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.
When a Bradley County, Tennessee resident has to file bankruptcy, they often have several debts secured by collateral, or property the debtor owns but promises the bank or financing company can have if the debtor does not make good on his or her loans.
A previous post on this blog discussed how a bankruptcy can help a sole proprietor, that is, a person who conducts business in his or her own name and does not incorporate, manage their business debts and keep their enterprise afloat while they reorganize.
As this blog has reported previously, a Chapter 7 bankruptcy, which most people think of when they think of filing for bankruptcy, is a good way for a Tennessee family who are struggling with different kinds of debt to get a fresh financial start
A previous post on this blog discussed encouraging statistics showing that the number of bankruptcies has dropped, and some of this drop may be that more residents of Southern Tennessee and Northern Georgia have better health insurance that protects them from sudden and unexpected medical expenses.
This blog recently discussed some of the relief Chapter 7 bankruptcy may provide for individuals struggling with overwhelming debt. Those considering bankruptcy options to help them enjoy a fresh financial start may wonder how they can qualify for Chapter 7 bankruptcy. Eligibility for Chapter 7 bankruptcy is based on the Chapter 7 means test. To qualify for Chapter 7 bankruptcy, the filing party must satisfy the two-part test.
When struggling with overwhelming debt, one of the worst circumstances that an individual can face is having their wage garnished. Wage garnishment can be extremely stressful for individuals already struggling to manage debt, get caught up on payments and get ahead of their financial struggles and challenges.
The decision to file for personal bankruptcy is likely not one that is taken lightly and can include some understandable anxieties and apprehensions. It is helpful for individuals considering filing for Chapter 7 liquidation bankruptcy to be familiar with the process and understand how Chapter 7 bankruptcy exemptions work because this may help ease some of their concerns.
It can be overwhelming to be facing overpowering debt. Then add to the stress by including wage garnishment to an already challenging circumstance. It can already be stressful to try to address debts, monthly bills and other financial concerns prior to the added pressure of wage garnishment, which can make all of those concerns even more challenging. As a result, it can be tremendously important to stop wage garnishment.
In general, bankruptcy options are available to help protect individuals from overwhelming debt. Chapter 7 bankruptcy is one option for individuals who qualify under the means test that can help them enjoy debt relief and a fresh financial start and future. Chapter 7 bankruptcy allows an individual filing for bankruptcy to eliminate debts by liquidating non-exempt assets to repay them.