This blog recently discussed some of the benefits of an automatic stay in bankruptcy. The automatic stay is an important part of any bankruptcy filing to understand because it prevents creditor collection actions during the bankruptcy process and can help protect the filing party and provide a little breathing room for the filing party facing overwhelming debt.
What is a bankruptcy discharge?
The bankruptcy discharge is an important part of the bankruptcy process which makes it important for a party filing for bankruptcy to understand. In essence, the bankruptcy discharge is the part of the bankruptcy process that provides debt relief and a fresh financial start to the party seeking personal bankruptcy protection.
Understanding the automatic stay in personal bankruptcy
Regardless of what type of personal bankruptcy the filing party selects, the automatic stay is an important part of the bankruptcy process for them to understand. Both Chapter 7 and Chapter 13 personal bankruptcy protections trigger an automatic stay of collection actions which can be helpful to struggling consumers.
Bankruptcy protections for older Tennesseans
This blog recently discussed the increasing need seniors may have for bankruptcy protections and options to help them with the different types of debt they may be facing. It might be helpful to take a closer look at how this trend is impacting older Tennesseans and the options available to them if they need help.
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.
