If you are a Tennessee resident struggling with credit card debt, you may be contemplating Chapter 7 bankruptcy as a last resort for discharging your debts and getting back on your financial feet.While you are correct that a Chapter 7 bankruptcy discharges virtually...
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Chapter 7 Bankruptcy
What are the differences between Chapter 7 and Chapter 13?
With your mortgage payment, car payment, credit card payments, utilities and other monthly bills, you may not make enough money to cover them all.You may be thinking about filing bankruptcy as a last resort, but you are unclear about the differences...
Alternatives to reaffirmation of debt
A previous post on this blog talked about when a Bradley County, Tennessee, family might consider signing a reaffirmation agreement, which, as that post discussed, means that the reaffirmed debt is not affected by the bankruptcy. Some people may balk at signing...
Understanding the homestead exemption in Tennessee
A previous post here discussed exemptions that may protection certain property from the bankruptcy process for Tennessee residents who have filed for a Chapter 7 liquidation bankruptcy, allowing the filing party to liquidate non-exempt assets to repay creditors and...
Can I discharge my student loan debts under Chapter 13?
The pursuit of higher education is expensive. It is not unusual to hear about Tennessee students accruing hundreds of thousands of dollars in debt just to obtain college, professional and other advanced degrees. While some student are able to find high paying jobs...
What does a trustee do in a Chapter 7 bankruptcy?
Many Tennessee residents turn to bankruptcy for debt relief. Although each type of bankruptcy is different in certain aspects, all have one thing in common: they utilize the services of a trustee. A trustee is a person appointed in every bankruptcy case to help...
Montgomery Gentry singer files for Chapter 7 bankruptcy
Tennessee is the home of many country music acts. Many talented folks come there in search of fame and fortune. However, the two are not always linked. Even those who have reached celebrity status have trouble paying the bills. Case in point: country singer Eddie...
Are college 529 plans exempt from bankruptcy liquidation?
Some Tennessee parents considering bankruptcy may be in a quandary about what to do with the college savings plan they set up for their child. You clearly don't want to drain that account to pay back creditors, but in some cases, that unfortunate course of action may...
Chapter 7 liquidation dilemmas for gun owners
With all of the recent discussion of gun rights in the U.S., East Tennessee residents might find a recent bankruptcy case intriguing. There is liability attached to gun ownership and gun sales. So how does a business that deals with and owns guns handle Chapter 7...
Actor Gary Busey discharges $50,000 of debt through bankruptcy
For many Americans, heavy debt can seem insurmountable. But there are options for debt relief. Filing for Chapter 7 bankruptcy may be a feasible solution for Tennessee residents who want to overcome a massive debt situation. Anyone considering personal bankruptcy...