May.

Help with wage garnishment

For individuals struggling with the stress and strain of overwhelming debt, and trying to get ahead, bankruptcy protections may help provide relief. Facing wage garnishment on top of struggling with debt can create additional pressures and strains that can make the struggling individual feel hopeless.

Nashville-based guitar maker files for bankruptcy protection

Bankruptcy options exist to help both businesses and individuals struggling with the burden of debt. Nashville guitar maker Gibson filed for reorganization bankruptcy protection recently. Similar to Chapter 13 reorganization personal bankruptcy recently discussed on this blog, reorganization bankruptcy options are also available to struggling businesses seeking to address their debt concerns and return to profitability. Chapter 11 bankruptcy provides an option for struggling businesses to do just that.