When Tennessee consumers face overwhelming debt, they may look at various options but eventually settle on bankruptcy. They are often given two choices: Chapter 7 or Chapter 13. Which one is better? Many consumers prefer Chapter 7 bankruptcy because of the many advantages it offers.
Many Tennessee companies may not fully understand their bankruptcy options. For example, they may be under the impression that Chapter 11 and 13 are the only types to choose from. However, companies operating under a sole proprietorship or general partnership have the option to file for Chapter 7 bankruptcy. Audioplex Technology Inc., a manufacturer of multiroom audio devices, is using Chapter 7 to wipe away its overwhelming debt.
For Tennessee residents who liked the idea of buying their mobile devices online at cheap prices, Wirefly was the ideal solution. However, the company, which seemed to be enjoying success, has suddenly gone out of business and filed for Chapter 7 bankruptcy. Meanwhile, customers and employees alike are left without a clue as to what exactly happened.
Many Tennessee business owners have felt the sting of overwhelming debt. Business environments can change rapidly, and a company that was once profitable can quickly drown in unpaid bills. A comic book outlet from Nebraska recently filed for Chapter 7 bankruptcy after too many negative events caused the company to collapse.
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 Montgomery, who has recently filed for Chapter 7 bankruptcy.
Many Tennessee residents turn to bankruptcy to alleviate overwhelming debt, particularly credit card debt. Many others think bankruptcy will help them dissolve debt caused by tax liabilities. However, using bankruptcy to get rid of tax problems can actually create even more problems.
Many people in Tennessee likely worry that there is a stigma to filing for bankruptcy -- that it indicates a lack of responsibility. The truth, though, is that anyone can get in over their head when circumstances in their lives change or when faced with unexpected financial challenges.
People who are considering filing for bankruptcy often feel as if they would do so as a last resort. What often happens is that people are dissuaded from filing because they associate bankruptcy with the end -- when in fact, in many ways, it is the beginning; bankruptcy is a fresh financial start for someone who needs it.