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.
What are bankruptcy exemptions?
This blog recently discussed Chapter 7 bankruptcy and the benefits of chapter 7 bankruptcy. One important aspect of Chapter 7 bankruptcy, often referred to as a liquidation bankruptcy, is that it is not intended to force the filing party to start all over again with nothing. When filing for Chapter 7 bankruptcy protection, it is important for the filing party to also be familiar with bankruptcy exemptions and the protections they afford.
