When home and car owners fall behind in mortgage and car payments, the fear, stress and anxiety can be overwhelming. Overwhelming debt can be difficult for struggling consumers to face each day which is why they should at least be familiar with legal protections and options available to them.
The possibility of looming foreclosure may be one of the concerns that weights most highly on the minds of those struggling with overwhelming amounts of debt. It is important for anyone who finds themselves in that situation to be familiar with the different options that might help, including bankruptcy.
Bankruptcy filings continue to decline, however, bankruptcy filings in Tennessee continue to remain amongst the highest per capita for bankruptcy filings in the nation. Throughout last year, Tennessee was second in the highest number of per capita bankruptcy filings. The American bankruptcy Institute reported that bankruptcy filings for 2018 continued to decline overall for the ninth consecutive year but the bankruptcy rate in Tennessee was the second highest in the country.
Qualifying for bankruptcy is important for struggling consumers considering filing for bankruptcy protection to understand. First, it is important to note that here are generally two types of personal bankruptcy protection including Chapter 7 bankruptcy protection and Chapter 13 bankruptcy protection.
Unfortunately, many people can end up with medical bills and credit card bills and be trapped in a vicious cycle of both. Fortunately, personal bankruptcy options can help with these forms of unsecured debt.
There are different types of personal bankruptcy options available for individuals in different situations. It is helpful to understand Chapter 7 versus Chapter 13 bankruptcy options so the struggling consumer can select the best option for their situation and needs.
The importance of Chapter 7 bankruptcy exemptions cannot be overstated for individuals filing for Chapter 7 bankruptcy protection. Chapter 7 bankruptcy is referred to as a liquidation bankruptcy option, however, some categories of property may be exempted from the process.
Wage garnishment can add pressure and stress to a situation that is already trying. Wage garnishment can put the struggling consumer even further behind as they were attempting to get caught up on their bills and obligations.
This blog recently discussed homestead protections during the bankruptcy process in Tennessee. An issue that may be of significant concern for parties facing overwhelming debt and the possible loss of their family home is the relationship between foreclosure and the bankruptcy process which is why it is important to understand.
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.